Mortgage interest rates are on the rise in Arizona. With the 50% increase in home prices in 2005, it is predicted that home sales will be down in 2006. But don’t despair, keep reading to find out how you can purchase a home in Tucson despite unfavorable conditions.
Quick Tucson Housing Facts
Percent of Homeowners in Tucson: 68%
Percent of Renters in Tucson: 32%
Median Tucson Household Income: $40,558
Average Tucson Credit Score: 661
Best Cities to live in near Tucson: Scottsdale
Median Tucson Home Value: $121,300
How Much Real Estate Can I Afford in Tucson?
You don’t have to be a rocket scientist to figure out what kind of house you can afford to buy in the Tucson marketplace. All you need is a scrap of paper, a pen, a few minutes, and us. We have a little system you can use to figure it all out on your own. For the first step, you’ll need your pen and paper. Take a few minutes and jot down some responses to the following questions.
- What kind of monthly mortgage payments am I willing to make? Be sure to have an accurate answer for this question; it will save you trouble further down the line.
- What kind of payment plan will work well for me? If you’re not sure and acronyms like ARM and LIBOR are confusing you, take a step back. First learn about the differences between an Adjustable Rate Mortgage (ARM) and a Fixed Rate Mortgage. A lot of the other programs out there are variations of these basic loan types.
- What are property taxes like in Tucson?
- What are current interest rates in Tucson?
Now its time to check out our online mortgage calculators. Take a few minutes to do some number crunching. We’re confident that after you’ve done a little work here, you’ll understand your place in the Tucson housing market much better.
Refinancing in Tucson
A Refinance mortgage is a brand new mortgage that pays off your existing one, and replaces it. People generally refinance if an interest rate 2% lower than theirs becomes available to them.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.