Getting the Best Mortgage Rates in Phoenix (10-15-30-Year Fixed, 5/1, 7/1 ARM)

Are you in the market to buy a home in Phoenix? As a first-time home buyer in Phoenix, one of the biggest challenges is finding competitive mortgage rates in Phoenix that won’t break the bank.

Conversely, those looking to refinance existing Phoenix mortgages will want to find the best Phoenix mortgage rates to ensure that the refinancing process is as beneficial as possible.

Whether you are a first-time home buyer in Phoenix or a homeowner looking for the best refinance rates in Phoenix, taking the time to examine your options is key to saving money in the long-term.

Current mortgage rates in Phoenix are subject to change from one day to the next, so it’s important to weigh in your options from various mortgage lenders in Phoenix to get the best mortgage rates.

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Hidden Costs of Mortgage Rates in Phoenix, Arizona

Before you even start the application process, it’s helpful to consider the following “hidden costs” of Phoenix mortgages:

  • Mortgage application fees (typically 1-2 percent of the total purchase price)
  • “Good faith deposit” (helps the seller know that you intend to buy)
  • Down payment (20 percent of the total mortgage)

There are also closing costs to consider, which can include a wide range of expenses from:

  • Mortgage points
  • Attorney’s fees
  • Inspections or surveys
  • Title insurance
  • Escrow deposit
  • City recording fees

Although all Phoenix mortgages are subject to differences depending on loan amount, location, appraisal, etc., Investopedia estimates that the average closing costs in Phoenix can total up to $1,969.

Best Mortgage Rates in Phoenix

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What Influences Your Interest Rate?

There are plenty of factors that could make a difference in the rates you receive from mortgage lenders in Phoenix. For example, rates for Phoenix mortgages could be impacted by any of the following:

  • Type of loan and term length
  • Your credit score and history
  • The overall amount of the loan
  • The initial down payment amount

Generally speaking, rates for Phoenix mortgages will be primarily based on your credit score, since lenders use this to gage their level of risk, or whether a borrower will default on a loan.

Additionally, mortgage rates in Phoenix are constantly in a state of flux, meaning that daily changes in the financial market could also impact mortgage rates in Phoenix, Arizona.

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Conclusion – Additional Considerations for Mortgage Rates in Phoenix

When searching for the best mortgage rates in Phoenix, there are a few additional pieces of information to keep in mind.

First, those with good, great, or excellent credit history seeking Phoenix mortgages for a loan totaling over $424,100 may find that some lenders provide more competitive mortgage rates in Phoenix.

For this reason, it’s important to confirm current mortgage rates in Phoenix and terms for specific amounts before making a commitment.

Second, it’s important to keep in mind that initial APR and payment info often does not include state-specific taxes or required insurance premiums. As such, you should expect that your monthly mortgage payment will be greater when taxes and insurance products are added.

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