Home Equity Loan Austin Texas | Texas Mortgage Refinance
Posted by: admin in Home Equity Loan Austin TexasHome Equity Loan Texas | Current Mortgage Rates | Texas 30 year 15 years fixed rates
Home Equity Loans, Austin Texas: I recently helped a client get out of debt with a home equity loan. They’ll save over $900/month. Now they have much more room in their monthly budget.
With the current 30 year fixed rates around the 6.00% range and the 15 year fixed rate in the 5.25% range (May 2008), this may be a good time to refinance your home or investment property and get out of consumer debt at the same time.
If you have property in Texas and want to buy or refinance, call 512-996-8194 or email jon@mylendingplace.com
Please complete the free, no-obligation Texas Home Equity Home Loan Application.
Thinking of refinancing your home or investment property? Want to lower you mortgage rate, move from a 30 year mortgage to a 15 year fixed rate, or consolidate high interest consumer debt and save hundreds of dollars each month. Gas prices aren’t likely to come down but your total monthly expenses can by refinancing your home or investment property.
512-996-8194 | jon@mylendingplace.com | Current Mortgage Rates
Home Equity Loan Texas | Today’s Current Mortgage Rates|Texas Mortgage 30 15 Fixed |
We also offer home equity loans on investment property. This means you can refinance a Texas investment property and pull equity out of it. Use the equity to buy more rental property, make improvements, pay debt off, or whatever.
7 step mortgage lending: Whenever I help a client buy or refinance a home, these are the things I’m encourage clients to consider. While mortgage rates and closing costs are important, they aren’t the only things to look at.
I strongly believe one should get a mortgage that compliments one’s overall, real-life, budget. Because getting a mortgage and getting the right mortgage are often two different things.
What is the ”right mortgage? –one that moves you forward financially. Because unless your mortgage moves you forward it’s just another debt to pay off.
For example, most people want the lowest rate when they buy or refinance a home. Who doesn’t? But if in real-life a family has two car payments, three credit cards, day care, college… is it really wise to put 10% down on a home to get a better 30 year rate? Maybe not. Perhaps they should focus on eliminating consumer debt while they get a mortgage so they don’t have layers and layers of debt.
When people have car debt on top of high interest credit card debt, on top of mortgage loan, on top of raising gas prices…. this is what I mean by having debt layers.
Apply this 10% towards eliminating consumer debt–and use 100% financing. This way you don’t buy a new home and maintain existing debt layers.
As a Texas mortgage professional, I encourage clients to look at their mortgage as it relates to their real-life budget. Mortgage rates are important but they aren’t the only thing to consider. For example, if someone wanted the lowest 15 year rate in Texas the could buy 2-3 points and get a 15 year rate in the mid 4%. I personally don’t think buying mortgage points is a good idea when you have debt. Apply this money elsewhere–towards debt.
People buy 30 and 15 mortgage rates down (with “points”) becasue they want lower payments. Lower rates mean lower house payments, right? But if this client is refinancing a $200,000 home and wants the lowest 15 year possible–a rate in the 4%–is it really wise to buy this rate with 2 points or $4000? It just depends. If they call me looking for the lowest rate in Texas and I notice they have 2 credit cards totally $7500 (that they pay $400) month, I would encourage them to not buy the rate down but apply this 4K towards consumer debt first.
Then once this consumer debt is gone–apply what once went to high interest credit cards–$400– to the mortgage. Again, there’s a difference between getting a mortgage and a mortgage plan.
Back to the example, If this person did 100% financing and applied $300, they’d pay their 30 year mortgage off in 18 years and save $287,200. For most families this 287K can go to much better places than to a mortgage company. College, IRA, retirement, second homes, maybe mom won’t have to work….But eliminating consumer debt is often the best first step to make this plan work. And this is why I use home equity loans and 100% financing so often.
Think of home equity loans and 100% lending as a the starting point towards one’s overall financial plan. Most finaical planning really begins on the mortgage level but few people really think about it. Then they go talk to a financial planner after the mortgage is in place and usually these financial planners mostly talk about insurance products (My advice: Get the right mortgage, buy and keep real estate, protect with a cheap term life policy.)
Home equity loans and 100% financing allow clients to eliminate several of the “big bills” in their family’s budget.
Mylendingplace: 7 step Mortgage process: (I approach every mortgage and home equity loan with these in mind.)
1) Eliminate Consumer Debt: Often home equity loans and 100% mortgages help facilitate this.
2) Savings: Have at least 3-6 months of income in a liquid interest-bearing account. (This way you’re less dependent on credit cards). Get into the habit of saving. Once the habit of saving is there, get into the habit of investing.
3) Pay off home before 30 years; save a ton: Usually my clients will have a plan to pay a 30 year mortgage off in 15 or less years.
4) Have one year’s income saved–build a foundation for retirement. Don’t pay for your home 3 times, pay for it once and apply the savings to investments.
5) Protect the home with a simple term life insurance policy: Mortgage protection insurance. A simple term policy pays off your home and provide tax-free income if the primary wage-earner dies. Want a term life quote from a A-rated companies: Call us at 512-577-2958
6) Prepare for retirement by keeping and acquiring good real estate. Don’t sell your starter home, lease it out–and use your starter home to help supplement your retirement income. Imagine having your starter home and your final home paid off by the time you retire.
7) Pre-tax dollars vs. Post-tax dollars. Roth IRAs, starting businesses, etc.
Finally, home equity loans and 100% financing help people in Texas get on a path towards financial freedom. I know first hand the realities of not saving or investing and relying only on my j-o-b to provide for my family. Maybe I’ll blog about this under the title “Don’t ever trust a mortgage broker who hasn’t gone broke before.” Because you can either get a mortgage or the right mortgage.
Please call me at 512-996-8194 if you have any questions about home equity loans or 100% (80/20) mortgage financing. Or about Investment Home Equity Loans
If you have a Texas Zip Code we can help you buy or refinance your mortgage and investment mortgage.
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