Arizona Mortgage Rates

The characteristics of Arizona mortgage rates or mortgage rates in Arizona are quite competitive in nature. Mortgage business is one of the most profitable businesses in Arizona. Besides a variety of mortgages, the second mortgage plays a highly crucial role in the state of Arizona.
The second mortgage is offered in addition to the existing first mortgage loan to facilitate the home equity loan rather than awaiting the first mortgage. The mortgage borrowers take the decision to go either for an adjustable rate mortgage or fixed rate mortgage depending on the requirements and their financial situation.

The following data provides a clear idea about the rates of mortgages that are prevalent in the state of Arizona:
Conforming/Fixed Rate
10 Year Fixed 6.00 %
15 Year Fixed 6.00 %
20 Year Fixed 6.13 %
30 Year Fixed 6.25 %
Adjustable Rate
1/1 Adjustable 5.00 %
3/1 Adjustable 6.25 %
5/1 Adjustable 6.38 %
7/1 Adjustable 6.50 %
10/1 Adjustable 6.50 %

The mortgage lenders in the state of Arizona are usually mortgage bankers, private mortgage companies, or mortgage brokers. Mortgage borrowers in Arizona take mortgage loans for the following purposes:
Mortgage refinancing
Home equity loan
New home loan
Debt consolidation

The different types of mortgages that are usually available in Arizona include the following:
Adjustable rate mortgages
Fixed rate mortgages
Conforming adjustable rate mortgages
Conforming fixed rate mortgages
Home equity line of credit (HELOC)
Conforming balloon mortgages
Conforming two step mortgages
Conforming interest only adjustable rate mortgages
FHA (Federal Housing Administration) fixed rate mortgages
Jumbo adjustable rate mortgages
Jumbo fixed rate mortgages
Jumbo interest only adjustable rate mortgage
Second mortgage (fixed rate mortgage)
VA (Veterans Administration) fixed rate mortgage

The interest rates applicable towards the mortgage loans in Arizona can be categorized into three types:

The discount rate: The discount rate is charged by the Federal Reserve Bank which is the central bank of the United States to banks and other financial services providers for borrowing short-term funds from the central bank directly.

The prime interest rate: Banks and important business enterprises charge the prime interest rate to the customers who have the maximum creditworthiness and this type of customers usually include reputed and big businesses.

The consumer interest rate: The rates at which the banks and other financial services providers finance common individuals are known as the consumer interest rates.
A large number of mortgage lenders operate in the state of Arizona and they offer highly competitive rates to the borrowers. The information is provided to the borrowers with the help of advertisements and online quotes. The borrowers should be aware of the fact that a little difference in the rates can make a huge difference in the mortgage payment.

The leading mortgage lending institutions in Arizona include the following:
MortgageBase, Inc.
Desert Document Services, Inc.
Adobe Financial Corporation
Coachella Valley Mortgage Center
Zions Bancorporation
American Financial Resources, Inc.
Home Lenders Financial Services, Inc.
Morgan Capital of Arizona, Inc.
Lighthouse Home Loan
American Mortgage Specialists
Nations Choice Mortgage
Sterling Home Mortgage
Quicken Loans
Freestand Financial

Quicken Loans is the top provider of online mortgage services in the United States. It is also one of the most trusted names among the mortgage lenders in the state of Arizona. The application process for buying a mortgage from Quicken Loans is quick and convenient and it is done online. It just takes a few minutes to fill out the application form.

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Last Updated on : 24th August 2013