The Secret to Refinancing AZ Mortgages
Can you taste the freedom you’re about to experience by learning about refinancing AZ mortgages? Join the small group of Arizona homeowners who understand the value of a good refinance plan. In short, an AZ refinance is the perfect answer for Arizona homeowners who are anxious to scale down the amount of money they pay to their mortgage lender every month. When you refinance, you are simply taking out a new loan in order to pay off your existing outstanding loan.
But that’s just part of the story. Refinancing AZ mortgages is usually the best option when a homeowner is able to cut their interest rate by one percent or more. Now, before you begin the Arizona refinance process it is important that you spend time reviewing all of your current home loan documents. The reason being is that you need to find out if there is a prepayment penalty. The vast majority of lenders provide borrowers with a reduced interest rate as long as they agree to stay in the property for no less than five years.
If you sell or refinance your home early a penalty can be assessed. Because every lender has a different policy when it comes to prepayment penalties, in order to save money and avoid excessive fees, you need to find out whether or not your loan In particular has attached early payoff penalty amounts. Loans that do not have prepayment penalties are FHA, VA and Arizona mortgages through chartered credit unions. With all this in mind, contact your lender if you are unsure of the terms of your current loan before you refinance.
Not many know this but, refinancing AZ mortgages can be a lot tougher than in other states because of rising unemployment rates in the state. Many homeowners remain unemployed or have been forced to take on a new job that pays less than their previous job. What’s more, Arizona property values have dropped and a good deal of homeowners owe more on their mortgage than what their property is worth.
Despite these facts, many Arizona residents are able to qualify for refinancing options. If you have been able to remain on your job as well as maintain decent equity, you can benefit from refinancing and get a lower interest rate on your loan. Be sure to get a copy of your credit report and FICO score because a low credit score can ruin your chances of getting a good interest rate. Make no mistake about it, refinancing AZ Mortgages is the obvious choice for obtaining a better interest rate on your mortgage. Do the research and get the facts on your current loan.
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