Arizona Refinance – Several Options

AZ Refi Options

Today’s record low Arizona mortgage interest rates have led many Phoenix area homeowners to ask the question “what are my AZ refinance and cash out refinance mortgage options?”   The current refi market offers up some very different answers and scenarios than refi markets have in the past.  Fortunately, the unique circumstances that today’s AZ homeowner faces (mainly a lack of equity in their home) can often be dealt with using a handful of the more innovative mortgage refinance products available in today’s Arizona mortgage market.

The most notable difference between today’s homeowner who is seeking out a refi option for their current home loan compared to homeowners that refinanced in years past is the fact that in many cases, equity in the home is less, non-existent or the homeowner is even upside down.  This causes a homeowner that has often been told they have to have 20% equity in order to refinance a bit nervous to say the least.  Good news is, 20% equity is NOT needed to refinance and lower your mortgage rate in many cases.  Let’s take a look at some of the options a homeowner has at their fingertips today:

Conventional Home Loan Refi

A qualified homeowner can refinance WITHOUT having to pay monthly mortgage insurance if they have as little as 6% equity in their home.  This is a great option for homeowners that recently purchased a home using an FHA loan or that have now discovered they have at least 6% equity in their home.  It allows them to eliminate monthly mortgage insurance AND lower their mortgage rate – the mortgage equivalent of killing “two birds with one stone.”


Qualified homeowners that meet HARP eligibility requirements can refi their high rate Conventional mortgage even if they are upside down and have negative equity (owe more on their mortgage than what their home is worth).  Learn more  about how refinancing with HARP works.

VA to VA Refinance

Arizona Veterans may refi their current high rate VA mortgage regardless of what their home is worth and without verifying income by taking advantage of a VA Interest Rate Reduction Loan (IRRL) also known as a VA Streamline.  Learn more about how you qualify for a VA Streamline.

FHA to FHA Refi

Phoenix Area FHA homeowners can take advantage of an FHA Streamline and lower their AZ FHA mortgage rate without worrying about their home’s value AND without having to verify their income.  Learn more about how an FHA Streamline and how you can qualify.

Each homeowner’s situation is unique.  We need to analyze every situation to see what mortgage product applies and which Arizona home loan option helps to solve your mortgage needs.  The media has done a great job of confusing the public and inaccurately presenting the facts associated with the above referenced AZ mortgage options.  It is critical that you speak with a local mortgage expert to help you take advantage of the proper home loan product.  Far too often clients come to me long after being dragged through weeks and months of promises only to find out they do not fit the mold their lender original said they did.

Call or email me today if you are interested in finding out how you can take advantage of an Arizona refinance and improve your current mortgage situation.

By Jeremy House
Find us on Google+


Speak Your Mind