One of the necessities of life is shelter (read home). But there are times when we do not have enough funds to get a new home or improve an old one. A mortgage becomes something of a life-saver in such a situation. The problem with mortgages is that something meant to keep you afloat could drown you in debt if not correctly managed. It’s all about the mortgage rates. So if you are looking for how to refinance your home in Scottsdale, here are some tips to help you get great mortgage rates.
Shop for Mortgage Loans at OneTrust Home Loans
One of the best ways to get the best mortgage rates in AZ is to shop for mortgage loans at OneTrust Home Loans. We are dedicated to providing great rates and loan options for you to explore. That is why we offer highly personalized service, so you are sure to get great Arizona refinance mortgage rates tailored to suit your needs.
A Great Credit Score
To get a mortgage rate that works for you, you’d need to have an impressive credit score. One primary criterion that determines the mortgage rates you get is your credit score. The fact is there is an inverse relationship between your credit score and the mortgage rates you pay. Folks who get the best (lowest) mortgage rates are those with the highest credit scores. The rationale is simple. A high credit score suggests to the mortgage lender that you can repay the loan, so they tend to offer lower mortgage rates.
Ensure That You Have a Stable Income
Like we mentioned above, mortgage lenders want to know that you can quickly repay the loans they give you.One of the best ways to prove yourself worthy is your employment status or the stability of your income. A lender is more likely to offer really low mortgage rates to someone who has been working for a while than they would to an unemployed person with little or no income. If you are in the Arizona region, you are more likely to explore the Arizona max conventional loan limit with a stable income.
You need a significant down payment to be able to attract a great mortgage rate. Low down payment jumbo mortgage loans are accessible when you can put up to 20% of the loan as a down payment. As a matter of fact, the more the down payment is, the lower the mortgage rate becomes.
Get in touch with us for the best mortgage advice
Do you need a trusted mortgage advisor to guide you through every step of the mortgage or loan process? You need not look beyond the professionals at OneTrust Home Loans. We take it upon ourselves to provide highly specialized services for all mortgage or loan seekers and arm them with all they need to make informed decisions. Call us at 480-418-4555 to learn more about competitive low-rate home loans and refinancing.