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
When I started Mylendingplace over 3 years ago, I decided I wanted to do “good loans”. Or Home loans that really helped people move forward toward their overall financial goals. Remember, a mortgage is either a 15-30 year debt instrument or a financial tool. It can be a 30 year debt loan or a tool to bigger, better things like getting out of debt, saving for college, retirement.
Any licensed mortgage person can do a home loan, it’s how the mortgage is constructed or designed that’s important. In this post, let’s explore the question “how much is the right amount to put down on a home.”
Let’s compare the following: 80/20 loans (100% financing) or 10% down home loans. (more…)
