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Guide to Arizona Mortgages
Maybe you are buying your first home in Arizona, or perhaps you're relocating to Arizona from another state. Then again, you may be a long-time Arizona resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Arizona home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Arizona:
The median price of a home in Arizona is $211,500. Recently, homes in Arizona have been appreciating at rates well above the national average. As a result, income levels in many parts of Arizona are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Arizona are below the national average, Arizona has one of the lowest levels of home affordability in the nation.
In Arizona, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Arizona's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Arizona law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Arizona law enacted a set of anti-predatory lending laws in order to help protect Arizona homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Arizona, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Arizona FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Arizona's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Arizona also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Arizona's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Arizona Housing Finance Agency.
Last Updated: Wednesday, January 07, 2009
Arizona Real Estate Market View
updated Wednesday, January 07, 2009
| Housing & Social Facts |
Arizona |
United States |
| Total housing units |
2,544,806 |
n/a |
| Owner-occupied housing units |
68.2% |
66.9% |
| Renter-occupied housing units |
31.8% |
33.1% |
| Vacant housing units |
13.4% |
10.8% |
| Average Home Value |
$185,400 |
$167,500 |
| Average Mortgage Payment |
$1,194.00 |
$1,295.00 |
| Average Rental Payment |
$299 .00 |
$388.00 |
| Total Population |
5,829,839 |
n/a |
| Percentage Male |
49.8% |
49.0% |
| Percentage Female |
50.2% |
51.0% |
| Median Age |
34.5 |
36.4 |
| Under 5 years |
7.9% |
7.0% |
| 18 years and over |
73.0% |
74.6% |
| 65 years and over |
12.6% |
12.1% |
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1 Year Market Value Change for Arizona |
| 1yr | 5yr | 10yr |
 |
|
Popular Arizona Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Apache Junction |
31,814 |
$33,170 |
| Avondale |
35,883 |
$49,153 |
| Bullhead City |
33,769 |
$30,221 |
| Casas Adobes |
54,011 |
$49,736 |
| Catalina Foothills |
53,794 |
$65,657 |
| Chandler |
176,581 |
$58,416 |
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| Sterling Home Mortgage |
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Our dedication to customer service is the foundation of our business. It is the reason so many of our clients finance with Sterling Home Mortgage time and time again. We sincerely appreciate our clients and value their continued business and past referrals. From 2003-2005, 95% of our loans were referred by past clients. We attribute our success to our commitment to providing outstanding customer service. We firmly believe that the most important key for us is focusing on creating clients for life. We strive to provide "WOW" service. In pursuit of this goal, we are currently implementing a state-of-the-art loan origination system. Sterling Home Mortgage uses technology to improve your loan experience. When you finance through Sterling Home Mortgage, there are no surprises at closing because we provide you with prequalification advice, ongoing assistance and follow-up support. Working together with banks, real estate agents, escrow agents and homebuyers, Sterling Home Mortgage has developed a sterling reputation for dependability, honesty and consistently successful performance. You can trust that this expertise will result in the best mortgage for your home. One call to Sterling Home Mortgage puts you in touch with over 130 lending institutions. Sterling Home Mortgage can find the right financial products and services to suit any home-buying situation. Our careful choice of lenders and loan options ensures you a competitive rate. Sterling Home Mortgage is a local presence with a national reach - a powerful combination that means the best loan for each homebuyer. Sterling Home Mortgage
328 N Church
Tucscon, AZ 85701
520-591-2563 - Phone MB-0906813
Get a no-obligation Arizona mortgage quote today!
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| AAXA Discount Mortgage |
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AAXA Discount Mortgage was founded on one very simple principle; if we take care of our customers, everything else will fall into place. We conduct our business with three key stakeholders in mind: Customer - Every aspect of our operation is motivated by putting the customer first. This is our number one priority and is at the heart of what we do. The objective is to provide our clients with the very best combination of interest rates and fees available in the industry while also providing an unmatched level of customer service. Anything less is failure from our point of view. Our loan professionals have the mindset, knowledge, experience, and commitment to serve you well. Employees - Our employees are highly valued individuals. The dynamic work environment fosters personal and professional development which enables them to provide the ultimate in customer service. The diverse background of AAXA personnel, who come from both inside and outside the mortgage industry, promotes the kind of innovation that can only come from the interaction of unique and varied perspectives. We are honored to employ the people who comprise AAXA and we believe that it is important to be a responsible steward of our human resources. We know that you have choices in selecting a mortgage company. We will work hard to earn your trust and deliver on our promises. We know that our future success hinges on developing "customers for life." Our long term success is dependant on referrals and repeat clients - we must continue to exceed your expectations in order to build upon our reputation. Arizona Branch Office:
AAXA Discount Mortgage
141 South McCormick Street, Suite 103
Prescott, Arizona 86303
Local Phone: 928-778-7395
Toll Free: 877-RATE-LOW (877-728-3569)
Fax: 910-793-6430
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| Freestand Financial |
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Freestand Financial was first formed in 1994. Originally a small mortgage broker, the company has since grown by leaps and bounds. Currently, Freestand Financial is a leading mortgage banker employing over 500 people with many branch offices throughout the southwest. We believe the reason Freestand Financial has been able to grow is because of our reputation in the mortgage world, particularly to our clients. We are sure that you will recognize our attention to detail and to your needs. Our corporate headquarters is located at 3200 N. Central Ave. Suite #2450, Phoenix, AZ 85012. We are specialists in Purchases, Refinances, Home Equity loans, including lines of credit, no equity loans, Investment property purchases/refinances, multi-unit property refinances/purchases, less then perfect credit purchases/refinances, bankruptcy and foreclosures, and private money loans. So whether you are buying your first home, upgrading to your dream home, or investing in the hottest real estate market in the country, we have the knowledge to make it all come together. Freestand Financial's goal is to build and maintain our business based on referrals of past clients, business associates, friends, family members, and others who seek a company that offers first class service and an ongoing commitment to excellence. We value our reputation in the mortgage world and do everything to uphold our standards of commitment above the rest. 23021 N. 15th Ave. Suite 202
Phoenix, AZ 85027
Toll Free 1-800-635-3834
Phone: 623-580-1234
Fax: 623-580-9776
Cell: 602-684-1714
Freestand Financial Holding Corp.
Arizona Mortgage Banker
BK-0905940
Get a no-obligation Arizona mortgage quote today!
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