A mortgage is one of, if not the biggest, financial responsibility you can ever shoulder. It is also one of the longest running. This said, you should take as much time as possible in exploring your options and determining which one best suits your needs and financial capability.
Fortunately, homebuyers in Arizona have much to celebrate for, what with the state seeing improvements in the mortgage lending industry.
How mortgage lending in the state fares
Mortgage lending in The Grand Canyon State has become friendlier to home shoppers, especially new and first-time buyers. Of course, this still depends on many different factors, such as the specific type of house one wants to buy.
In general, though, the mortgage industry in the state offers rates lower than those in other states. The fact the standard conforming loan limit implemented here remains at $417,000 backs up the affordability of the offered housing loans.
Better rates than previous years
Arizona’s mortgage market improved over the last few years. Compared with the 2015 average rates, homebuyers will see lower current rates. For instance, the present average mortgage rate in Phoenix of 4.16% is slightly lower than the national average of 4.18%.
While this may seem small, the percentage difference can already mean big savings in the long run, according to reputable mortgage companies such as Primary Residential Mortgage, Inc.
Competitive rates translate to more options
Since the housing market has become more competitive, you should already take this as a sign that now is a good time to start looking for offers. The lower mortgage rate gives you more options when it comes to properties you can afford.
In other words, the better rates give you a chance to buy either a bigger house or one that is in an ideal neighborhood.
Always remember that home ownership is one of the best investments you can have in your portfolio, so you should consider starting the process as soon as you can.