Houston Refinance: 10 Years Fixed Cash Out Rate

Houston Refinance: 10 Years Fixed Cash Out Rate

Contact me, Frank Zhu, and let me help you find the lowest rate in Texas when it comes to mortgage. I’m bilingual in English and Chinese. Give me a call at 512-919-0154 for your mortgage needs.

If you live in Austin | Houston | Dallas please call Frank Zhu for your custom Good Faith Estimate.

Frank Zhu:  512-919-0154

frank@mylendingplace.com

The mortgage rates were a bit better today after the market was closed. I just helped a client today. He was looking for a cash out refinance loan and he was looking to pay it off as soon as possible. So, I gave him the lowest term possible which was a 10 years fixed rate. Today’s 10 years fixed cash out rate is 4.25% with APR of 4.324%. That is the market rate which has no point attached to it.

He was happy with the rate since his current mortgage rate was at 6%. Even though his monthly mortgage payment went up because he went from a 15 years fixed to a 10 years fixed, he was still saving 1.75% in the interest rate.

There is some misconception about the difference between 10 years fixed rate and 15 years fixed rate. They are actually the same. What I mean is they are both from the same rate from the banks. The banks make a 15 years fixed rate sheet and then uses that rate sheet to get the rate for a 10 years fixed. Essentially, the 10 years fixed rate is only 1/8 of a point lower than that of a 15 years fixed rate.

We also offer “no cost” refinance. Contact me, Frank Zhu, and let me help you find the lowest rate in Texas when it comes to your mortgage. I’m bilingual in English and Chinese. Give me a call at 512-919-0154 for your mortgage needs.

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