Refinance your Texas Mortgage | Investment Refinance | Investment Cash Out

April 14, 2008

 Texas Refinance Rates | Investment Refinance | Home Equity Loan | Austin Dallas Houston Lubbock

Today’s Tx mortgage rates are (30 year) 5.875% and the 15 years rates is 5.375%.

The Texas Jumbo Mtg rate is 7.25% so we want to try to do an 80/10 or 80/15 to keep the loan under $417,000. 

Remember, any loan over $417,000 is considered a jumbo mortgage.   While there have been recent changes in the jumbo mtg program, most banks are still holding to the $417K  limit.  Why $417,000? and not $425,000?   

 Refinance your Texas Mortgage | Investment Refinance | Investment Cash Out

Well, I’m not supposed to tell anyone this but a guy I met a a mortgage broker convention told me that he new a guy, who once delivered Alan  Greenspan’s newspaper as a kid.  Turns out Mr. Greenspan’s birthday is April 17th so this is his little way of writing his name in the proverbial financial concrete

 Seriously,  I am getting a lot of calls for refinances.  People also want to refinance their Texas investment properties which is something I specialize in.    If you’re thinking of refinancing your Tx home or investment property, consider a home equity refinance as you can eliminate consumer debt while lowering your rate.   2 birds with the same refinance dollar.

Most people refinance their mortgage because they want a lower rate–so they can get a lower montly bill.   Refinancing is seen as a means to lower bills, and this is true.  Lower mortgage rates do mean lower bills.  However, any mortgage guy or gal worth thier calculator will help you  look at the savings relative to the cost to refinance itself. 

I mean, I like doing loans.  I’m a mortgage guy, however I’m the first to tell you a refinance may not be worth the cost. I’d rather lose a loan and gain a client.  This is one reason I don’t charge application fees.  Because I want people to feel comfortable calling me and discussing thier goals without feeling pressured or afraid I’m going to charge them something.   

Mortgage people make money when we close.  And you aren’t going to sign papers you don’t understand or approve off so until we close I don’t earn a dime.  So feel free to call me and ask mortgage questions.  512-996-8194.  

For example, if it costs you $2500 in closing costs to save $25/per month….it may not be worth it to refinance.  You’re better off paying more on your mortgage and reduce the overall principal balance.   This is one reason I specialize in home equity loans and investment equity loans, these loans allow people to get a lower mtg rate while netting cash out to do other things. (like paying debt off, etc)

Why not eliminate several bills in the process with a home equity loan? 

There are a lot of critics of home equity loans.  Especially if people plan to get out of debt or consolidate thier bills with them.  These critics say “people will just get back into debt–a good mortgage broker should never show people a home equity option–just do a 15 year mortgage and save interest!” 

And this is true.

However, I see things differently.  I’ve helped lots of clients get out of debt–using a home equity loan.  Kinda backwards isn’t it.  You get out of debt by getting a bigger loan?    Just like when your doctor tells you to start exercising when you complain of not having energy.   Wisdom sometimes seems backwards.     

Consider this, if you’re going to have closing costs anyway–you want to get the most out of your closing costs, right?  I mean, if you’re going to order an appraisal, survey, have underwriting charges-you want to get a better financial situation than you had before.  Getting a good mtg rate is important too, but when I do a loan I like to help a client truly move forward financially.     And this usually means first getting out of consumer debt.  

Once they are out of debt, they can have more money to invest, save…yada yada.   If you call me you’ll notice I’ll send you a personalize, custom financial plan in addition to a good faith estimate.   https://mylendingplace.securesites.net/application/

Or you may be self-employed and need to buy real estate for retirement but don’t have the liquid savings to put 10% down.    Home equity loans or investment home equity loans help you to do both:  Buy solid real estate (this is a great buyer’s market) and pay consumer debt off, and a good rate.  Once your consumer debt is paid off you can now afford to save and invest more.   

For example, a lot of my clients want to refinance from a  30 year to a 15 year mortgage.    Let’s say they can save 2 points on thier mortgage rate and lower (using round numbers) their payment by $500/month.    Great.  They get a good rate and I gain a new client.  (Hopefully, a referring client).  

However, when you really look at the numbers it’s almost always better to stay on a 30 year mortgage, do a home equity loan or an investment home equity loan, and pay off consumer debt before going to a 15 year.    It’s only when you’re out of consumer debt that moving to a 15 year mtg really makes sense.   

Each person is different so this is just a rule of thumb I use in my practice.

Because who cares if you save $200 per month on your mortgage if you’re paying out $1000 in high-interest credit cards?

Email or call me jon@mylendingplace.com and let’s just run the numbers and look at them.  Or call me so I can show you the numbers in real time.   Because when we do a loan we want not just a good mortgage rate, we want a better loan altogether.  And if the 15 year or 10 year is the best loan program–let’s do it.  But if we can save $800-1000 per month using a 30 year home equity loan, then clearly this is the best route.   

Once one is out of consumer debt then they should begin to apply this savings $800-1000 towards their 30 year note and pay it off in 10- 15 years.   Usually my clients will pay their mortgages off sooner with a 30 year mortgage than had they refinanced to a 15 year mortgage.

However, each client is different that’s why I like to just “show the numbers.”  No sales pitches or obligation.   Once we do the application I’ll send you an email link where you can log into my computer from the comfort of your home or office and see your loan in real time. 

This makes it really convenient because if you have any questions we can talk about them in real time while we are looking at the numbers.    This is what most mortgage people do :  They talk about 3-4 different loans and then they email you a ton of documents to “look over”.  Sorta like getting homework from a college professor.   For me, I’ve noticed in the 5 years of being in the mortgage business that people like to see the numbers and they want to ask questions–in real time. 

 If you like do complete an application please visit: https://mylendingplace.securesites.net/application/

This is a secure website with the highest level of encryption.        Please call my office at 512-996-8194

http://www.mylendingplace.com

http://news.yahoo.com/fc/Business/Real_Estate_and_Housing

Thanks!  Have a good week.

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