Fixed Rate Loans

30-Year Fixed
Arizona 30-year fixed rate loans are loans that have the same principal and interest mortgage payment for 360 months.

Conventional loans typically are harder to qualify for than FHA loans and may require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or will be nothing with 20% down payment.

Refinance20-Year Fixed
This type of loan is the same as the 30-year fixed rate loan except the life of the loan is 240 months as opposed to 360 months. Since the loan is being paid slightly faster than the 30-year fixed rate loan, monthly payments for this type of loan are higher than the 30-year fixed rate loan. Depending on market conditions, a 20-year fixed rate mortgage may carry a lower interest rate than 30-year fixed rate loans.  A 20-year fixed rate loan is a great alternative if your budget is not ready for a 15-year mortgage, and you want a program which reduces total interest over the life of your Arizona mortgage loan.

15-Year Fixed
This type of loan is the same as the 30-year fixed rate loan except the life of the loan is 180 months as opposed to 360 months. Since the loan is being paid faster than either the 30-year fixed rate loan or the 20-year fixed rate loan, monthly payments for this type loan are higher than the other two loans. Generally, the longer a lender agrees to keep the interest rate “fixed,” the greater the risk to the lender, therefore, in most instances, interest rates on 15-year fixed rate loans are slightly lower than on 20- or 30-year fixed rate loans.  15-year fixed rate loans are a tremendous wealth building opportunity.  Why pay more interest on your Arizona mortgage than you need to?  Build equity faster, pay less interest.  Your mortgage, YOUR advantage.

Did you know we can match your existing term and lower your rate?  Ask me how.  

General Conventional Loan Guidelines:

- 3% or 5% minimum down payment required on purchase
– Minimum credit score – usually 620*
– Post- bankruptcy: can qualify after 4 years*
– Post-foreclosure: can qualify after 7 years*
– Post-short-sale: Can Qualify after 4 years *

 *There are exceptions and alternative programs available for each scenario above.  Lower credit scores and eligibility after negative credit event are available.

Craig Turley, CMC

“My experience.  YOUR advantage.”