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If you are looking for a mortgage loan in Arizona, you will need to know a number of things before choosing the mortgage loan that is right for you. To understand the costs associated with a mortgage loan it is important to know the rates and types of mortgage loans available in Arizona. is an excellent resource when your goal is to save money and minimize costly errors that could affect you now and in the future. With an assortment of free loan calculators, an in-depth explanation of the Borrower's Bill of Rights and even a Loan Analyzer tool, is the first and last stop for the borrower that wants to be informed and up-to-date before choosing a loan. The Rate Directory on allows consumers to search for mortgage rates while at the same time flagging those mortgage lenders that abide by the Borrower's Bill of Rights and are in good standing with the Better Business Bureau. You should also use RealEstateABC's ABC Values™ tool to check what the current home values are in Arizona.

Based on the most recent data, mortgage rates for thirty year fixed mortgages are at historic lows, and the amount of points charged varies per lender. It is very important to consider the type of loan you need to meet your current financial situation and consider your future needs. In Arizona, there are many loan types, from 15 and 30 year fixed rate mortgage loans, to a variety of adjustable rate mortgages (ARM) , home equity loans, home equity lines of credit (HELOC) and mortgage refinance loans. Some of the basic information and explanations are listed below.

Fixed Rate Mortgage

This is your parent's mortgage loan. Prior to the internet, when most people stayed at the same job until retirement and families weren't as mobile as today; this loan was the epitome of stability. In this loan, the interest rates and payments stay the same for the term of the loan.

The 5/5 & 5/1 Adjustable Rate Mortgage

This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.

Mortgage Refinancing in Arizona

In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.

The rates and points on each mortgage loan will vary. As with any major consideration, it is imperative to consider all of your options and utilize all of the resources available to make an educated financial decision. For instance, some guidelines are as follows:

  1. If you are refinancing, know your current interest rate and compare it to the new rate.
  2. Do the math - just because an interest rate looks lower, there could be fees and other charges that could cost a lot.
  3. Look carefully at pre-payment penalties for your current loan. They might cost you more than you might save by refinancing.
  4. Factor in any tax deductions on any loan - especially when refinancing. If you've paid down your current mortgage, it might be better to keep paying or take a 15 year loan than to start another 30 years of payments.
  5. Think about how long you plan to stay - if it's less than 2 to 5 years, the savings might not be enough to justify the time and effort of procuring a new loan..
  6. On any type of loan, shop for the best rates - not just on the web or newspapers, but visit some lenders, talk to the loan officers and get some written information including all fees, then compare lenders.

For the most up to date loan rate, the U.S. Federal Reserve, Freddie Mac, and the Interest Rate Outlook from are exceptional resources.

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