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 PMI and why is it required?
Private mortgage insurance PMI is insurance written by a private company that protects the lender from losses in the
event the borrower defaults on the mortgage. Borrowers are required to pay the premium for private mortgage insurance.
Private mortgage insurance limits a lender’s exposure to financial loss resulting from loan default. If you make a down
payment of less than 20%, you are generally required to pay private mortgage insurance.
What is an escrow account?
An escrow account is typically established at the time that you close your mortgage loan. This account is held by the
lender for the future payments of recurring items relating to the mortgaged property, such as real estate taxes and
insurance premiums. Lenders usually require you to pay an initial amount for each of those items to start the reserve
account at the time of closing and then the lender coordinates those payments as they become due.
Is a Fixed Rate mortgage better than an Adjustable Rate mortgage?
The answer to this question depends on your situation. Many people prefer fixed rate mortgages with the low rates
available today. If you are going to stay in your home for a short time, an adjustable rate may make more sense.
Very popular options offered exclusively through zionmortgages.com are ARMs. These loans provide the security of
a fixed rate loan and the lower rate benefits of an ARM. When you select your loan preferences, we will recommend
the loan best suited for your needs.
Steps to Getting a Arizona Mortgage?
Get a Free Credit Report!
The first step to getting a Arizona mortgage is to know your credit score.
Understanding your credit report is a critical part to getting your mortgage.
Raise your score while you shop for your Arizona home to get the lowest rate at closing, with a few easy steps you can easily raise your score in within a few months.
Get your Credit Score
Build Your CreditPrequalify today for a new MasterCard that matches your credit profile. Risk Free. Start Now.
Fix Your Credit before Applying
Although it is very possible to get approved for a first time home loan with poor credit, a good credit rating will open the doors for low rates and better financing options. Improving your credit is a slow process. To begin, strive to pay all creditors on time and avoid skipping payments. A key to increasing credit scores is maintaining a good credit standing. Secondly, reduce your debts. Maintain credit cards at half the maximum limit. If possible, payoff balances monthly.
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.
