Bad Credit Home Loans – Low February Refinance Rates in Phoenix, Arizona
Posted on | February 1, 2010 | No Comments
If you currently live in Phoenix, Arizona and you are looking for low February refinance rates then there are options available for you. At the present time many Phoenix, Arizona homeowners are paying on a bad credit home loan. Unfortunately many of these borrowers are struggling to make ends meet financially and are looking to lower their mortgage rate.
During the housing boom Phoenix, Arizona saw one of the biggest increases in home prices. After the huge increase in home prices we saw an extreme drop beginning in July of 2006. This drop has caused many homeowners to lose a significant amount of money in their homes. With this being the case, many of these homeowners are looking to save by refinancing.
For the entire month of January, the 30 year fixed mortgage rate was between 4.8% and 5%. It will be very interesting to see what February brings but many analysts have predicted that mortgage rates will move higher in the very near future. With many Phoenix, Arizona mortgage lenders advertising rates below 5% now might be the time to act.
It is very important you understand that if you were underwater in your home you are going to find extreme difficulty getting low mortgage interest rates. The only way you’re going to be able to lock into a rate this low is if you have a significant amount of equity in your home and a credit score above 740.
Author: Alan Lake
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