Arizona refinance options are much different today than just a couple of years ago. It used to be that if you were interested in an Arizona refinance of any type, all you had to do was fog a mirror and someone would lend you money. Now, be prepared to document your income fully, have equity in your property and have credit scores better than 620.
Arizona Refinance: Popular Programs
In the past couple of years, the lending environment has moved and many people have started getting FHA, VA or USDA loans on their homes. Sure, there are still conventional and jumbo loans available, but Arizona FHA and Arizona VA programs are more popular than ever. Jumbo loans are harder to qualify for than they used to be, but are still available.
Arizona Refinance: Credit Scores Matter
In today’s lending environment, if you are going to qualify for a program, you will need at least a 620 mid credit score in order to qualify. For FHA, VA, USDA loans – the 620 mid credit score is a minimum requirement.
Arizona Refinance: Equity Matters
For regular rate and term refinance options, you can refinance up to 105% of the property’s value with the Obama refinance plan. Cash out plans for FHA are now limited to 85%. If you don’t have equity in your property, you will want to look into the Arizona loan modification options that may be available for you.
Arizona Refinance Rates
Lenders across the US will update their rates daily – or sometimes multiple times each day. Here is a list of lenders with updated rates who can help you with your refinance. Get a free refinance quote today from multiple lenders to get the best deal – and by shopping around you can save thousands of dollars on your next mortgage refinance.