Mortgage Loan considerations

  • Mortgage terms are usually 15 or 30 years. The longer the term, the lower your monthly payment but the higher your overall interest costs.
  • 30 year loans often permit additional principal payments.  One additional monthly mortgage payment per year can reduce a 30 year loan to 22 years.
  • Interest rates are fixed or variable over the term of the loan.  Variable rates may be best for buyers who plan to sell within 1-5 years.
  • Buying down the interest rate down can be beneficial.  Talk to your Arizona mortgage loan officer to determine if this is an option for you.