Texas 15 year Fixed Rates | 30 Year | Mortgage Rates | PMI Rules | Texas Home Equity Home Loan rates

March 10, 2008

Texas 15 year fixed mortgage and 30 year fixed mortgage refinance rates | Texas Home Equity Rates

Austin | Dallas | Houston | Lubbock | Helping people all over Texas buy or refinance 

15 year 30 year mortgage rate application

 Remember, if you have a Texas Zip Code we can help you with your mortgage loan.  Whether you’re buying or refinancing, need a 15 year or 30 year fixed rate,  Owner occupied or investment property loan…we can help. 

Our direct line is 512-996-8194.

Refinancing an investment property?–call us.  Want to do a home equity loan–we do those too.  If fact, a lot of our recent refinance clients are taking advantage of the low mortgage rates to get out of debt with a debt consolidation loan.  They are refinancing their home (or investment property), getting a better rate and pulling cash out to pay off other debt so they have a lower monthly budget.  

Consider a home equity loan if you are already thinking of refinancing and take care of two birds with one refinance.  Get a lower rate and lower your bills by paying debt off.

http://www.bloomberg.com/markets/rates/keyrates.html

Texas Mortgage Rates | March 2008

30 year fixed mortgage rates Texas

Mortgage Rates in Texas are holding steady.   The 30 year rates are bouncing between 6-6.5%.  100% financing (which have higher rates than these 10% down rates) are still good.   80/20 loans are still available for those who wish to avoid PMI, however more and more loans requiring PMI.   I try to avoid PMI when it’s cost effective.  

Recently a client asked me who PMI rates are calculated?   If you’d like to see an exact PMI calculation–call me for a no obligation quote.   512-577-2958.   However, PMI companies look at several things:

The Loan to Value (LTV):  Naturally, the PMI payment will be higher on a 95% mortgage loan than on a 90% loan.  The higher the loan to value the more one will pay in PMI.

Credit Score:   At this point in the game, PMI companies won’t insure a loan unless one has a 620 credit score.   So this unless you have a 620 expect to put 20% down–or go FHA– because PMI companies (the companies who insure the bank will get their money back in case you default) won’t insure a loan unless you have a 620 credit score.  

If you’d like to review your credit score and get a free credit report, just call me at 512-577-2958.   I don’t charge application fees and in this credit crunch mortgage environment you’ll need a good score.  Even if you aren’t buying for 6-8 months, let’s review your credit report so when it is time to buy you get the best loan.

PMI Rules

Lender Paid PMI or paid monthly:   Since more mortgages required PMI, lender paid PMI has become really popular.  However I don’t recommend it.  I know people like Suze Orman and other gurus suggest it but I don’t like it.   For starters, the PMI is built into the mortgage rate.    So technically you don’t have PMI but really it’s built into the rate.   And since it’s built into the rate, it never drops off or goes away once your loan gets to the 80% LTV level. So I view lender paid PMI or (TAMI if you get your loan from Countrywide) as a permanent version of PMI.   If you must to have PMI, choose a temporary version–or the kind that will fall off once your loan to value hits 80%.   Lender paid PMI–just so no.

These are the biggest factors that determines one PMI Rate.  

As a licensed Mortgage broker, our closing costs are less than a traditional bank.  We help all kinds of people buy home sand we offer special programs for Teachers, Nurses, and Clergy.   Regardless if you live in Houston, Lubbock, Tyler or Plano we are licesed for the entire state of Texas.

We simply offer more choices than your local bank.   Don’t expect Bank of America retail outfit to show you competitive Countrywide, Wells Fargo, Wamu programs.   Mortgage Brokers simply offer you more options.

We work with all the name brand banks like Countrywide, Washington Mutual (Wamu), Wachovia, Wells fargo.   If you’re looking to refinance (primary or investment property) rates are at a 2 year low.     Rates on Texas Home Equity loans are good too.  

 If you’d like a free estimate of your closing costs simply email us at jon@mylendingplace.com .     We are based in Austin, Texas but serve the entire State.

Jon Spears

Texas Mortgage Broker #56651

jon@mylendingplace.com

Houston, Texas 30 year Mortgage Rates

Lubbock, Texas 30 year Mortgage Rates

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Posted in Texas 30 and 15 year Rates