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Why Finding the Right Arizona Mortgage Lender Matters Mortgage Lenders Arizona offer a wide range of options for homebuyers, from large national banks to local credit unions and mortgage brokers. With Arizona's median home value at $376,369, choosing the right lender can save you thousands of dollars and reduce stress during your home buying journey. Top Arizona Mortgage Lender Options: Banks & Credit Unions - Many offer member discounts and closing guarantees. Mortgage Brokers - Shop your loan with hundreds of wholesale lenders to find competitive rates. Online Lenders - Often feature streamlined applications and low down payment options. Local Specialists - Provide deep market expertise and knowledge of state programs. Key Requirements: Credit scores typically 580-620+ depending on loan type Down payments as low as 1-4% Income verification and…

Understanding the 3-1 ARM Loan Basics A 3-1 ARM loan is a hybrid adjustable-rate mortgage with a fixed interest rate for the first three years, which then adjusts annually for the rest of the loan term. This mortgage can provide significant initial savings but comes with future payment uncertainty. Key Facts About 3-1 ARM Loans: Fixed Period: Interest rate is fixed for 3 years Adjustment Period: Rate adjusts annually after year 3 Initial Benefit: Lower starting rate than 30-year fixed mortgages Rate Calculation: New rate = Index (e.g., SOFR) + Lender's margin Protection: Rate caps limit rate increases Loan Term: Typically 30 years total The appeal is clear: 3-1 ARMs often have starting rates significantly lower than traditional 30-year fixed mortgages. For instance, a 3-1 ARM might be 5.375% when…