Texas Refinance Rates: Should you let the bank escrow and have higher closing costs or self-pay them and reduce your closing costs?

When you refinance, you will get a refund from your current mortgage company for this year’s escrow balance.  Normally you get this 30 days after your new loan starts or the old loan stops. However, if you escrow the new loan and want to roll closing costs AND pre-pays into the new note, your loan amount will be higher. Therefore you’ll have a higher payment.  Another option is coming to closing with your new escrow.

It’s important to remember why you’re refinancing in the first place… to lower your payment and/or principal interest as much as possible.

My suggestion is do a private escrow and get the best of both worlds. Consider refinancing without a bank escrow. Go to your bank and open a savings account that doesn’t have a debit card attached to it and have them auto transfer your monthly taxes directly to this property-tax saving’s account.

This way you don’t have to raise your loan amount and since the bank is going to deposit your monthly taxes into a stand-alone account, you’ll never have to worry about your tax bill at Christmas time! Lower payment, never worry about your taxes, no stress!

Do you have mortgage refinance questions? Interested taking advantage of the record low Texas mortgage refinance rates? We’re a local Texas mortgage lender that’s been helping people all over Texas accomplish their mortgage refinance goals! Give us a call today!

Dallas: 972-325-2120             Houston: 713-589-2244                   Austin: 512-996-8194

Texas Refinance Rates: Average rates for 30-year fixed mortgages drop to low of 4.36%

http://abcnews.go.com/Business/wireStory?id=11486811

Mortgage rates fell to the lowest level in decades for the ninth time in 10 weeks as concerns grow that the economy is weakening.

Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year fixed mortgage loan was 4.36 percent this week, down from 4.42 percent last week. That’s the lowest since Freddie Mac began tracking rates in 1971. The average rate on 15-year fixed mortgage loan dropped to 3.86 percent from 3.90 percent the previous week. That’s the lowest on records starting in 1991.

Rates have fallen since spring as investors shifted money into the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields. The low rates have fueled borrowers to refinance their home loans. Refinancing is at its highest level since May 2009 and made up 82.4 percent of all new loan activity.

However, low rates haven’t budged home sales, Those have been stymied by high unemployment, slow job growth and strict credit standards, and have dropped sharply since the expiration of home-buying tax credits in April.

Whether you’re interested in mortgage refinancing or a new home mortgage loan, we’re available to help! Give us a call today!

Austin:  512-996-8194         Dallas:  972-325-2120         Houston:  713-589-2244

Texas Refinance Rates: Current Texas Mortgage Refinance Rates

With Texas mortgage refinance rates continuing this week at record lows, homeowners can really benefit from refinancing their existing home mortgage loans. Lowering your mortgage rate could save you money! Lower your mortgage loan term could get you out of debt faster! Consider refinancing your existing 30-year fixed mortgage to a 15-year fixed mortgage!

We ‘re a local Texas lender that can offer you the best mortgage rates with the lowest closing costs! View our straight forward closing costs here!

Give us a call today!  Austin:  512-996-8194    Dallas:  972-325-2120    Houston:  713-589-2244

Texas Mortgage Refinance Rates as of 08/25/2010
Mortgage Rates                                        Interest Rate  APR 
Texas Conforming Home Loans and FHA Home Loans 
30-Year Fixed Mortgage Rates             4.375%     4.559%
30-Year Fixed FHA Mortgage Rates     4.500%     5.233%
15-Year Fixed Mortgage Rates             3.750%     4.069%
 
Texas Conforming Home Loans and FHA Home Loans:
(Larger Loan Amounts in Eligible Areas)
30-Year Fixed Mortgage Rates            4.500%     4.634%
30-Year Fixed FHA Mortgage Rates     4.500%     5.178%

Texas Jumbo Home Loans:
(Amounts that exceed $417,000)
30-Year Fixed Mortgage Rates            5.125%     5.264%

Texas Mortgage Refinance Home Equity Loans

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Texas Refinance Rates: Record low mortgage rates make refinancing (or re-refinancing) look tempting

http://www.washingtonpost.com/wp-dyn/content/article/2010/08/12/AR2010081207265.html

With mortgage interest rates setting record lows almost every week for more than two months, two questions naturally come to mind: How low can they go? And should I refinance…again?