The real estate market in Arizona has really cooled off over the course of the past 18 months. As real estate prices have started to come down, a lot of people have begun to realize that they have mortgages that should really be refinanced. The general rule of thumb is that you should go about a AZ Refi ( Arizona refinanace ) mortgage if you can find a deal where you’ll pay at least 1% less than what you’re currently paying in terms of the interest rate. For people who got locked into adjustable-rate mortgages, who are only now starting to get hit with higher interest payments, refinancing at today’s current levels really makes a lot of sense.
From a procedural standpoint, you’re going to always want to start by speaking to your current lender. The reason why this makes a lot of sense is because you can sometimes save on closing costs because you have a loan with that particular lender. That’s the starting point. After that, you should seriously consider speaking with a local mortgage broker. The reason why is because they can basically help you shop around for a az refi and see all of the different offers that are available. This gives you a lot of flexibility.
Arizona, in particular, has a system in place as it relates to mortgage refinance. You often have to give your current lender 15 days notice that you are considering refinancing your current mortgage. This allows them the opportunity to try to at least match or potentially beat any other offers that you may receive. Regardless, now is a great time to seriously consider an az refi ( arizona refinanace ) mortgage.