Today’s Mortgage Rates-Texas Refinance Rates

July 7, 2008

Today’s mortgage Rates.   Texas Refinance and home equity loan rates

30-Year Fixed Mortgage 6.500% 6.733%
20-Year Fixed Mortgage 6.500% 6.807%
15-Year Fixed Mortgage 6.000% 6.378%

Texas Jumbo Home Loans – Amounts that exceed conforming loan limits $417,000 
30-Year Fixed Mortgage 8.250% 8.418%
15-Year Fixed Mortgage 7.000% 7.253%

Texas Mortgage Refinance Application

Mylendingplace:  6 step Mortgage process:  I approach every mortgage and home equity loan refinance with these goals in mind.  For most people their home loan is their biggest monthly expense.  Therefore the way the home loan is put together is really important.

1) Eliminate Consumer Debt: Often home equity loans and 97% mortgages (80/15) help facilitate this.   After all, who cares if you save .25% on your home loan if you’re burning $1,000 month in car payments and high-interest credit card payments.

2) Savings:  Have at least 3-6 months of income in a liquid interest-bearing account.   (This way you’re less dependent on credit cards).  Get into the habit of saving. Once the habit of saving is there, get into the habit of investing.   But often people can’t save because they have so much debt.   Consider putting less down on your home and pay off your high interest credit cards/car notes.

3) Pay off home before 30 years; This will save you a ton:   Usually my clients will have a plan to pay a 30 year mortgage off in 15 or less years.  It’s easy to do when you don’t have debt.

4) Have one year’s income saved–build a foundation for retirement.    Don’t pay for your home 3 times, pay for it once and apply the savings to investments.

5) Protect the home with a simple term life insurance policy:  Mortgage protection insurance.    A simple term policy pays off your home and provide tax-free income if the primary wage-earner dies.   Want a term life quote from a A-rated companies:  Call us at 512-577-2958

6) Prepare for retirement by keeping and acquiring good real estate.    Don’t sell your starter home, lease it out–and use your starter home to help supplement your retirement income.  

http://www.bloomberg.com/invest/calculators/mortgage.html

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