![]() ![]() ![]() But these involve your paying a higher interest rate. Some lenders will offer you "no-cost" refinances. Use The Mortgage Reports’ refinance calculator to model your options. There are going to be some costs involved in the process, and you need to be sure those won’t outweigh the benefits you’ll get from your lower mortgage rate and monthly payment. Your first step is to see whether a refinance makes sound economic sense. In other words, there are few state-specific laws or regulations to stop them from doing the same as people in most other states. Most Arizonans can refinance their mortgages in the usual way. Everything can be sorted by phone, email, and registered US Mail. This also means that the buyer doesn’t even have to be present for the closing of the property. Of course, such arrangements are very similar to mortgages - except in name. This is then used as collateral for the loan. Instead, the buyer will give a promissory note and deed of trust to the lender. The real estate agent, along with the title examiner and the escrow officer, replace the duties of attorneys in many Arizona transactions.Īrizona is what is known as a "Title State," meaning that mortgages are exceedingly rare. The most typical method for disclosing this information is by completing a written disclosure statement and giving it to the buyer.Īrizona allows professionals other than attorneys to draft legally binding documents, and in this respect is one of only a handful of states to do so. ![]() When you find a property you like, Arizona law states that the seller has a legal duty to tell the buyer any important facts that might adversely affect the value of the property. ![]()
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