Austin Mortgage Rates: Refinancing, Cashout Rates | Nov 2011
Austin, Texas | 401 Congress, Suite 1540 | 512-9968194
Because Austin Texas mortgage rates are so low many people in/around the Austin, Texas area are buying homes or refinancing. The 15 year mortgage is flirting with 3.00%!!! As a result of these low mortgage rates, we are do a lot of refinancing.
If you are buying and want a “no PMI” mortgage or perhaps you need to refinance an ex off your mortgage/title (called a “Texas Divorce Refinance“) we specialize in Texas Divorce Refis. As well as Texas Cash out loans.(more…)
Now that Texas Mortgage (Refinance) rates are so low it’s important you look at the rate as well as the closing costs. I personally bank at bank of America and everybody knows they do ton of mortgage loans. However, notice the picture below…my daughter, Kbug, is pointing out how much Bank of America is charging to get a 3.375% 15 year fixed rate.
1.25% Points at Bank of America, based on their own sign !
This means if you’re home loan is $200,000 you’ll more than $2,000 in lender fees. Not to mention the applicaton fee.
This is why people use Mylendingplace.com over Bank of America. We offer the same mortgage loans (all mortgage loans are either Fannie/Freddie) but with much lower closing costs. Take a look at our closing costs and give us a call. We help people all over Texas buy or refinance. (more…)
Austin Texas Refinance Rates | Austin Mortgage Company | 512-996-8194 | or email us at jon@mylendingplace.com
Remember, when the stock market goes down mortgage rates tend to go down as well. Today’s Texas mortgage rates are great, esp. if you want to refinance your Texas Mortgage to a 15 year fixed rate. Today’s Tx 15 year mortgage rates are 3.625%, however lots of big banks are offering lower mtg rates because they charge points to achieve these rates. Wells Fargo, Bank of America know people just look at rate so when the rate is really 3.625% they tell people it’s “2.99%”.
However, our clients know that these points must be paid off and most of the time it takes YEARS to recover buy-down rates. As a general rule, when you look at the ROI of mortgage buy-down points the savings just aren’t there.
I was talking to a client today and crunched the numbers for her…I showed her the true difference between the “real” 15 year mtg rate of 3.625% and a 2.99% “big bank rate” that came with points and the savings was only $40 for her 190K loan amount. Does it really make sense to spend 2K to save $40? With this in mind, when you are shopping mortgage rates you want to keep an eye on the mortgage rate AND closing costs…because there are a lot of people offering “zero closing costs” loans out there. This is pure marketing!
There’s no such thing as a “free” or “no closing costs” mortgage loan because Texas has a mandatory title policy. How can any broker truthfully say “free” closing costs when the title policy is mandatory and usually runs around 1% of the loan balance? When a broker offers you this type of loan they are simply charging a higher rate and paying your closing costs for you. Personally, I view this type of mortgage as getting permenant closing costs–but if you want to roll your closing costs into the rate, let us know. We don’t like doing that type of loan but it’s your loan. We’ll let you make the call what works best for you.
Austin Texas Mortgage Rates are still really good! In fact, if you’re looking to do a cash out refinance the rates are still below 5%. Remember, cash out rates are slightly higher than “regular” mortgage/refinance rates.
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