Maybe you are buying your first home in Arizona, or perhaps you are relocating to Arizona from another state. Either way, it?s important that you educate yourself on Arizona home loans before shopping for a home and mortgage. This article explains what you will need to know before buying a home in Arizona:
The median price of a home in Arizona is $121,300. Recently, homes in Arizona have been appreciating at rates more than double the national average. As a result, income levels in many parts of Arizona are too low to purchase a median-priced home with a conventional loan. In fact, homeowners in many Arizona cities pay more than the recommended 30% of their incomes toward housing.
The price of homes in Arizona varies widely between zip codes. For example, in Scottsdale, Arizona, the median price of a home in the summer of 2005 was $500,000; however, in Mesa, Arizona, the median price of a home was $275,000, and in Tucson, Arizona, it was $200,000. Average interest and job growth rates in Arizona are above the national average.
Arizona law does not require prepayment penalty options on sub-prime loans. Although Arizona does not currently have any anti-predatory lending laws, it does distribute informational pamphlets to its residents in an effort to get residents to educate themselves so that they can avoid predatory lenders.
Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Arizona Mortgage Rates and Loans .
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