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.

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Texas Mortgage & Home Loan Rates:  30 year fixed rates: 

http://www.mylendingplace.com

512-577-2958, we do home loans (and Home Equity Loans) all over Texas.  

http://www.mylendingplace.com     Read the rest of this entry »

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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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.”     Read the rest of this entry »