Mortgages in Arizona
There are a wide variety of mortgage programs available
today. Some programs require no down payment at all, while others require a down
payment of at least 3%. Most mortgages with a down payment of less than 20%,
require Mortgage Insurance Coverage, for which a premium is charged to the
borrower, together with the regular monthly payment (typically consists of
principal, interest, taxes and hazard insurance premium).
The most popular types of mortgages are:
Fixed Rate,
Adjustable Rate,
FHA, VA, No Income Verification and Construction/Lot. Other types include:
Interest Only, Balloons, and
Negative Amortization.
Here are a few general tips:
If you're planning on staying in your home for a long
period of time, have a fixed income (i.e. pension, social security, etc.) and/
or want to know that your monthly payment never changes, then you may want to
consider a Fixed Rate Mortgage.
An
Adjustable Rate Mortgage may be considered when you plan to be in your home
a relatively short period of time, you expect your income to increase
significantly in the near future and/ or you want to have an initial monthly
payment that is lower than that of the prevailing Fixed Rate.
To decide which mortgage is right for you, can depend on
additional factors. We recommend that meet with an experienced Mortgage
Professional to review your financial profile and objectives.
We welcome the opportunity to serve you.

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