Austin Tx Mortgage Refinace Rates | Current Home Equity Loan Rates | Austin Texas

Austin Texas Mortgage Rates Today’s Texas Current Mortgage Rates (May 2, 2008) Austin, Texas

Now might be a great time to refinance your home loan or pull “cash out” with a home equity loan. Both the 30 and 15 year home loan rates are below 6%.

We do home loans all over Texas and are based out of Austin, Tx.   Please call us now at 512-996-8194.

Mortgage Rates change all the time, however Today’s 30 year mortgage rate is between 5.875%-6.00% depending on your credit. The lowest mortgage rate is the 15 year rate at 5.37%-5.5%. Of course, if you want a 10 or 20 year home loan, we offer these too.

If you currently have a 30 year mortgage and would like to refinance to a 15 year loan please call my office at 512-996-8194. Mylendingplace.com

Now that gas prices are moving towards $4.00 gallon you may want use these low rates to redo your entire financial situation. Refinance your home to a lower rate, move from a 30 year mortgage to a 15 year home loan, and and pull cash out to pay off all your non-tax deductible debt.

Please click on our secure mortgage appication link.   15 year 30 year mortgage application Texas or call us directly at 512-996-8194

  You can refinance your note or you can do a “cash out” refinance. The rates on a home equity “cash out” are slightly higher than traditional refinances but most of my clients are eliminating bills that have much higher interest rates.

My typical client saves around $400-$600 per month when they do a home equity loan with me. We use home equity loans to eliminate most/all of thier non-tax deductible debt like car payments, credit card payments.

I had one client pay off almost 35k in bills (car payments, credit cards, etc) and save $1110 per month. Then I encouraged them to take $450 of the savings and apply back to their 30 year mortgage. This way they are still saving $660/per month. ($1110-450 they put directly to the mortgage= $660.)

Doing this they’ll pay their home off in 15 years. So they have the flexibility of a 30 year home loan– they are out of all high-interest credit card debt– and they’ll pay their home off in 12-15 years. This is what I mean by a total financial make-over.

Now this is a stimulus package!

We can also refinance investment properites as well as do a equity “cash out” investment loans.

Ask yourself: What is the average interest rate I have on my debt: For example, if you’re house note is 7.00%, car note is 5-8%, credit cards, 10-20%…maybe this is a good time to bring consolidate this debt to a single 6-7% interest rate. Or better yet ask yourself, “how much am I paying each month on my debt” and “could I lower my bills with a home equity” loan.

The easiest way to find out is to simply complete the online application at mylendingplace.com. Let me see if I can lower your bills. I don’t charge applicaiton fees and there’s never an obligation. The only thing it will cost is about 20-30 minutes. At the end of our conversation, we’ll know if you’re doing good where you’re at or if you are, in fact, paying out too much each month unnecessarily.

https://mylendingplace.securesites.net/application/

Today’s Mortgage Rates News | Austin Texas Refinance Rate| Mortgage News

Most of this up-and-down has to do with today’s economic news. Remember mortgage rates are very sensitive to positive economic news. Good economic news makes rates go UP, bad news makes mortgage rates go down.

For example, today we had a “jobs report” come out today stating the unemployment rate went down from 5.1% to 5.0%. While this is good (many people are talking as though we are in a recession) it made mortgage rates go up .125. This is one reason why locking a your mortgage rate is important. The rate your mortgage person puts on a good faith estimate may disappear if he/she doesn’t lock the rate.

Today’s positive news made the 30 year fixed rate go from a 5.875% to a 6.00%.

And if you need 100% financing we still offer 100% mortgage financing or 80/20 loans for those who want to avoid PMI.

Current Mortgage Rates

40-Year Fixed 6.375% 6.573%
30-Year Fixed 6.000% 6.226%
20-Year Fixed 5.875% 6.174%
15-Year Fixed 5.500% 5.873%
5-Year ARM 5.500% 5.563%

Austin Jumbo Mortgage Rates – Amounts that exceed conforming loan limits of $417,000
40/30 Fixed-Rate Balloon 7.750% 7.899%
30-Year Fixed 7.250% 7.408%
15-Year Fixed 6.375% 6.623%
10-Year ARM 7.750% 7.107%
5-Year ARM 6.375% 5.832%

http://biz.yahoo.com/ap/080503/economy.html (Yahoo!, Economy showing strength)

Gas prices:

http://finance.yahoo.com/family-home/article/104986/Keep-Summer-Gas-Prices-From-Exhausting-Your-Budget

http://www.mylendingplace.com/

http://mylendingplace.com/current-mortgage-rates-texas-refinance.html

http://mylendingplace.com/home-equity-loan-rates-texas.html

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