Home Mortgage Rates Still Great

Why You Should Consider a Fixed Rate Loan Now

Homeowners typically use a fixed-rate mortgage or an adjustable-rate mortgage. Fixed rates stay fixed for the life of the loan but usually have higher monthly payments. Adjustable rates can go up or down and typically start with lower monthly payments than fixed rates. Adjustable-rate mortgages have the potential to become expensive. 

How to Find the Best Mortgage Interest Rates for You

Freddie Mac Chart 1973 to 2021

A mortgage broker, or lender, is a professional who handles all the details of a loan. Today, most brokers can easily find you the best rates and terms for mortgages. Call us, and we can discuss your options, give you a list of professional mortgage lenders and tell you about each of their strengths, and find the perfect fit for your current situation. 


Reasons Fixed-Rate Mortgages are Still the Best Decision for Most People

Great rates chart from 70's to now

Fixed-rate mortgages provide fixed monthly payments and a fixed interest rate throughout the life of the mortgage. Fixed-rate mortgages can be more attractive than adjustable-rate mortgages if interest rates are higher and there is uncertainty about whether they will stay high.

Fixed-rate mortgages are loans that have a fixed interest rate for the entire term of your loan. This type of mortgage is different from ARM mortgages, which have variable rates that change periodically. Fixed rates can help you save money by providing stability in monthly payments.


The Benefits of Fixed-Rate Mortgages will Help Your Finances in the Long Run.


Fixed-rate mortgages are suitable for people who want to know their monthly payments and don't want to worry about rising interest rates over time. They also tend to be the cheapest mortgage option for home buyers not planning on living in their homes long-term or refinancing within a few years after they purchase them.



Fixed-rate mortgages are not as flexible as other loans because they are less adjustable when interest rates change.


Should You Refinance? Pros and Cons of Refinancing Your Mortgage

Refinancing a mortgage has many advantages, but there are also some disadvantages. Refinancing a mortgage means that you're switching from your current lender to another one, and the interest rates can be different for each type of loan. If you're happy with your current lender and their rates, then refinancing might not be worth it for you.

The main question is, how much longer will you be in the home?  Refinancing costs money and will take time to re-pay to make up for the loan origination and appraisal fees.  If you are planning on moving in the next couple of years, refinancing may cost you money.


Buying a Home with Mortgages vs. Renting Rental Fees

chart of last 5 years of mortgage rates, now much lower

The decision of whether to rent or buy a home is difficult. It is not an easy feat to buy a house, and it can be even more challenging to find the right place for you and your family.

On the other hand, renters find shelter in apartments, condos, and houses. Renters may not want to make such a significant commitment as buying a home and having it tied up in debt for years at a time, but renting may be more accessible and more affordable.

Homeownership can be a long-term investment for the future. Buying your own home is the American dream, after all.


2021 Homeownership has become less per month than renting in most situations. 

With mortgage rates in Arizona being historically low and rental costs being traditionally high, Many renters are turning to purchase a home. 

Arizona's mortgage rates are some of the lowest in the nation. With interest rates on a 30-year fixed loan in the 3's and purchase, people are looking for places to invest their money and get a stable return.  Homeownership could be an excellent investment for your future! 


Home Loan Eligibility Standards: Getting Pre-Approved

A pre-approval period is when the lending institution reviews the applicant's financial records and decides whether or not to approve them for a home loan. The pre-approval process can take anywhere from three days to ten days.

As part of the pre-approval process, applicants must provide information about their credit score, monthly income, debt-to-income ratio, and other necessary tax documents that lenders may need to complete their review process.

The mortgage pre-approval process can help you get a good idea of how much you qualify for and the monthly payments on your home loan, depending on your down payment amount and interest rate.

Being approved for your mortgage before shopping for homes saves you time by eliminating the need to apply at every lender you visit.

Getting a mortgage pre-approval is a significant step towards getting a mortgage. It gives you some security and the assurance that you are eligible for a home loan.

To get pre-approved, you need to have the following documents ready:

  • -Proof of income
  • -Proof of assets
  • -Recent pay stubs
  • -Bank statements


Bottom Line:  

Before you rent, talk to a home loan professional.  You may be surprised at how much you can save a month owning a home.  Having a fixed rate, you will know what to expect! Also, they can help you plan for the future and get you ready for homeownership.