Arkansas Mortgage Rates

In Arkansas, homes fetch an average of $53,000 to $357,000 as of August 2017. This could explain why the state enjoys a high homeownership rate of 67.6% as of last year, surpassing the national average rate of 63.7% in the second quarter of 2017 per the U.S. Census Bureau.

Affordable homes, historically-low mortgage rates, and rising home values across the nation create a perfect setting for homebuying or refinancing in Arkansas.

How are rates in Little Rock, Arkansas City, or Phillips? Check local mortgage rates here.

Shopping for Mortgages

Financing your first home or refinancing your existing mortgage is a challenging but fulfilling task if you have covered all bases and landed a great mortgage deal. But how do you find the right deal?

Choose your loan type. Look into conventional loan programs, backed by the government, and others offered by private or local community banks. If you need help with your down payment, you can check with your state for available down payment and/or closing cost assistance.

Lock your term. Going for the traditional 30-year fixed-rate mortgage means you’ll have stable monthly payments while an adjustable-rate loan means getting a lower rate that changes periodically thereafter. A hybrid ARM plan has a rate that is fixed for a certain period and adjusts after the fixed-rate period expires.

Improve your credit score. Your loan type, loan term, down payment, even your home’s location all play a role in your mortgage rate but the major deciding factor is your credit score. Having a good credit score makes a difference in getting the best rates and terms.

Shop and Compare Mortgage Rates

Finding the best mortgage rates in Arkansas begins with asking lenders around. Nationwide rates can differ state-to-state or county-to-county. By entering your zip code, you can find and check rates in your local area at mortgagesum.com.

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When applying for a loan, lenders will commonly require you to provide a valid social security number and submit to a credit check. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved. Minimum credit ratings may vary according to lender and loan product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee. Any loan product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the loan product.

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© 2018 Mortgage.Info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.