Recent economic news is pushing mortgage rates down: Remember, bad economic rules tends to lower mortgage rates. Today’s headlines are about the payroll report:
Mortgage Rates are at a 2 year low. So this is a great time to buy or refi. The lowest Rates are on the 15 year which appear to be bouncing in the 5% range. 30 year Fixed rates are 5.625-6%.
Austin Texas Mortgage News: Good News/ Bad News. Which do you want first?
The good news: Mortgage rates are really good. Even if rates go up in the next 3-6 months, it’s better to buy now than before the “credit crunch.” (more…)
80% Maximum Home Equity Rule: This means your home equity loan can’t exceed 80% of your home’s value. So if your home is worth $150,000, your Texas Home equity loan can’t exceed 80% or $120,000. (Investment home equity loans guidelines are less strict. You can pull more equity out of an investment property; up to 85-90% depending on your credit.)
3% Finance fee limit: The total fees charged by everyone (lender, underwriter, bank, title, attorneys, etc) can’t exceed 3% of the loan amount. Most home refinances require a title policy which will run between 0.75-1% of your loan amount. The 3% rule is supposed to curb excessive fees, but in realty, it makes it harder for people with smaller home values to get access their equity. We at mylendingplace have some bank programs that will pay your closing costs; allowing you to net more. Naturally, these rates are slightly higher. (more…)
