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AZ Refinance

Updated on May 20, 2010

Contemplating on refinancing your loan or mortgage? If you are living in Arizona, or anywhere else for that matter, you have to consider your options carefully. You have to be aware of the pros and cons of AZ refinance or the available choices if you live elsewhere. Knowledge beforehand can help you make the most suitable decision.

First thing you need to do if you are seriously considering AZ refinance is obtaining your credit score. This is one of the biggest hurdles of most Americans today. A poor credit rating can keep you from getting a very good rate for a refinance or even worse, you won't be able to get a mortgage company to approve of your refinance application.

 It is therefore imperative that you go and obtain your credit report before contacting a mortgage company. You can have this report from three companies, namely: Equifax, Experian, and TransUnion. If you are aware of your credit ratings, you can then fix any credit issues you have so you get a higher probability of obtaining a better rate of a refinance.

Another thing which you have to do is to take the time and speak to different lenders. Everyone knows this, but not everyone will take the time to do it. You can speak to friends or even relative to refer you to a company they may have an experience with in the past. You can then speak to the officer and ask them to give you their best quotes keeping in mind your particulars.

At this point you don't commit and you should not pay any fees. Then, make it a point to speak to at least 2-3 more lending companies. Tell them the quotes the first company gave you and ask if they can offer you a better rate than that. Don't be afraid to ask questions and negotiate until you are given numbers that looks great for you. Remember, you can only pull this off if you have a good credit rating.

Also, when you speak to many mortgage companies, they may lure you with their offers of no cost refinance options. Does this exist? Yes, it does. Is this a good option? Under some circumstances, it is. Remember, that with the no cost option, the company will have to compensate somewhere else or they would be out of business before long. And it is usually by giving you a higher interest rate. Which can also be a better deal if say, you are planning to be a short-term investor and sell your house. The trick here is to do your numbers and figure out the break even point. This way, you go with the most suitable option for you.

In Arizona, what is considered to be the best way to borrow money is a cash out refinance. However, you also have to be aware that you'll be paying a much higher rate for this. Here's a little FYI for this kind of refinance. You can claim tax deduction on the interest if this happens to be your first mortgage refinance. You can also claim this even with your second mortgages provided that the money is used for home improvements.

In working out a good deal for an AZ refinance you need due diligence first. It can be a tedious process, I know. But in the end, the rewards is very much worth the effort.

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