Austin Texas Mortgage Rates | Texas Home Equity Loans vs HELOC
March 6, 2008
Austin Texas Mortgage Rates and Tx Home Equity Loans | 512-577-2958
If you have a Texas Zip Code we can help you with your mortgage or Texas Refinance needs. If you’d like today’s 30 year fixed mortgage rates please call 512-996-8194 or visit www.mylendingplace.com
If you live in Texas we can help you with your mortgage or refinance. The above rates are the 10% down rates for 30 or 15 year home loans. These are the mortgage rates for all of Texas, not just Austin, Texas.
Texas Mortgage Rates and Austin Texas Home Equity Loan vs. HELOC
Today’s 30 year mortgage rate is 6.375% and the 15 year mortgage rates is 5.75%. Perhaps you’re thinking of moving from a 30 year to a 15 year rate. This might be a good time to refinance and save a ton over the life of your loan by going from a 30 year to a 15 year fixed rate.
Need to consolidate debt?: Is it better to do a Texas Equity Loan or HELOC?
If one is needs to do a cash out loan ( home equity loan ) is it better to do a HELOC or a Texas Home Equity Loan? The Home equity rules are the same; limited to 80%LTV, 12 day rule, 3% rule…so from rule perspective they are the same. Most people do a HELOC because the closing costs are slightly less than re-doing the entire note. However, a dollar saved today might cost you $2 tomorrow should the HELOC rates go up.
http://mylendingplace.com/mortgage/rates/30-year-fixed-rates/
HELOC rates are tied to prime so they are adjustable. But If one did a cash out Texas Equity (second lien) these are fixed rates. With a fixed second lien–Texas equity home loan–you need to look at the blended ratebetween the first lien and the second lien. Personally, I’m a fan of 30 year or 15 year fixed rates. But if it’s better to do a stand alone second lien (Texas equity) I advise my clients to do this.
http://mylendingplace.com/mortgage/rates/15-year-fixed-rates/
Other Home Equity Rules:
*You can do a home equity loan (cash out) on an Investment Property refinance, in fact you can take more out of an investment property.
*If you need to refinance your investment property it might be a good idea to take cash out of at the same time. 2 birds one stone. Get a lower mortgage rate and pull some cash out to do improvements or pay off other debt.
http://www.occc.state.tx.us/pages/brochures/home_equity_lending.html
http://www.bloomberg.com/markets/rates/keyrates.html
Posted in Texas Home Equity Loan
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