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Arkansas Mortgage Rates

Getting the Best Rates on Arkansas Mortgages

When it comes to Arkansas mortgages, you’ll find three basic types. But no matter which you choose, if your goal is getting the best available rate, you need to be organized and ready to do some research. You see, although there are three main types of mortgage, fixed-rate, adjustable-rate and second mortgages, each can have several variations. Understanding what those variations are and then evaluating them will likely be your biggest challenge. To figure out where to start, it helps to understand your objectives. For example, is it more important to reduce the amount you’ll pay towards interest costs? Or is getting the lowest possible monthly payment more important?

Don’t worry if you don’t know all the answers. The resources available at will enlighten you so you’re better prepared to make the right decision. With these resources you’ll be able to:

  • Compare similar mortgages and their corresponding rates.
  • Calculate what you can afford.
  • Learn about amortization.
  • Locate qualified brokers in Arkansas.

Overview of Arkansas mortgages and mortgage rates
As mentioned above, Arkansas mortgages fall into one of three categories. Because of their stability, fixed-rate mortgages are considered the lowest risk. Neither the interest rate nor the monthly mortgage payment will change. Most borrowers choose a 30-year fixed mortgage, but some Arkansas lenders also offer terms of 15 and 20 years. Adjustable rate mortgages are attractive in the beginning. But once they adjust, monthly payments can skyrocket. As for second mortgages, you have the option of a line of credit with an adjustable rate, or a fixed rate home equity loan. Both will likely have a higher interest rate than you’d get with a first mortgage.

Arkansas refinance mortgages and loans

Refinancing has many advantages. When you borrow more than is owed, you can use your home’s equity to get much needed cash. Your payments may be higher as a result, but you’ll have money to use as you need. Or you can refinance into a loan with a lower rate of interest. Because monthly payments will be lower, you’ll save money. If getting a lower rate isn’t possible, another option is to refinance into a mortgage with a longer term. That too can result in lower payments.

When Comparing Arkansas mortgages ...

As with any large purchase, it makes sense to compare prices on several Arkansas mortgages before choosing one.

Here’s what you do:

  • Use the Arkansas lender directory at to review lenders and compare rates.
  • Figure out the loan amount that’s affordable.
  • Contact qualified brokers and lenders in Arkansas and begin submitting mortgage applications.
  • Compare the quotes given to you by the Arkansas lenders you’ve contacted.

Although it’ll take time, the only way you’ll get a written quote is by submitting an application. Once you start receiving quotes, take time to carefully review them. Keep in mind that the quote with the lowest interest rate isn’t necessarily the best. The lower rate may be offset by more points or it might be a higher-risk mortgage. Also note that unless you have an excellent credit score, you probably won’t be offered the Arkansas lender’s advertised rate. Only the most qualified applicants are offered advertised rates. If your credit is tarnished, try reviewing lender rates that correspond to credit profiles.

Popular Areas in Arkansas

Chicot County
Desha County
El Dorado
Forrest City
Fort Smith
Hot Springs
Little Rock
Mountain Home
North Little Rock
Pine Bluff
West Helena
West Memphis