Current Mortgage Rates in Tucson, AZ | Best Rates & Terms for Tucson Mortgages


Getting the Best Mortgage Rates in Tucson (10-15-30-Year Fixed, 5/1, 7/1 ARM)

Whether you’re looking to purchase a new home or refinance an existing mortgage, finding the best Tucson mortgage rates is a crucial part of the process.

Refinancing or buying a home in Tucson is a monumental financial decision that should not be made hastily. If you want to save money over the long-term, it’s always a good idea to compare mortgage rates in Tucson, AZ.

Because Tucson mortgage rates are constantly subject to change, comparing mortgage interest rates in Tucson is a great way to ensure that you are getting a manageable, affordable home loan.

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Getting Better Tucson Mortgage Rates with Larger Down Payments

Although some mortgage lenders in Tucson require a down payment of 3 percent, the best way to secure better Tucson mortgage rates is to put down at least 20 percent of the home’s value.

Along with getting more favorable Tucson mortgage rates, a higher down payment means that you can avoid paying extra for private mortgage insurance (PMI).

Many mortgage lenders in Tucson will require the purchase of mortgage insurance for smaller down payments to protect their investments in case borrowers stop making payments.

Typically, borrowers must continue paying until they reach a loan-to-value ratio of 80 percent. While it may not help you cut down costs over the long-term, it certainly does provide short-term affordability for Tucson mortgages.

According to Zillow, the average premium for PMI ranges between $30-$70 for every $100,000 borrowed, which could make it an affordable compromise for borrowers that can’t put down the full 20 percent.

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Saguaro National Park—Tucson, Arizona

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Tips to Save for Down Payments on Tucson Mortgages

Along with finding the best mortgage rates in Tucson, many new homeowners struggle with saving enough money for a sizable down payment.

If you don’t have an already established savings, the thought of putting aside thousands of dollars to get better Tucson mortgage rates can be daunting. Below, we’ve compiled a few tips to help you save for a down payment and get great mortgage rates in Tucson, AZ:

Re-Examine Your Budget

While some expenses are non-negotiable, creating a monthly budget can help you identify and fix overspending in non-essential categories.

Free budgeting tools—like those from Mint and Personal Capital—will take your monthly expenditures and sort them into categories like food, restaurants, bars, and entertainment.

You can use budgeting tools to decrease spending and allocate those savings towards a down payment fund.

Pick Up Additional Income

Earning additional income is a great way to increase your financial stability and build your down payment savings to lock in great mortgage rates in Tucson.

There are plenty of options for stay-at-home jobs to consider, or you can pick up a part-time job to supplement full-time income.

Make a commitment to apply additional income to your mortgage savings, and you will be in good shape to contribute a 20 percent down payment.

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Conclusion – Getting a Top Mortgage Loan for a Home in Tucson

Buying your first home takes time, not only to find the best Tucson mortgage rates, but also to go through the purchasing process itself.

From the time you submit an application until closing, most mortgage lenders in Tucson will need between 30-45 days to complete the proper paperwork. This means you will want to have some sort of plan to avoid additional expenses or unnecessary delays.

If you’re looking at Tucson mortgage rates for a first home, you should consider applying a down payment of 20 percent or more, as many mortgage lenders in Tucson will waive the costs of mortgage insurance.

If you are planning to refinance an existing loan, taking the time to compare Tucson refinance rates from multiple lenders can be instrumental in keeping long-term costs down.

Ultimately, finding the best Tucson mortgage rates and Tucson refinance rates will come down to understanding your unique financial situation and focusing on the long-term effects of mortgage rates in Tucson.

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