Expert Phoenix Refinance Advise

Phoenix Real Estate Market Overview

The city of Phoenix is now one of the 5th largest out of the entire United States and thankfully for this large city we have finally started to see the bottom of the market. In general we can say that in Phoenix home sales are flat in most suburbs and increasing in just a few others. One change that has happened recently is an increase in commercial real estate as there is a large inflow of investors that are deflecting from the more common residential market, which has had so much trouble in the recent past. To be more specific condos and townhouses in the area of Tempe are still very sought after but for the majority of the Phoenix market sales are still down.

Have you been badly affected by this market down turn? Are you worried about your monthly mortgage payments? Well even though the Phoenix housing market has had some though times recently you can still benefit from the recent economic crisis. There are record interest rates at the moment thanks to the government’s efforts to kick start the economy. This means you can grab a refinance on your current loan that will either save you a bundle in the future or significantly reduce the term of your loan (or both!). Why not lock in a low interest rate while you can? Here is an example of how a refinance can help.

Phoenix Refinance Example

All the figures we have used here are local. That means they are all taken from the Phoenix area (average Phoenix house price, Phoenix refinance rates, etc).

Let’s say you bought a house in 2005. You probably would have gotten a rate of about 6.5% and the house would have cost you about $379,900 (based on historical average data of phoenix house prices). On a standard 30 year fixed interest loan you would have mortgage repayments of $2,401 per month. If we now take this exact same loan and refinance it we surely can save some extra cash in monthly repayments. The current refinance rate in Phoenix stands at 4.375% and with a $379,900 loan your repayments would be $824 a month. Only $824 a month! You can thank me later, I just saved you a whopping $1577 per month!! Now try and tell me that’s something you’re not interest in.
Phoenix Refinance Resources

Here are just a few local institutions that can help get you started on your search for that perfect refinance. It definitely helps to get into somewhere and talk to someone about this. All the research on the internet can only get you so far…

• ARIZONA WHOLESALE MORTGAGE INC – They are a HUD-approved lender and a great start. Phone: (602) 618-6897
• ARIZONA CENTRAL CREDIT UNION – You might be able to find a very competitive refinance loan with these people. They have been around since 1939. Very well established. Phone: (602) 264-6421
  If you ever need any advice here are some free advice and counselling services. Make full use of these. They’re free!
• ADMINISTRATION OF RESOURCES AND CHOICES – Phone: 602-241-6169
• COMMUNITY LEGAL SERVICES INC – Phone: 602-258-3434-2700
• NEIGHBORHOOD HOUSING SERVICES OF PHOENIX – Phone: 602-258-1659-206
• COMMUNITY HOUSING RESOURCES OF ARIZONA – Phone: 602-631-9780

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