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ARIZONA MORTGAGES AND CREDIT SCORES continued Anything between 620 and 680 falls in the “Alt A” tier and usually still carries pretty competitive rates and programs with 100% financing options. Arizona mortgage companies have tightened up loan guidelines recently, but refinancing rates are only a bit higher than an A paper loan. If you mid score slips below 620, and you are looking for an Arizona refinance, your loan options tend to be more limited. This financing segment is known as “subprime” and you are typically restricted on loan to value and pay 2-3% higher loan rates and fees than A paper or “prime” customers. There are many other variables that affect loan financing. As discussed, loan to value comes into play. Doc type is important, rather your loan is full doc, stated, no ratio, or no doc. Assets or reserves are a big factor, meaning do you have payment reserves in checking,savings,401k,etc. Mortgage delinquencies, collections, bankruptcies and loan type and loan size are all factors as well when shopping for an Arizona refinance or purchase loan. |
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