You will need to be familiar with the various types of mortgages available if you plan to move to Arizona to purchase a house. You will need a professional to help you choose the right mortgage for you. There are many options available these days. Professionals don’t really know your needs and you will need to learn about them to make the best decision.

Here are some mortgage types I am most familiar with:

Fixed Rate Mortgage Loan: This loan is the most popular. This loan type requires you to make fixed monthly payments throughout the term. This mortgage loan type is best if you’re certain that you’ll be living in your house for at least 10 years. The terms of fixed mortgage loans vary depending on how quickly you can pay it back.

These are the most popular fixed mortgage loans:

Bi-weekly Mortgages – These are loans where you pay half of the monthly payment every 2 weeks. This will reduce the mortgage term to 18 years. You will pay a smaller amount over the term of your mortgage loan.

Fixed Interest Mortgages for Thirty Years: This type of mortgage has a term of thirty years and you pay one fixed monthly payment. This is an excellent option for those who don’t mind paying high monthly payments or are concerned about volatile market conditions.

Fifteen-year loans: This loan type reduces the term by half. The monthly payments are 15 to 20 percent higher than those for a 30-year loan. If you are looking to pay your house loan off faster with a fixed interest, this is the best option.

The adjustable rate mortgage loans: ARMs are growing in popularity due to the adjustable Rate Scheme. These loan types have rates that change according to market rates. For the first three to four years, the rate of interest is very low. Later on, the market rates will change. This is a good option if you don’t have the money to make large monthly payments. This is an option if you intend to keep the house for only five to seven year. The monthly payments are significantly lower in the first few years.

You have many options, but these are the most popular types of loans. To help you choose the right loan type for you, it is a good idea to hire a professional. Online brokers can help you find the best deals and offer a lot of assistance.