Are you planning to buy property in Arizona? Look no further! We want to help you SAVE on your next Mesa home loan.
Worried about not saving on your next home loan? We are here to tell you we’ve got your back! Now, you’re probably wondering why we are so confident in helping you 😉
Well, we have an AMAZING team of loan officers ready to provide you with the most personalized financing options AND we offer tons of different home loan options to see any type of scenario. With mortgage lenders AZ, you could save thousands of dollars and still live in your dream house. Below are some of our favorite tactics that are effective for saving money on your next home loan in Mesa. Number three is our Favorite so make sure you don’t miss it!
1. Maximize Your Home Equity
Home equity simply refers to the portion of your home that actually belongs to you. You can use home equity to your advantage and save on your mortgage. Utilizing your home equity perfectly can come in handy in reducing your monthly payments and helping you pay off your debts faster (bye bye debt!) One recommended way of doing this is using the cash-out refinance option. How does this work? It allows you to refinance your mortgage and borrow simultaneously. Ask us about this option if this sounds like a good scenario for you!
2. Take advantage of Reverse Mortgage Arizona
Now that you are familiar with how home equity can help you save on your next home, you can also use it to obtain a reverse mortgage in Arizona. This particular technique is suitable for loan borrowers who are approaching retirement age. This type of mortgage allows you to access your home equity and use it as collateral for borrowing again. This type of loan does not warrant repayment until you no longer use the home as your primary residence. A reverse mortgage can help senior homeowners to meet their financial needs. Check out our Reverse mortgages page for more details and find out if this is the best route for you.
3. Consider Flexible Payment Approaches
One specific approach that is quite effective is the biweekly home loan repayment. It allows you to repay your loan half at a time every two weeks, hence you end up making 26 total payments. Typically, this helps to shorten the life of your mortgage, reducing the accruing costs and interests. In the long run, this will help in scraping years off of your home loan life, and definitely make you pay less. Make sure you are familiar with your lenders’ biweekly payment schedule since guidelines do vary.
Some mortgage companies in AZ charge some fees for this service so be sure to inquire first. For instance, if your loan repayment schedule allows for additional repayments, you can divide your monthly payments into half, especially if the repayment is calculated monthly. Over the long haul, you will end up paying an additional month’s worth off your mortgage each year, and probably pay it all off sooner than you had expected. 🎉👏🏼
4. Consider An Adjustable Rate Mortgage.
An ARM as it is commonly referred, allows your interest rates to fluctuate and match the market prices. This approach is particularly recommended for any buyer who is not planning to live in their home for more than five years. This is because ARMs offer you lower interest rates for the first five years before they start to fluctuate.
5. Look For A Cheaper And More Flexible Loan Rate.
Conduct in-depth research concerning the options you have. Don’t just take a nosedive into a home loan you don’t know much about. Most importantly, always choose loans with lower rates and those that are flexible enough to allow multiple repayments. For any homebuyers who have their eyes on refinancing at any point in the future, it is highly advisable that you ensure the expenses do not surpass the potential benefits.
6. Maintain Your Repayments Even When Interests Go Down.
It may feel tempting to lower your repayment as soon as mortgage interest rates go down. Before you do this, don’t forget that this will have an impact on your loan principal. Maintaining it at the same level as it was before the lowered interest rate will help reduce your principal by a reasonable margin, more so if the drop is consistent.
Are you ready to SAVE on your home loan? Find the BEST personalized option to help you save money now. Be sure to get with one of our expert loan officers and we’ll take care of you.