Finding a Good Mortgage Rate in Texas
This is historically an excellent time for homeowners in Texas to get their mortgage refinance from a texas mortgage broker. The reason is that the private banks that run the U.S. economy have seen what is going on in the housing market, and now the chickens have come home to roost for their friends on Wall Street – so they’ve taken interest rates down to their lowest levels in years.
What does this mean to the average Texas home owner?
It means it’s a great time to eliminate unsecured debt, improve one’s credit score, gain potential tax benefits and lower monthly payments. And, if you’re in an adjustable rate mortgage, this is your chance to get out and lock in a fixed rate for the duration.
The most common reason that Mortgage texas refinance their homes today is to pull cash equity out of their homes and pay off unsecured credit card debt. This alone can have several benefits:
- Lower interest and payments: Some credit card companies have raised interest rates to as much as 29% - on people who have good credit! If you read the fine print of most credit card agreements, you’ll find that they can raise a customer’s interest rate at any time for any reason. With a home equity line of credit, the interest rate is locked in for the duration of the loan, and is lower – sometimes much lower – than what the average credit card interest is. This translates into lower payments each month (particularly since Congress has now allowed credit card companies to double their minimum payments).
- Improved credit score. Each time a loan is paid off, it shows up as a positive mark on your credit report. Although the home equity loan will show up, it is a secured line of credit, which is much more desirable to have on one’s credit report than unsecured credit card debt.
- Tax advantages: Since the Tax Code was massively reformed under the Reagan Administration in 1982, working people no longer have the right to deduct credit card interest from their taxes. However in most cases, the interest of a second mortgage is fully deductible from one’s taxes – meaning substantial savings come April 15th.
- ARMs: If you are in one of these, get out now! These “adjustable rates” will invariably adjust upward; already, many Texas homeowners are seeing their house payments go up several hundred dollars a month, even while the value of their homes are dropping. Refinancing will make sure that your house payment remains stable, no matter where interest rates go in the future – but you must act now in order to lock in that low rate.
Call your Texas mortgage broker today. Regardless of your credit situation, there is a program for you.
Jonathan Blocker
http://www.articlesbase.com/mortgage-articles/finding-a-good-mortgage-rate-in-texas-420733.html
Posted in: texas |
October 21st, 2009 at 4:11 pm
What are the best mortgage companies for refinance in the DFW, Texas area?
A few years ago my stupid husband got a bad refinance loan - really bad, I don’t even want to admit the interest rate. He got in over his head with our credit cards, didn’t tell me, and looked for a way to get it together and picked the mortgage to cash out. I was a young wife who went along with it and signed the papers at closing, very pissed off. So I woke up and took over the finances and now our credit is great and I want to get rid of this horrid subprime loan. It pisses me off every time I pay the mortgage.
So…I began this process last year was lied to about locking in the rate after I paid $400 to lock it and so I abruptly stopped the refinance. This was a company I found through Lending Tree. So I want to do this with a decent company, preferably a mortgage company not some middle man mortgage broker. Does anyone have a recommendation? I just don’t know how to research to find a good one.
October 21st, 2009 at 9:13 pm
My mortgage is with Flagstar and they have been wonderful. Here is their website. https://www.flagstar.com/publish/fbc/fsb/en/www/pe/bg/borrowinggoals.html
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October 21st, 2009 at 9:15 pm
Mortgages come in many different shapes and sizes, each with their own advantages and disadvantages. In this article you’ll be able to find out about current rates, along with advice from a home loan expert. So what is a mortgage anyway? Well mortgages are used by people and businesses to make large purchases of real estate without paying the entire value of the purchase up front. Mortgage lending is the primary way banks in most countries to finance private ownership of homes. Generally with a mortgage, the debtor must meet the conditions of the underlying loan or other obligation and the conditions of the loan.
What about your credit?
References :
http://www.thepropertybest.com/article.cfm/id/280506
October 21st, 2009 at 9:17 pm
I would ask a Realtor or two who has the best terms/service. I know we are competitive in our market, but I also know that there are a couple of companies that can beat us.
You may want to check out http://providentfunding.com , too, just to keep them honest. They are known as a price leader in the wholesale business, but they also do retail loans.
The best deal is the one with the lowest rate/closing cost combination given your particular situation. The longer you plan to stay in the loan, the more it makes sense to pay a little more in closing costs.
If you need any help comparing offers, feel free to contact me.
Good luck.
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7 years mortgage lending experience.
October 21st, 2009 at 9:19 pm
Your best bet is a local credit union. open an account with one (check them out with people who use them) that way if there is a problem you can always go in and meet the actual loan officer, (the one who made the decision). Credit unions do not sell the loans and you will not have to worry about middle-men.
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October 21st, 2009 at 9:21 pm
Hi,
I used "Credit Solution" to settle my loans and improve my credit score.They managed to reduce my loans up to 58% .It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://shurl.net/5oX
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