Are you an Austin homeowner that has questions about refinancing your current home mortgage? Would you like to refinance your current mortgage at a lower interest rate? We’re a local Austin mortgage company available to help you today! Call us in Austin: 512-996-8194 or in Houston: 713-589-2244

Austin’s Current Rates as of 03/06/2009         
Mortgage Rates                 Interest Rate   APR
Conforming Loans 
30-Year Fixed Mortgage Rate 4.875%  5.086%
20-Year Fixed Mortgage Rate 5.000%  5.289%
15-Year Fixed Mortgage Rate 4.625%  4.989%
Texas Jumbo Loans – Amounts that exceed $417,000 
30-Year Fixed Mortgage Rate 6.500%  6.651%
Texas FHA – loan limits vary by county. 
30-Year Fixed Mortgage Rate 5.000%  5.645%

Texas Mortgage Refinance Home Equity Loan

First Step in Housing Refinance Plan Is Reaching Loan Servicer:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aqdbhpGkMU6o

March 5 (Bloomberg) — Homeowners seeking help from the Obama administration’s foreclosure-prevention plan should start by contacting their bank, a process that’s likely to involve multiple phone calls and hours of effort.                                       

“Servicers are inundated right now,” said Gibran Nicholas, chairman of the CMPS Institute in Ann Arbor, Michigan. “You have to be patient.”

The National Community Reinvestment Coalition said it expects a 20 percent jump in homeowner inquiries to its hotline over the next few days, said David Berenbaum, executive vice president of the Washington-based group. The success of the administration’s plan may hinge on whether loan servicers add people and resources to move applications along, he said.

Mortgage payments may be reduced to 31 percent of gross monthly income under the plan. Applicants will have to produce pay stubs and tax returns to document income, the Treasury Department said yesterday. They’ll also need to sign an affidavit confirming financial hardship.

http://www.mortgagenewsdaily.com/wiki/Right_Time_to_Refinance.asp#53685

Loans must have been made before Jan. 1, 2009, with a balance of less than $729,750, and the property must be a primary residence to qualify. The program doesn’t apply to second homes or vacation homes. Loans can be modified only once under the program.

    *If you’d like to lower your mortgage refinance rate, we can help! Give us a call: 512-996-8194*

The administration estimates between 7 million and 9 million homeowners may be eligible for help. The two main groups are people who can’t refinance to lower rates and those who may be on the verge of foreclosure because of economic distress.    

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

Lower Rates

About 4 million to 5 million homeowners are current on their loans but aren’t able to take advantage of low mortgage rates because their homes have lost value, the administration said. More than 8.3 million U.S. mortgage holders owed more on their loans in the fourth quarter than their property was worth, First American CoreLogic said in a report yesterday.                               

Homeowners generally aren’t able to get a new mortgage greater than 80 percent of their home’s value. With this voluntary program, that requirement will be waived. Loans up to 105 percent of the value of the home will be eligible.

In one example of a borrower refinancing from a 6.5 percent loan to a 5.16 percent loan on a $200,000 mortgage, the program would save more than $2,300 per year, according to the Treasury Department.

Refinancing only applies to loans owned by Fannie Mae or Freddie Mac. Determining if that’s the case is another big challenge for borrowers, said Nicholas of the CMPS Institute. The information usually isn’t disclosed in monthly mortgage statements or the papers received at closing.

Read the rest of this entry »

Are you an Austin homeowner interested in a Mortgage Refinance Loan? Or maybe a Home Equity Loan during these tight times? Would you like to take advantage of the current low rates? If so, We are your answer! We are an Austin local mortgage company with the lowest closing costs. 

Call us today in Austin: 512-996-8194                                                                          

as of 02/19/2009                                                                                                                                                
Mortgage Rates                     Interest Rate     APR                                
Conforming Loans 
30-Year Fixed Mortgage Rate      5.125%   5.340%
20-Year Fixed Mortgage Rate      5.375%   5.669%
15-Year Fixed Mortgage Rate      4.750%   5.115%
Texas Jumbo Loans – Amounts that exceed $417,000 
30-Year Fixed Mortgage Rate      6.500%   6.651%
Texas FHA – loan limits vary by county. 
30-Year Fixed Mortgage Rate      5.500%   6.170%    

Texas Mortgage Refinance Home Equity Loan       

Obama throws $75 billion lifeline to homeowners

http://news.yahoo.com:80/s/ap/20090219/ap_on_go_pr_wh/obama_home_foreclosures

MESA, Ariz. – President Barack Obama threw a $75 billion lifeline to millions of Americans on the brink of foreclosure Wednesday, declaring an urgent need for drastic action — not only to save their homes but to keep the housing crisis “from wreaking even greater havoc” on the broader national economy.

The lending plan, a full $25 billion bigger than the administration had been suggesting, aims to prevent as many as 9 million homeowners from being evicted and to stabilize housing markets that are at the center of the ever-worsening U.S. recession.

Government support pledged to mortgage giants Fannie Mae and Freddie Mac is being doubled as well, to $400 billion, as part of an effort to encourage them to refinance loans that are “under water” — those in which homes’ market values have sunk below the amount the owners still owe.

“All of us are paying a price for this home mortgage crisis, and all of us will pay an even steeper price if we allow this crisis to continue to deepen,” Obama said.

The new president, focusing closely on the economy, in his first month in office, rolled out the housing program one day after he was in Denver to sign his $787 billion emergency stimulus plan to revive the rest of the economy. And his administration is just now going over fresh requests for multiple billions in bailout cash from ailing automakers.

Wall Street has shown little confidence in the new steps, declining sharply on Tuesday before leveling off after Wednesday’s announcement. The Dow Jones industrials rose 3 points for the day.

Success of the foreclosure rescue is far from certain.

The administration is loosening refinancing restrictions for many borrowers and providing incentives for lenders in hopes that the two sides will work together to modify loans. But no one is required to participate. The biggest players in the mortgage industry temporarily had halted foreclosures in advance of Obama’s plan.

Complicating matters, investors in complex mortgage-linked securities, who make money based on interest payments, could still balk, especially those who hold second mortgages or home equity loans. Their approval would be needed to prevent many foreclosures.

“The obstacles have not gone away,” said Bert Ely, a banking industry consultant in Alexandria, Va.

Another cautionary note came from John Courson, chief executive of the Mortgage Bankers Association.

http://www.trulia.com/blog/katie/2009/02/obama_housing_plan_live_

“It seems to offer little help to borrowers whose loan exceeds their property value by more than 5 percent,” he said, noting that that requirement would limit the plan’s success in some of the hardest-hit areas in California, Florida, Nevada and Arizona and parts of the East Coast.                 

Indeed, Obama himself said, “This plan will not save every home.”         Or Call us: 512-996-8194

The goal is to lower many endangered homeowners’ payments to no more than 31 percent of their income. But that depends on a high degree of cooperation by lenders who have been increasingly wary of new lending as the crisis has deepened.

Still, the Obama administration, after talking with mortgage investors, appears confident that it is providing the right mix of incentives and penalties to make sure mortgage companies take part. Obama said he backs legislation in Congress to allow bankruptcy judges to modify the terms of primary home loans — an idea ardently opposed by the lending industry.

Read the rest of this entry »

Today’s Current Mortgage Refinance Rates| Austin Texas Home Loans | May 12, 2008

Today’s 30 year mortgage rate is 5.875%-6.00% depending on your credit. Today’s 15 year mortgage rate is 5.375%.

Home Equity loans (Texas)have slightly higher rates than traditional rates, however with mortgage rates in the 6% range; this may be a great time to consolidate your high interest-debt with a home equity loan. This allows you to reduce the amount you pay each month. My average client saves over $400/month when they consolidate their debt using a home equity loan.  

We also offer 20 year mortgage rates and today’s 20 year rate is also 5.875%

40-Year Fixed Mortgage 6.375% 6.573%
30-Year Fixed Mortgage 5.875% 6.099%
20-Year Fixed Mortgage 5.875% 6.174%
15-Year Fixed  Mortgage 5.375% 5.746%

Texas Mortgage Application (secure mortgage application)

Austin Texas Jumbo Mortgage– Amounts that exceed conforming loan limits $417,000
40/30 Fixed-Rate Balloon 7.500% 7.647%
30-Year Fixed 7.125% 7.282%
15-Year Fixed 6.250% 6.498%
10-Year ARM 7.625% 6.975%
Read the rest of this entry »