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The Best Mortgage You Can Find in Huston, Texas

Apr 21st 2015 at 4:26 AM

Whether you're from Big D, Houston, or Austin, finding the best possible mortgage in Texas can be difficult if you don't know a little bit about how the different types of Texas Home Mortgage Rates and mortgage loans work. For example, you may or may not know that:

· The annual percentage rate (APR) includes the upfront costs of the loan, while the stated rate does not. The APR helps you compare mortgages that have different closing costs.

· A mortgage with a low monthly payment doesn't always have a low interest rate. Sometimes, low payments mean that you aren't paying down any principal. Compare mortgage loans on all terms, not just by the payments.

· It's essential to understand how your payments will be applied to your debt balance over time. Faster reduction of your principal balance leads to lower interest costs.

It's challenging to research and understand your mortgage loan and refinance options in Texas. That's why Houston Mortgage offers you the tools to walk you through the process, including: advertised lender rates, mortgage calculators, and a Texas broker directory.

Some of the Texas Home Mortgage Rates are:

· Fixed Rate Mortgage-The fixed rate mortgage is perfect for those who intend to reside in their home for a long period of time. The loan can be 10, 15, 20 or 30 years. What is really beneficial about this type of loan is the fact that your interest rate stays the same throughout the length of the loan.

· Adjustable-Rate Mortgage (ARM)-These loans start off with a lower fixed rate for a certain length of time, anywhere from one to five years, then after that amount of time has elapsed, the rate will change to variable, adjusting periodically. This type of loan is good for those who need to start off low but will be able to pay more with the passage of time, or for those who do not intend to reside in the home for a long period of time.

· Home Equity Loans-Another type of mortgage loan, and the most popular in the state of Texas, is the home equity loan, also known as the Texas cash out loan. This is a second mortgage, and it has a fixed interest rate, which, in the state of Texas, is somewhat higher than a first mortgage rate. With a home equity loan, you can borrow up to 80% of the appraised value of your home. Texas law does state that a home equity loan can only be refinanced with another home equity loan.

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