Austin Home Loan and Mortgage | 512-577-2958   Read the rest of this entry »

Today’s Texas Mortgage/ Home Equity 

Austin, Texas mortgage rates are at a 2 year low.   The 15 year fixed rate is below 5%.  

This is the typical 10% down loan with PMI (mortgage insurance) offered by Countrywide, Wells Fargo, Washington Mutual, etc.  As a Mortgage Broker,  I try to avoid PMI when possible and have lots of banks to use.   If you want to avoid PMI we can a 80/10 or even an 80/20.   80/20 Mortgages are good for those who have a limited down-payment or those who want to pay off consumer debt.

In Texas, 100% financing or an 80/20 mortgages have higher rates than 5% down loans.  

 If you’d like to get pre-qualified or if you have other mortgage questions,  please email jon@mylendingplace.com.   Or if you just want to review your credit report before you buy.     512.996.8194 | Cell is 512.577.2958

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Texas Home Equity Loan Rules, Procedures, Fees, 3% 

Texas Home Equity Loans have a State-mandated cap on fees of 3%.  You also are limited to 80% of your home’s appraised value.   You can borrow more if you’re doing an investment home equity, cash-out  loan.

As a mortgage broker, I have many banks with different guidelines .  Some banks like people with perfect credit, others don’t care as much.  Countrywide, Wells Fargo, WaMu are just a few (hey, I’m rhyming!) of my most popular banks.  When working with a  mortgage broker like Mylendingplace you simply have more options than a retail bank down the street.   You also save TIME since talking with me is like talking with 20 banks at once.

Also,  mortgage brokers must disclose all our fees.   Banks are not required to do so.  

 Speaking of mortgage fees on Home equity loans, did you know you don’t always have to pay your fees when you want to do an Home Equity loan?  Some banks will pay most of your closing costs.  Call my office at 996-8194 or my cell 577-2958

http://www.mylendingplace.com

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