Arizona Mortgage Rates – How Low?

When I hear people complain about Arizona Mortgage rates closing in on the 4% range all I can think is "Never look a gift horse in the mouth" - a saying I can still hear my mom telling me as a little boy.  It is based on the fact that one of the ways a horse owner judges the quality of its horse is by the stallion's tooth quality.  Therefore, if someone gives you a horse, good manners would have you not judge the gift but be thankful instead.  This saying holds true with today's Phoenix mortgage … [Read more...]

Win The Mortgage Rate Lock Game

One of the most critical components to structuring an Arizona Mortgage Plan when purchasing a home or refinancing an existing mortgage is interest rate.   As Arizona mortgage rates continue to move daily, putting together a strategic and effective game plan with your loan officer to capture the lowest rate is vital. Secure the Lowest the Lowest Mortgage Rate The challenge mortgage applicants face with regard to locking looks like this - If mortgage rates look good today and we lock in what … [Read more...]

HARP 2 Makes Inequity Refi Simple

As you may have heard, the government is overhauling it's HARP refinance program.  This upgrade will drastically improve the existing HARP (“upside down/no equity refi program”) that may finally allow this program to reach the millions of American and Arizona homeowners that need it. However, there are 3 key proposed changes that would allow many more Arizona homeowners to take advantages of HARP2:   1. The new proposed HARP 2 refinance eliminates the 125% cap meaning that there is … [Read more...]

Debt to Income Ratio on Home Loans

When an Arizona mortgage lender evaluates a prospective borrower's mortgage application, one of the main elements used to approve or decline each borrower is something called a "Debt to Income Ratio." What is Your Debt to Income Ratio?  The Debt to Income Ratio (or "DTI" for short) is a method used to determine how much debt a mortgage loan applicant has in comparison to their gross income.  Each different type of Arizona mortgage (Conventional, FHA, VA, USDA, Jumbo etc..) sets a maximum … [Read more...]

AZ Home Loan Pre-Approval & the PQF

Most Arizona home-buyers know the best possible thing to do before embarking on their home buying journey is to work with a Phoenix mortgage lender to get fully pre-approved.   This way the buyer knows how much they can afford.  Getting Pre-Approved also helps an Arizona buyer determine out what monthly payment, down payment and loan type they are comfortable with before looking at homes. Home Loan Pre-Approval in Arizona In Arizona, each home buyer must present an Arizona specific … [Read more...]