Posts Tagged ‘Home equity’
Texas Mortgage Loans:
Texas 15-year fixed mortgage rates drop below 5% Are you looking for current Texas mortgage loan rates? Interested in a new home mortgage loan or refinancing an existing home mortgage loan? We’re a local Austin mortgage lender that can offer you the lowest mortgage rates and lowest closing costs.
Give us a call today and we’ll get started today! Austin: 512-996-8194 Houston: 713-589-2244
Current Texas Mortgage Loan Rates as of 07/06/2009
Mortgage Rates Interest Rate APR
Texas Conforming Home Loans and FHA Home Loans: 
Current Texas 30-Year Fixed Mortgage Rates 5.250% 5.444%
Current Texas 30-Year Fixed FHA Mortgage Rates 5.500% 6.245%
Current Texas 15-Year Fixed Mortgage Rates 4.750% 5.078%
Texas Conforming Home Loans and FHA Home Loans:
(Larger Loan Amounts in Eligible Areas)
Current Texas 30-Year Fixed Mortgage Rates 5.375% 5.516%
Current Texas 30-Year Fixed FHA Mortgage Rates 5.875% 6.581%
Texas Jumbo Home Loans: 
(Amounts that exceed $417,000)
Current Texas 30-Year Fixed Mortgage Rates 6.375% 6.525%
Texas Mortgage Refinance Home Equity Loans
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Austin Refinance | Dallas Refinance | Houston Refinance | El Paso Refinance
Texas FHA Rates
Today’s Mortgage Refinance Rate in Austin: Are you an Austin homeowner interested in refinancing your existing loan? Are you interested in a Home Equity Loan? We’re a local Austin mortgage company that can help you today with your mortgage refinance needs. Give us a call: 512-996-8194
Austin’s Current Rates as of 03/22/2009 
Mortgage Rate Interest Rate APR
Conforming Loans
30-Year Fixed Mortgage Rate 4.625% 4.833%
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
BofA out to make jumbo loans 
http://www.inman.com/news/2009/03/20/bofa-out-make-jumbo-loans?page=0%2C0
Bank of America has cut interest rates on jumbo mortgage loans in the hopes of expanding its share of what the bank sees as an underserved market for loans too big for purchase or guarantee by Fannie Mae and Freddie Mac.
Not everybody will qualify for the 30-year fixed-rate loans of up to $3 million that Bank of America has been offering at reduced rates since January, with interest rates currently in the high 5 percent range.
In order to qualify, borrowers will need strong credit (a 720 FICO score or above), down payments of 20 percent or more, documented income, full appraisals, and assets sufficient to cover six months of payments, said Bank of America product management executive Vijay Lala.
http://www.mortgagenewsdaily.com/03232009_existing_home_sales.asp
But Bank of America thinks its fixed-rate jumbo loans will prove to be attractive to qualifying borrowers, because many competitors will be hard-pressed to match its rates.
Jumbo loans have become more expensive and harder to come by since September 2007, when rising delinquencies gave investors who fund most home loans through the purchases of mortgage-backed securities cold feet about “private label” securities that don’t carry the backing of Fannie and Freddie.
Unlike some lenders who must securitize and sell the loans they originate, Lala said Bank of America has plenty of room on its balance sheet to fund jumbo loans and hold them for investment, and is “putting the pedal down on our pricing and going after this market.”
Lala said Bank of America and Countrywide Financial Corp., which it acquired last year, funded $16.12 billion in jumbo loans in 2008. Although jumbo loan funding dropped to just $2.4 billion in the fourth quarter, Bank of America is already seeing “very nice volume” since introducing its more aggressive pricing.
http://www.statesman.com/business/content/business/stories/other/03/20/0320homesales.html
Bank of America will only offer the loans directly to consumers — and not through independent mortgage brokers — through retail bank branches and Countrywide Home Loans (which will be re-branded Bank of America Home Loans on April 22). Lala said he expects many borrowers will be existing Bank of America customers.
The loans are aimed not only at homebuyers, but homeowners with adjustable-rate mortgage (ARM) jumbo loans who are looking to refinance at better rates. For both purchases and refinancings, the loan-to-value ratio can’t exceed 80 percent on loans up to $1.5 million, or 70 percent on loans up to $3 million.
Need Texas Term Life Insurance? Visit: http://www.texastermlife.com/ 
Today’s mortgage refinance rates in Austin, Texas have dropped! Would you like to benefit from the lower rates? Do you have questions about what type of mortgage refinance loan is right for you? Are you interested in a Home Equity Loan? We can answer all your questions, today! We’re a local Austin mortgage company that has been helping people all over Texas with their mortgage refinance needs.
Call us today in Austin! 512-996-8194 or in Houston: 713-589-2244
Austin’s Current Rates as of 03/13/2009 
Mortgage Rates Interest Rate APR
Conforming Loans
30-Year Fixed Mortgage Rate 4.875% 5.086%
20-Year Fixed Mortgage Rate 5.125% 5.416%
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
Bank of America Says ‘Thank Goodness’ for Countrywide:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDe2IcgvIIQI
March 13 (Bloomberg) — Bank of America Corp.’s mortgage- origination business, the largest in the U.S., is booming after the purchase of Countrywide Financial Corp. and as lower loan rates push a wave of refinancing, the unit’s chief said.
“Volume is good, application quality is holding up and the acquisition of Countrywide is really paying off for us with the additional capacity,” Barbara Desoer, head of mortgage, home equity and insurance, said in a telephone interview yesterday. “Thank goodness we have it.”
Kenneth Lewis, Bank of America’s chief executive officer, told reporters yesterday he expects the Charlotte, North Carolina-based company to make money this year after posting a profit in January and February. Last month, he said its “stars” so far in 2009 were businesses acquired with Countrywide, the largest U.S. home lender, and Merrill Lynch & Co.
The average rate on a typical 30-year fixed mortgage was 5.03 percent in the week ended yesterday, according to Freddie Mac. Federal Reserve purchases of mortgage bonds helped drive rates down from 6.46 percent in late October, to a record 4.96 percent in mid-January. Bank of America isn’t yet sure exactly how much its lending will be boosted by the flexibility that the U.S. last month gave Fannie Mae and Freddie to help consumers with little or no home equity refinance, Desoer said.
http://www.mortgagenewsdaily.com:80/03112009_mba_mortgage_applications.asp
Desoer, 56, also said that the bank is seeking to make more “jumbo” mortgages, which start at $417,000 in most areas and up to $729,750, the limits for now U.S.-run mortgage firms Fannie and Freddie. The company’s is offering “extremely competitive” rates on jumbo mortgages offered directly to consumers, she said.
‘Balance-Sheet Capacity’
“Bank of America has balance-sheet capacity and we’ve allocated it to jumbos given our presence in some of the states and regions where that’s important,” she said. “We’re very much open for business.”
The bank sees an opportunity to do more of the loans with Merrill Lynch’s “mass-affluent” customers, even as it continues to integrate the acquired company, she said. Its Web site says it offers $800,000 30-year fixed-rate loans with 20 percent down payments in New York for 6 percent, versus the 6.78 percent average in the state, according to Bankrate.com.
To keep up with mortgage demand, Bank of America has added roughly 3,000 employees to its origination unit, including about 1,000 new to the company and 500 shifted from its home-equity division, as well temporary workers, Desoer said. The staff totals about 25,000, Dan Frahm, a spokesman, said.
http://money.cnn.com/2009/03/12/real_estate/mortgage_rates/index.htm
New Mortgages
Desoer wouldn’t discuss the recent performance of home loans already on its books, saying only “you 
know what’s happening with” home prices and unemployment “and the potential impact those can have on borrowers being under stress.”
Margins on new mortgages sold off as government-supported mortgage bonds, such as those guaranteed by Fannie and Freddie, are higher than a year ago, she said. U.S. efforts to keep rates on those loans low will be an “extended event,” she added.
Bank of America’s mortgage-servicing business has more than doubled its staff that deals with troubled borrowers to 5,000 in the past year. Still, the company hasn’t always provided the best service, in part because of the volume of calls for help, Desoer said. (more…)
If you would like more explanation or information, we’re a local Austin mortgage company that wants to help. Give us a call today: 512-996-8194 We have the lowest closing costs in Austin.
Austin’s Current 30-Year Fixed Mortgage 
Refinance Rates: as of 02/11/2009
Mortgage Rates Interest Rate APR
Conforming Loans
30-Year Fixed Mortgage Rates 5.000% 5.213%
20-Year Fixed Mortgage Rates 5.375% 5.669%
15-Year Fixed Mortgage Rates 4.750% 5.115%
Texas Jumbo Loans – Amounts that exceed 417,000
30-Year Fixed Mortgage Rates 6.625% 6.778%
Texas FHA – loan limits vary by county.
30-Year Fixed Mortgage Rates 5.500% 6.170
Need a Texas Mortgage Refinance Home Equity Loan, go to: http://www.mylendingplace.com/
Stimulus: Senate’s housing hopes for 30 Year Fixed Mortgage Rates 
http://money.cnn.com:80/2009/02/01/news/economy/Senate_stimulus_housing/index.htm?postversion=2009020117
Lower mortgage rates, a foreclosure moratorium and more attractive tax credits to spur home buying are among possible amendments to recovery bill.
NEW YORK (CNNMoney.com) — As the economic stimulus package moves to the Senate, the drumbeat is growing louder for new provisions that directly address the housing crisis.
Key senators from both parties said they will push for measures intended to spur sales and help homeowners at risk of foreclosure.
“We need to go right at the housing problem. That’s what started all of this,” Senate minority leader Mitch McConnell, R-Ky., told CNN.
The Senate floor debate is set to begin on Monday. Here are three ideas likely to show up in amendments:
Create a 4% mortgage: Senate Republicans are likely to introduce a provision that would encourage lenders to offer a 30-year fixed rate mortgage at 4% for a limited period of time. The loans would only be available to credit-worthy home buyers and homeowners seeking to refinance.
The government would guarantee the loan for a number of years, an aide to McConnell told CNNMoney.com.
Senate Republican Conference Chairman Lamar Alexander, R-Tenn., said on the Senate floor Friday that the measure could involve not only a government guarantee but a subsidy as well. http://www.mortgagenewsdaily.com/consumer_rates/
“If today’s prevailing rate were 5.2 or 5.3 percent … the government would make up the difference.”
The cost of such a provision hasn’t been determined yet, but the aide said Senate Republicans would seek to structure the proposal in a fiscally responsible way, without specifying exactly what that meant.
Offering government-backed low-rate mortgages “could be very popular politically as it tries to fix the banks by fixing consumers,” financial services analyst Jaret Seiberg of the Stanford Group wrote in a research note.
But using government funds to force rates lower “could be very expensive,” Seiberg said.
And as mortgage rates rise, which they have in recent weeks, such a proposal could grow even more expensive. 
Expand home buyer credit: Senate Budget Committee Chairman Kent Conrad, D-N.D., said last week he would propose an expansion of a temporary $7,500 first-time home buyer credit so that it applies to all purchases of primary residences.
Some Republican senators have called for an increase in the credit to $15,000.
On “Face the Nation,” Sen. Charles Schumer, D-N.Y., said Sunday that lawmakers “can do more for housing.” The proposal to increase the home buyer credit to $15,000 and make it available to all home buyers is “something that we look favorably upon,” he said.
http://www.mortgagenewsdaily.com/02112009_Alt_A_Resets.asp
The Senate recovery package as it stands now removes the requirement under current law that the credit be repaid by buyers over time, assuming they don’t sell their home for three years after claiming the credit.
The credit phases out for individuals making more than $75,000 ($150,000 for joint filers).
(more…)
