Houston Refinance Rates are great!

Today’s Houston Mortgage rates are really low! Do you need to refinance your Houston mortgage loan?

6/23/2010

If you are thinking of refinancing or doing a cash out rate today is the day you want to lock your loan.   While many banks offer great rates the question most educated people are asking is: What is the cost of refinancing?

We offer great rates and low closing costs!

At Mylendingplace.com (Texas Mortgage) we don’t charge points as result this keeps closing cost down significantly.   Did you know that when a bank charges you a point it’s called a discount point (not an origination) and discount points don’t count towards the APR?  So asking “what is the APR” isn’t really a good way to determine a lender’s fees.

Just look at the “bottom line”…what is the total cost involved in refinancing.   When you pay mortgage points you get a little better rate but your closing costs go up dramatically.  For example, if your loan amount is $200K, one point is 1% or $2000!

http://news.yahoo.com/s/ap/20100623/ap_on_bi_ge/us_fed_interest_rates

Does it make sense to pay $2000 to save $50/month?  Maybe.  Consider this….if you pay $2000 to save $50 it will take you 40 months or over 3 years to benefit from a lender point.   It’s your loan, maybe points is the way you want to go, but for most people they want to benefit from a refinance within 2 years!

This is why it’s important to really look at the total dollars when refinancing.

Where ever you go you’re going to pay a lender fee, an apprisal fee, a state-mandated title policy, a processing fee.  It really comes down to what the lender is charging for the loan. Look at all lender fees and compare them to our $500 fee.

Our fee?  A flat $500. Regardless of the loan amount!

No applicaiton fees, no broker admin fees, no discount points..just a simple-straight forward refinance process.  Close in 30 days.  Call us today!

Today’s Houston Mortgage/Refinance Rates

30-Year Texas Fixed 4.625% 4.812%
30-Year Texas  Fixed FHA 4.625% 5.364%
15-Year Texas Fixed 3.875% 4.195%  :)

Texas Jumbo Mortgage Rates
30-Year Fixed 4.750% 4.886%

If you are thinking of doing a cash out refinance, these rates are ideal to consolidate your non-tax deductible debt into a single note.   Just compare 4.625% fixed rate to what you are paying on your car notes and credit cards.   Now is the time to do your Houston cash out refinance!

By the way, if you want to refinance an investment property rates are equally good.  Assuming you have great credit and at least 20% equity and are w2:

Today’s investment mortgage rates are: 5.125% (30 year mortgage) and 4,75% (15 year fixed).

We also offer cash out investment options….so if you want to cash out an investment mortgage, and want a great fixed rate–NOW IS THE TIME!!!.

Today’s Houston Texas 15 year mortgage rates are 3.875% !  Below 4% rates w/o any points.

Call us now!

https://www.wellsfargo.com/mortgage/rates

https://www9.bankofamerica.com/home-loans/mortgage-purchase.go