Current Arizona Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
Is my personal information safe?
Absolutely. Your privacy and security is of the utmost importance to us. After logging into this system, your information
is encrypted so your personal information cannot be accessed or viewed by anyone without the proper privileges. We
maintain the highest level of security and data encryption available throughout your loan process.
What is Loan-to-Value?
The loan-to-value is your loan amount divided by your property value. For example, the loan-to-value on a $100,000 house
with a $75,000 loan amount is 75%.
How long will I be required to have PMI on my loan?
The Homeowner’s Protection Act of 1998 allows borrowers whose loans originated after July 29, 1999, to request cancellation
of PMI at 80% loan to value LTV based on amortization or actual payments if the borrower has a good payment history, if
the borrower provides evidence the property value has not decreased, and certifies there are no subordinate liens on the
property. Borrower paid PMI will be terminated at 78% LTV based on the amortization schedule if the loan is current. If
none of the above is done, PMI will terminate automatically at the midpoint of the loan term.
What is the Lock Policy?
The interest rate market is dynamic and subject to movements without advance notice. To protect you from interest rate
fluctuations, zionmortgages.com allows you to lock in the interest rate and corresponding points quoted to you when you
apply for a loan with us. This locked-in rate is good for a certain period of time, regardless of whether rates go up or
down. Please note that zionmortgages.com is not responsible for any rates that may change prior to when you lock in your
rate. This policy is subject to change without advance notice by us.
Steps to Getting a Arizona Mortgage?
Get a Free Credit Report!
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Can I get a FHA?
The process of applying for an FHA loan is pretty much the same as applying for a conventional mortgage. You will need to provide verified proof of your income over the past three years – yet what qualifies as income is relaxed a bit. Social security, alimony, rent paid by other family members and such qualify as income under the FHA program. In addition, short-term debt doesn’t count against you (short-term is defined as being able to be paid off in less than 10 months).
Lending Tree Mortgage Calculator
Compare Arizona local and national bank lenders.
Arizona Mortgage Lenders are among some of the most stable and succesful in the country. Now is the time to get a new or refinanced mortgage while AZ interest rates are low!
Accrue Equity In Your Home
Accrue Equity In Your Home – If you are just making rent payments, you are throwing your monthly payments away. When you own a home, over time, home values increase and you are working toward owning an asset.
