What Are Today's Rates?
Interest rates for home loans are at record lows. Check today's mortgage rates on conventional 15 and 30 years home loans. Discover how owning a home can cost less than renting. Getting pre-qualified for your new home purchase is easy. Contact your favorite bank, credit union or mortgage lender today and start down the path to your new home.
What Will My Monthly Payments Be?
Your monthly payments are influenced by several factors; the price of the home, your down payment or earnest deposit, the interest rate your are able to secure, your credit rating, along with the taxes and insurance for the home. In Arizona your property taxes and insurance premiums are collected through your mortgage payments. This handy mortgage calculator will give you an estimate of your monthly payments. Property taxes and insurance are not included in this estimate as they will vary and are unique to the property. In Arizona the property tax and home owner's insurance premiums are collected through your mortgage payments. Other fees such as Mortgage Insurance are also not calculated. Your lender will be able to assist you with this information.
What About The Down Payment Or Earnest Deposit?
The number 1 influence to your monthly mortgage payments is, of course, the amount of your loan. The smaller your loan the lower your payments. Your down payment requirement can vary anywhere from 3 1/2% of the purchase price for a government insured FHA loan up to 20% for a conventional loan. If you are a veteran you may qualify for a VA loan which requires no down payment. There are programs available to assist with your down payment. The United States Department of Agriculture offers a program which only requires a down payment of only 1%. And your down payment can come in the form of a gift from a family member or relative. Always check with your lender for the program which best fits your needs.
