What Makes Mortgage Refinancing in Texas Popular
Mortgage refinancing is nothing but refunding your house that was purchased with a loan; a fresh loan with more savings. In Texas, it is rapidly becoming popular. Most house owners in TX with a home loan are choosing to refinance their mortgage in order to get a better deal. It is not always the burden of a mortgage loan that forces people to refinance, although that is one of the reasons. Some people find refinancing to be a way of availing some extra money as well. Therefore, mortgage refinancing is seen both as a solution to a problem, and a smart step to saving money.
What is the Way Forward If You Have an Existing Home Loan
If your house is on mortgage in Texas, especially in Houston, Austin or San Antonio, paying interest with higher rates is a bit difficult. Because you need money to match the living cost in these cities. A home loan in TX is also an economic opportunity at the same time- if you are going for refinancing. Refinancing gives home buyers a second chance to address the issues with the existing home loan. The most important concern of a mortgage shopper is how to pay less. In order to do that, one needs to choose the right lender and the right loan type, where the APR is lower than the current loan. Therefore, the best thing one can do while the house on mortgage is, try to refinance. With the new loan, the consolidated debts can be paid, and if extra money is left, that can be used to extract equity from home.
Here's the interest rate chart for Texas mortgage refinancing in the first week of January, 2018
|Product||Rate||Change||January 1st Week|
|30 year fixed mortgage||3.85%||0.06||3.91%|
|15 year fixed mortgage||3.20%||0.03||3.23%|
|30 year fixed jumbo mortgage||4.14%||0.03||4.17%|
|15 year fixed jumbo mortgage||3.96%||0.01||3.97%|
|10 year fixed mortgage||3.13%||0.04||3.17%|
|20 year fixed mortgage||3.64%||0.04||3.68%|
How to Go About Refinancing Mortgage in Texas
Mortgage refinancing as a process is not different in Texas compared to other parts of America. However, the local mortgage lenders make the difference while offering competitive rates. If you have decided to change your mortgage to ARM (adjustable rate mortgage) from (fixed rate mortgage) FRM, and pay back your mortgage loan completely, then you can simply apply for a fresh mortgage loan for 15 or 30 years ARM. If you still want a slow transition, you can also apply for a 5/1 or 7/1 ARM, where for the first 5 or 7 years your interest rate is fixed and then every year it changes according to the index. It is worth remembering that the new mortgage usually spares some cash even after paying off the old loan, so you can use that money to address other areas which need monetary solution. But remember, for maximum benefit, you need to choose the right mortgage lender.
Narrow Down Your Search for a Suitable Mortgage Lender in TX
Nowadays, there are a number of direct lenders who provide mortgage refinancing loan in Texas. However, it is tricky to spot the one that stands out from the rest in terms of rates, processing time and flexibility. Therefore, you need to have a mortgage broker that can help you identify the best one according to your need. It is always better to go for a local lender as you have the freedom to negotiate a deal.
MortgageLoanSpot as a reliable broker, is dedicated towards helping you find the right direct mortgage lender really fast. With 24/7 availability from any place you are at, minimum possible information and a fast application process, we save your valuable time. We review your details and match you with a number of lenders (local as well as national) with best mortgage rates in Texas. Once you have the options, you can choose any one by comparing them. Home refinancing with MortgageLoanSpot means great choices, best rates and extra saving.
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