Here are advertised mortgage rates from just a few lenders who may be able to help you. Mortgage rates change frequently, so be sure to check back frequently to see rates change.
Phoenix Mortgage Rates
When shopping for a mortgage in Phoenix – it is important to be educated on the basics of how mortgage rates work and what you can do to get the best deal on your mortgage. If you picked up the phone right now and called 3 different lenders, you should reasonably expect to get 3 different mortgage rates quoted to you over the phone. You should also expect a good lender to tell you that it is hard to give you anything more than a ballpark until they know more about your overall financial situation. They usually will give you a ballpark range of “where rates are at today” – but don’t expect one to really give you an exact rate until they know more about what your personal financial situation looks like.
When Are You “Locked In”?
Locking a mortgage rate is usually not as easy as calling a lender, asking what their rates are and then having the lender “lock” you in. The typical process is for you to enter into a dialog with a lender first, submit an official loan application second, and once the file has been reviewed by a loan officer, then usually the loan officer will “lock” your rate and send you a rate lock confirmation in writing. There are differences in process depending on the lender, but the important thing is that you don’t want to expect to see rates dip in the morning, pick up the phone and call a loan officer and then have your rate “locked”. Once your rate is locked, you can usually rest easy that you are going to get the rate you were promised when you show up to the closing table and sign the final paperwork.
How Long Are Rate Locks Good For?
Typical rate locks are good for 30 days – but again, this can and does vary by lender. It is usually possible for someone to lock in a rate for 90 days, but most lenders may charge a fee for anything locked in longer than 30 days. Be sure to shop lenders when locking and ask them how long a typical lock is good for and if there is a fee to extend the lock. During times when lenders are super busy, it is common to see longer rate lock times – because the lender’s operations department is backed up and it can take longer than 30 days to fund your loan. Most good lenders will not tell you to lock for 30 days if they expect your file to take 90 days to close – and vice versa. Most good loan officers know about how long their average turn times are in operations and they will usually help you get the right amount of time to lock your rate.
What Can You Do To Get The Best Rate?
Generally speaking, the single biggest thing that you can do to help yourself make sure you are getting the best possible rate is to get multiple rate quotes by multiple lenders in writing. Once you have a rate quote in writing from a lender, you can easily compare it to other rate quotes from other lenders and then go with the best deal. When it comes to getting the best mortgage rate in Phoenix, the first simple rule of thumb is to get a written rate quote from at least 3 lenders.
Another benefit of speaking with 3 lenders and getting a written rate quote is that you may be surprised at the varying levels of expertise of loan officers at each lender. Loan officers come in all different shapes and sizes and have varying levels of expertise and knowledge. When it comes to making sure your mortgage process is the smoothest possible – its possible that you may want to pay a little bit of a higher rate because you trust your loan officer to deliver on what he is promising.
Getting multiple rate quotes should be free and you shouldn’t be under any obligation to go with one particular lender. Lenders are used to giving out written rate quotes and so this is all part of the process that they go through every day.
Get a free rate quote today from multiple lenders by clicking on the rates quoted above and get started helping yourself get the best possible mortgage rate.