The search for the right house that’s within your price range can be a challenging and time-consuming endeavor. The manner in which you purchase a house could be equally, if not more, confusing. It might be easy to tell apart craftsman- and colonial-style homes from contemporary and neoclassical ones, but working out which mortgage rate in Phoenix suits your needs best requires a deeper understanding of the matter.

There are two main ways to finance your home purchase: fixed-rate mortgages and adjustable-rate mortgages.

You don’t need to worry about sudden and huge monthly fluctuations, however, as there are calculated intervals where these adjustments happen, in addition to maximum and minimum caps to limit the adjustment size. The low initial interest rate of ARMs is ideal if you don’t plan on staying in your home for too long, or if you have refinancing plans in the future.