Arizona Mortgage Types | AZ Loan Modification

No one knows Arizona mortgage facts, figures, and tips like us. Whether you’re looking for an energy-efficient home in Flagstaff off of I-40, a condo in downtown Phoenix, or a brand new lake house on Lake Havasu, you can depend on us to provide helpful, practical Arizona mortgage information. Keep reading to learn more about AZ mortgages, and let us help make buying a home simple and stress-free!

Selecting Your Arizona Mortgage
There are many types of mortgages available for AZ homebuyers. Some mortgages are straightforward and predictable, such as a Fixed Rate Mortgage (FRM). A FRM has a set interest rate and monthly payment amount for the entire loan term. Many first-time homebuyers and retirees choose this mortgage type for its simplicity. Other mortgage types offer lower rates but are a bit more risky, such as an Adjustable Rate Mortgage (ARM). An ARM begins with a low interest rate that may later rise or fall, depending on current market rates.

Assess Your Situation
When considering the various Arizona mortgage options available to you, ask yourself the following questions:

  • How long do I plan to remain in my new home? If you plan to live there for more than ten years, a FRM may be your best bet.
  • What is my employment/income status? If you expect to earn more money in the coming years, choose an ARM. An ARM’s low initial interest rate and monthly payment allows you to have more buying power.
  • What is most important to me: a low interest rate, low total interest costs, or the lowest possible monthly payment? Keep in mind that a lower monthly payment means that you’re paying less money on your principal balance. This makes your loan more expensive in the long run (due to accrued interest), and means that it will take you longer to build home equity.
  • What is my credit score? Arizona mortgage lenders reserve their lowest rates for borrowers with excellent credit histories.


Lower Your Payment through Loan Modification
Let’s suppose you already own an Arizona home, but you’re strapped for cash and need a lower monthly mortgage payment. In this case, you can apply for an Arizona loan modification, in which your existing loan is modified to have a lower interest rate and/or extended term. Applying for a loan modification is fairly straightforward; you’ll need to present the following documents to your mortgage lender:

  • verification of income;
  • a letter detailing your current financial hardship and/or change in finances (e.g. pay cut);
  • an overview of your monthly budget.


Even AZ homeowners who are behind on their mortgage payment and in danger of foreclosure may still be eligible for loan modification.

The Importance of Comparison Shopping
During your Arizona mortgage search, be sure to review loan structures, payment plans, interest rates (including APR), and closing costs. Once you determine your budget and familiarize yourself with the AZ mortgage process, contact us and we’ll match you with a qualified Arizona mortgage lender offering superior customer service ratings and competitive rates. We guarantee you’ll be satisfied.

So whether you’re buying a new home in Glendale, Tucson, or Yuma, or a renovated mountain home near the Grand Canyon, rest assured that the right AZ mortgage type is available to you, and we’ll help you find it! Contact us today for free, no obligation Arizona mortgage rate quote!