Phoenix Va loans Az Lending Experts
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AZ Lending Experts | Arizona Mortgage Rates AZ Lending Experts
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| Arizona Mortgage Rates AZ Lending Experts
When looking for a home mortgage,
there are many options a buyer might be interest in. One might desires an interest only loan, or
an adjustable rate mortgage, but the question that everyone will ask, is “what
will the mortgage interest rate be on my home loan”. Mortgage interest rates are typically set by
the following factors:
1. Movement
of the 10-year Treasury bond yield
Although there are many factors that affect the interest
rate, it is commonly thought that the 10-year Treasury bond yield is the best indicator
in determining whether mortgage interest rates will rise of fall.
Most mortgages are the conventional 30-year fixed mortgage,
but the average mortgage is paid off or refinanced within 10 years, so the
10-year bond is a great determiner of interest rate changes.
Typically, when bond yields go up, interest rates go
up. When bond yields go down, interest
rates also go down.
2. Economic
activity impacts mortgage rates
Mortgage rates can also be impacted by economic
activity. Job reports, the consumer
price index, gross domestic product, home sales, consumer confidence and other
data can move mortgage interest rates.
3. Supply and
Demand
If loan origination skyrocket, the supply of
mortgage-backed securities may rise beyond the associated demand and prices can
drop to become attractive to buyers.
This means the yield will rise, and mortgage rates will also rise.
Timing is important. Although mortgage interest rates can rise
very quickly, they usually go back down in a slow, calculated manner to protect
lenders from rapid market shifts. Mortgage rates are still at an all-time low,
but indicators could be in place where mortgage rates will go up, and could
take years before they return back to the present rates. Although anything can happen, the forecast
for future movement of mortgage interest rates is that mortgage rates are
projected to go up. It is forecasted
that in 2015, the mortgage interest rates will not go up by a lot, and that in
2016, although not a lot of movement will take place, the interest rates will
continue to go up. If you are looking
for a home mortgage and concerned that the Arizona mortgage rates will rise,
the time to close on your mortgage is now.
An expert on home mortgages and Arizona mortgage rates is AZ Lending
Experts. They are a licensed Arizona
mortgage broker who are experts in reading Arizona mortgage rates, and
determining the best options for your home mortgage. If you see that mortgage rates are rising in
Arizona, see Arizona Mortgage Rates AZ Lending Experts to lock in your rates.
There are seven primary determining
factors for your mortgage interest rate.
Like most people, you want to get the lowest interest rate available in
Arizona. Although the interest rate is
ultimately determined by the Fed, typically determined by the movement of the
10-year Treasury bond yield, having knowledge on the factors that determine the
interest rate that a lending institution will offer you on a home mortgage can
allow you to plan and set yourself up for the best interest rates for your home
loan. The main determining factors are:
1.
Your Credit Score
Obviously,
your credit score plays a key factor in determining the interest rate that the
lending institution will give you on your home mortgage. You should get a copy of your credit report
from all 3 credit reporting agencies to make sure any inaccurate information
that could lower your credit score is removed.
2.
Home location
Many
lenders have slightly different rates depending on where you live. Sometimes a home in a rural area may have
slightly different rates offered by the lender.
3.
Down payment
In
general, the more you put down on your home, the lower your interest rate will
be. Lenders see a lower risk when you
have more stake in the property.
4.
Loan term
A
shorter loan, such as a 15 year loan instead of a typical 30 year loan, can
often result in lower interest rates.
5.
Interest rate type
Interest
rates basically come in two forms: (1)
fixed interest rates, and (2) adjustable interest rates. You can usually get a lower initial interest
rate with an adjustable rate loan, but that rate might increase significantly
later in the life of the loan.
6.
Home price and loan amount
Obviously
the home price and the amount of your loan amount can be a determining
factor. If you have a jumbo loan, or a
very small loan amount, the rates can be slightly higher.
7.
Loan type
When
looking for a home loan, your mortgage broker should provide options to you
which include VA loans, FHA loans and conventional loans. Rates can vary significantly depending of the
loan type that you choose.
Two basic types of amortized loans
are the fixed rate mortgage (FRM) and adjustable-rate mortgages, commonly
called ARM’s. Fixed rate mortgages are
the norm, but floating rate mortgages are also relatively common. Combinations
of fixed and floating rate mortgages are also common, whereby a mortgage loan
will have a fixed rate for some period, for example the first five years, and
vary after the end of that period. For home buyers looking for the best Arizona Mortgage Rates AZ Lending Experts is a smart choice.
In a fixed rate mortgage, the
interest rate stays fixed for the term of the loan. In case of an annuity
repayment plan, the periodic payment remains the same throughout the loan. In
case of linear payback, the periodic payment will gradually decrease.
In an adjustable rate mortgage, the
interest rate is generally fixed for a period of time, after which it will
periodically, usually annually or monthly, adjust up or down based on a
specific market index. Adjustable rates transfer part of the interest rate risk
from the lender to the borrower, and thus are widely used where fixed rate
funding is difficult to obtain or exorbitantly expensive. Since the risk is
transferred to the borrower, the initial interest rate may be, for example,
0.5% to 2% lower than the average 30-year fixed rate; the size of the price
differential will be related to debt market conditions.
Don’t forget that the most detailed information about AZ Lending Experts you can always get on the official web-site, in the company’s office or by calling by phone↓
Website: www.azlendingexperts.com
Address: 4500 S. Lakeshore Dr., Suite 650, Tempe
Phone:4806493825
Other means of contact: info@azlendingexperts.com,
rsimon@azlendingexperts.com
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AZ Lending Experts | Mortgage Broker Phoenix AZ Lending Experts
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| Mortgage Broker Phoenix AZ Lending Experts
A mortgage broker
acts as an intermediary who brokers mortgage loans on behalf of individuals or
businesses. An experienced mortgage
broker is crucial to you obtaining the best home mortgage for your individual
situation. An experienced Mortgage Broker Phoenix AZ Lending Experts can find competitive home mortgages for those with less-than-premium
credit or income situations, and also provide many options for those with great
credit and income. Mortgage brokers will
be well adverse to the laws in your State.
If you live in Phoenix, Arizona, finding an experienced mortgage broker
in Phoenix can quicker the closing process and save you thousands over the life
of the loan, by researching all the options from different lenders, to make
sure you are getting the best mortgage for your situation.
Usually in the past, banks and other lenders sold their own products. As markets for mortgages have become more competitive, however, the role of the Mortgage Broker Phoenix AZ Lending Experts has become more important because they are aware of all the different lenders, and which lenders would be best for your individual situation. Today in many mortgage markets, mortgage brokers can be one of the largest sellers of mortgage products for lenders. As an outstanding mortgage broker Phoenix AZ Lending Experts has the acute knowledge and experience to get your loan completed and has the outstanding service to match. Mortgage brokers exist to find a bank or a direct lender that a borrower is looking for with a specific loan the individual is seeking. Most mortgage brokers are regulated to ensure compliance with banking and or finance laws in the jurisdiction of the consumer.
The banks have used brokers to subcontract the job of finding and
qualifying borrowers, and to also outsource some of the liabilities for fraud
and foreclosure onto the originators through legal agreements. During the process of loan origination, the
broker gathers and processes paperwork associated with mortgaging real estate.
For residents in
Phoenix, Arizona, a Phoenix mortgage broker works as a link between the buyer
and the lender; the loan officer typically works directly for the lender. Arizona requires mortgage brokers to be
licensed. The state of Arizona regulates
lending practices and licensing. Most have a license for those who wish to be a
‘Broker Associate’, a ‘Brokerage Business’, and a ‘Direct Lender’. Working with a licensed mortgage broker,
assures that your loan will not come back due to the incompetency of the
broker.
A Phoenix mortgage
broker is registered with the state of Arizona, and personally liable for fraud
for the life of a loan. A loan officer
works under the umbrella license of their current institution, typically a bank
or direct lender. Both positions have legal, moral, and professional
responsibilities as well as liabilities to prevent fraud and complete
disclosure of loan terms to borrower and lender. Also, agents of mortgage brokers
may refer to themselves as loan officers.
Mortgage brokers
must also be licensed through the Nationwide Mortgage Licensing System and
Registry. The purpose of the Nationwide Mortgage Licensing System is to improve
and mortgage industry supervision, create better communication, and to create
consistency in licensing requirements and automate the licensing process to the
greatest degree possible. Loan officers that work for a depository institution
are required to be registered with the NMLS, but not licensed.
When a borrower is
in need of a professional, experienced mortgage broker in Phoenix, AZ Lending
Experts is a perfect choice to help you find the perfect loan for your
individual situation. Whether you have
imperfect credit, or great credit, an experienced mortgage broker can find the
best options for your home loan, and take much of the stress and work out of the
process.
Don’t forget that the most detailed information about AZ Lending Experts you can always get on the official web-site, in the company’s office or by calling by phone↓ Website: www.azlendingexperts.com Address: 4500 S. Lakeshore Dr., Suite 650, Tempe Phone:4806493825 Other means of contact: info@azlendingexperts.com, rsimon@azlendingexperts.com |
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