Archive for the ‘Refinance Loans’ Category

Two Reasons 2012 Might be the Year for a Texas Home Loan or Refinance

Wednesday, January 18th, 2012

We spend no small amount of time sorting through the dismaying, frustrating, enraging, life-sucking, tear-your-hair-out, no good problems facing our economy here at Texas Lending Today (plus a little bit of time exploring how our Texas home loans can help alleviate some of the pain).

But there are a few positive indicators out there that show some promise for 2012 — especially if you’re a potential home-buyer here in Texas. Here are the two biggest areas to watch as the new year unfolds:

1. (Slowly) Recovering Home Prices

When you can’t sell your home, you can’t move to a more affordable home, nor can you move to a better job. You could sell the home for a loss, but you’d end up carrying a hefty chunk of debt with you into the next home and basically be paying for part of a home in which you don’t even live.

Housing is central to our struggling economy. So here’s a bit of good housing news in Texas. According to Texas A&M’s Texas Real Estate Center:

Sales of existing single-family Texas homes in November were up 9 percent from a year ago, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.

More than 15,000 homes were sold, data showed. The median home price was $147,600, up 1 percent from a year ago, and the state’s overall inventory was at 6.6 months.

For families who’ve been stuck underwater on a home they can’t sell for anything near the price they need to, better times might just be ahead.

2. Low Interest Rates

Week after week, we continue to marvel at how extraordinarily low Texas home interest rates remain. Combine this with still-affordable home prices and slowly recovering unemployment (at least here in the Lone Star State), and we’re still in thick of a historic buyer’s market.

The implications of  for the broader economy are, like most things, mixed at best. Eventually, the Fed will start letting interest rates rise again. But in an election year, with unemployment still relatively high, this seems pretty unlikely.  2012 will be a great year to buy.

At TexasLending.com, we’ve got a full slate of Texas home loans available at rock-bottom rates. These rates are ideal for an Austin home refinance loan, Dallas home refinance loan, or Houston home refinance loan as well.

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Texas Home Equity Loans and Home Refinance Loans: Two Ways to Start 2012 Flush

Thursday, January 5th, 2012

One of the bigger downsides to December holiday joy is the January cash crunch hangover that usually follows. According to the American Research Group, American families spent on average more than $630 each on holiday shopping. In the mid-2000s, before unemployment spiked, that number was closer to $900 to $1,000 spent per family, but 2011’s expected figure is still a sizable bump over previous years.

This surge in spending is promising news for the economy. Shops, restaurants and other businesses of all shapes and sizes need customers to spend just a bit more. But, of course, for families still struggling from unemployment or high credit card debt, the holidays can make for a tight squeeze come January.

We can help homeowners in two ways. As we mentioned last week, interest rates are currently holding at an unprecedented sustained low, which means that homeowners can get much-needed access to cash in a financially sound way. And here at TexasLending.com, we’re always proud to offer among the lowest home interest rates anywhere in the Lone Star State and beyond (currently as low as 3.75 percent).

Texas Home Equity Loans

Make your most valuable asset — your home — work for you. Our Austin home equity loans, Houston home equity loans and Dallas home equity loans can give you much-needed flexibility in terms of how you manage your finances. For every $10,000 of credit card debt you’re currently carrying, a home equity loan can help you reduce interest payments by as much as $400 per month. What could you do with that cash?

Texas Home Refinance Loans

If you originally took out your home loan at a time when home interest rates were much, much higher, it’s probably a good idea to consider one of our Austin home refinance loans, Dallas home refinance loans, or Houston home refinance loans. For example, refinancing a $120,000 loan could save you $100 per month and more than $3,000 over three years. Larger loans will give you even higher savings. Again — what could you do with that extra bit of freed up cash?

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2011 in Review: The Year of Rock-Bottom Home Interest Rates

Wednesday, December 28th, 2011

There was no shortage of headlines this year when it came to housing — hints (and false hints) of a recovery, huge unsold inventories, an unfolding crisis in Europe that threatens to undo everything gained recently on this side of the pond. But if we had to pick one headline that mattered the most to Texas families, it was this: 2011 featured the most unprecedented, most buyer-friendly, and most obscenely low home interest rates we’ve seen in a long, long time.

No hyperbole. This year truly was a record one for Dallas home interest rates, Houston home interest rates, and Austin home interest rates.

According to The Dallas Morning News:

Mortgage rates remain near decades-low levels, and even the most pessimistic forecasts don’t foretell a big run-up in rates. That’s good news, because there are enough obstacles these days to buying a house — from tougher mortgage qualification standards to home appraisals that miss the mark.

The average long-term, fixed-rate mortgage is still going for less than 4.5 percent. Not too long ago, anything under 7 percent was considered a steal.

Current mortgage rates are so low that some housing economists worry that recent homebuyers or refinancers will be reluctant to move a few years from now because they won’t want to give up their absurdly cheap interest rates.

Home interest rates like these make life easy for both potential home-buyers and current homeowners in a couple of ways:

First, they make housing more affordable, which makes it both easier to buy a home and, therefore, easier to sell as well. In a sluggish market like the one we’ve been stuck in for the past few years, this is excellent news. And here at Texas Lending, we’re proud to continually offer just about the lowest rates you’ll find anywhere in the Lone Star State on Austin home loans, Dallas home loans and Houston home loans.

Similarly, low interest rates also lower the cost of refinancing your home. As we’ve mentioned in the past, refinancing can give homeowners an enormous amount of much-needed flexibility during an economically uncertain time. And again, you won’t find more affordable Austin refinance rates, Dallas refinance rates or Houston refinance rates than you will at Texas Lending.

Rates will continue to stay low well into 2012, but this historic buyer’s window can’t last much longer. Contact us if the time is right for you to buy or refinance before rates begin to rise.

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Home Refinance Options for Rough Times

Thursday, April 14th, 2011

Moving from an adjustable rate mortgage to a more stable 30-year fixed rate loan is one of the best reasons to refinance, and current low par rates for 30-year mortgages make it easier than ever to do it.

But the recession and housing collapse didn’t exactly leave most financial pictures in better shape. And in areas with high unemployment and low home values, many folks just aren’t going to be in position to take on the higher monthly payments that come with a 30-year fixed rate loan.

Still, a refinance can be a great way to save money and thrive during these tough economic times for those families as well. So the key is to find the right mix of prudence, caution, flexibility, and availability in a home refinance loan. And here at Texas Lending, we offer a comprehensive suite of refinancing options, meaning there’s probably an ideal loan for your unique financial picture.

This includes:

  • 97% refinance with collections on your credit.
  • 80% refinancing on Jumbo loans.
  • Refinance from a subprime loan to FHA
  • 100% refinance on VA loans
  • Refinance to a 30-year fixed loan term with the option to pay only interest for the first 15 years (pay principal when you wish during the interest-only period).
  • Refinance up to 97% of home value with open Chapter 13 bankruptcy.
  • Refinance up to 97% of home value, even if you are in Consumer Credit Counseling.
  • Refinance up to 95% of home value on conventional loans with credit scores above 680.
  • Refinance is possible with open tax liens, judgments, and past foreclosure on credit.
  • Refinance on FHA loans with credit scores as low as 640 on FHA or VA loans.
  • Refinance to catch up past due house payments or to roll taxes and insurance into your payment.
  • Refinance to similar rates as someone with perfect credit even with collections.

Our mission, after all, is to save you the most money possible, while still giving you a safe, stable loan that secures your future. We want to both put you in a house you love now, and ensure that you’ll still be there—thriving—a decade or two down the road.

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Home Refinance Loans: Is the Time Right For You?

Monday, April 4th, 2011

Rock bottom refinance rates like these can be pretty irresistible. But does that mean the time is right for you—your family, your financial outlook, and your home situation—to refinance?

With par rates for 30-year mortgages still anchored to the floor at 4.5 percent (one of the lowest rates in recent history), now might seem like the best possible time to refinance your home. And here at Texas Lending, we make refinancing easy, both with the lowest rates in the industry, and the best customer service and support you’ll find anywhere in Dallas.

But the decision to refinance involves far more than just a rate number. So here are four basic questions to ask yourself before refinancing your home:

1. Has My Financial Picture Changed?

Financial situations are fluid for most people. So refinances offer a way to “update” your home loan commitment in a way that better matches what’s currently in your bank account and in your future.

Let’s say you bought a home in 2005 when home lending rates were a little bit higher, and your income was a bit lower. A refinance could put you in position to pay off the remaining principal on the same time table you’re currently paying. The monthly payments will be higher, but you’ll save thousands upon thousands of dollars in interest payments over the long run. This move also makes sense for folks who have recently paid off other debts like college loans or car payments (and thus have extra money to pay down principal).

Similarly, if you originally bought your home with an adjustable-rate mortgage (which usually features lower initial rates, but less long-term stability) as a way to afford it, it’s probably a good time to refinance with a new fixed-rate mortgage. If you can afford the new payments, long-term financial planning will get a lot easier.

3. Do I Have a Long-Term Use for a Short-Term Cashflow Solution?

Inversely—let’s say your long-term financial future looks promising, but the recent recession has caused some short-term cashflow problems that are keeping it difficult to make the investments you need to thrive. A home refinance can be a great way to gain access to the cash you need (at much lower rates than, say, a credit card).

In other words, if you refinance for the full amount of your home, but only need part of that to actually pay off the home, the rest is available for you to use however you need.

This is especially useful for folks stuck in a bad housing market. Instead of selling at a slump-driven low price, it might be a good idea to stay in your house for a few years and invest in home improvements in the meantime. That way when your local housing market improves, your house will be much better positioned to sell. Now is a great time to refinance for this.

But, of course, if the allure of the extra cash is an upgraded TV or car, you might want to think more carefully about the long-term debt this refinance will bring with it. Never borrow money just because you’re getting great rates.

3. Do I Have Home Equity?

In most cases, you’ll need more than 20 percent equity in your home in order to refinance without having to pay for private mortgage insurance. The extra costs involved with insurance could cancel out the savings you’d get from a refinance.

4. Do the Low Rates Matter to My Financial Picture?

This is a bit of a no-brainer, but it’s important to look carefully at how the numbers fit into your financial future — not just at what nationwide housing market analysts are saying.

We know the feeling — with rates stuck happily at rock bottom, there’s nowhere to go but up. And with the economy slowly improving, it can almost seem like a ticking opportunity clock that’s about to expire. But just because the rates are favorable for most people, it only matters, of course, if you’d save compared to the interest rates you’re currently paying on your loan.

If your current loan has you in good financial shape, don’t take on the extra debt for just a minimal rate improvement. Stay clear-eyed, and do what’s right for you.

At Texas Lending, we’re committed to making it as easy and painless as possible for those in sound financial position to buy a home or refinance a loan do exactly that. But we’re also committed to caution and sound lending practices (the very ones that some lenders across America abandoned, contributing to the housing crash).

If you’re unsure, come talk to us. Or give one of our home refinance loan specialists a call for more information.

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Texas Refinance Loans: Lifelines in Tough Economic Times

Tuesday, March 29th, 2011

texas refinance loansThere’s never been a better time for a home refinance loan. Skeptical? Just look at the rates:

Currently, par rates for a 30-year mortgage are hovering around 4.375 percent — one of the lowest Texas refinance rates on record. And here at Texas Lending, we simply offer the lowest refinance rates in the state.

Basically, a refinance home mortgage is a secure loan designed to let you pay off an earlier loan taken out against the same assets. In other words — let’s say you originally bought your home four or five years ago, when nationwide interest rates were less favorable to home buyers. Now that rates are much lower, it might make sense to quickly pay off that loan with a new, more affordable loan.

Make sense?

It’s not the right move for everyone. But, especially in these strained economic times, a home refinance can save many Dallas homeowners money and make life just a bit easier in several ways:

Access to Cash and Flexibility

For many people, one of the results of the recent economic troubles is a frustrating lack of access to capital, and the flexibility to leverage their assets in way that benefits them in the long term. Since a home refinance will usually result in lower monthly payments, it therefore helps solve that capital problem by freeing up a bunch of cash each month for home owners to use for other purposes.

In other words—let’s say you have just $100,000 left to pay off on your $180,000 home. If you spread that out over 30 years, the monthly payment will be much lower than the $180,000 spread out over 30 years. That’s extra cash you can use to invest, to pay off credit card debt, to pay for school fees, or simply to make ends meet while the economy slumps.

There’s also a “cash-out refinancing” option, which lets you refinance for a higher amount than your current principal balance. The result is extra cash in your pocket, at lower rate than you’d get from a credit card or an unsecured loan.

Be Debt Free Sooner

If fortune has smiled upon you lately, and you’re in significantly better financial shape than you were when you originally bought your home, it might be a good idea to refinance as a way to pay off the home more quickly.

For example, let’s say you’ve been paying down your 30-year mortgage for ten years, but are in position now to pay off the remaining principal in the next ten. A home refinance loan can rearrange the terms to do exactly that — while still grabbing that historically low interest rate. You’ll save an enormous chunk of money on interest payments.

Exchange an ARM for a Fixed-Rate

Adjustable rate mortgages provided host of benefits that make sense for some families—especially those on less stable financial footing, and those who don’t expect to be in their house for very long. But let’s say—while your situation once mirrored that—you’re now stable and planning on sticking around in your current house for a while, it’s probably a good idea to switch to a fixed-rate mortgage.

Fixed-rate mortgages make it easier to do long-term financial planning, and provide the peace of mind of knowing rates are never going to balloon. With rates so low, now is a great time to make the switch from an ARM to a fixed-rate mortgage, and lock in the low interest rates for as long as you’ll be in your house.

Here’s the bottom line: Home refinances simply give you the freedom to mold your life and financial picture the best way you know how. And with rates currently nearly as low as they’re ever going to be, there’s never been a better time to consider a refinance.

Stay updated with how Texas refinance rates rise and fall  — or just give one of our Texas refinance loan specialists a call.

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Dallas Housing Market Collapse – Who’s Effected Most

Monday, October 4th, 2010

Some interesting foreclosure findings were released this week about who, exactly, is bearing the biggest brunt of the Dallas-Ft. Worth housing market collapse.

Of course, on one level, we’re all sharing the pain. According to the Dallas Business Journal :

Both affluent and entry-level homebuyers are bearing the brunt of the recession’s aftermath, according to new foreclosure data compiled by Addison-based Foreclosure Listing Service Inc.

A new report from the firm says 80 percent of the homes posted for foreclosure in a 19-county area in North Texas were priced at $200,000 or below.

The broader impacts make sense—foreclosures from any housing demographic have contributed to the larger housing crisis, which of course has then led to more home foreclosures. In other words, many homeowners who were in homes they could afford and were generally able to keep up on their mortgage payments lost jobs, investments, or pension wages due to the market collapse… and then suddenly found themselves no longer in position to keep up with their payments.

But if we take a closer look at the numbers, we can learn just a little bit more about what types of homes most fueled the crisis.

Again, according to the Dallas Business Journal :

George Roddy, Sr., president of Foreclosure Listing Service, said, “The largest gains in residential foreclosure posting activity were found at opposite ends of the Texas housing market among entry-level homes and ultra-luxury homes.”

Roddy said the largest gain in foreclosure postings over last year was in ultra-luxury homes, where the firm noticed a 27 percent jump in foreclosure posting activity.

[...] “Over the last year, the second highest increase in postings by home value within the study area was found among entry-level or starter homes valued at under $100,000 with a 16 percent gain in foreclosure notices,” Roddy said.

In other words, foreclosures have hit those who either bought too much house, or who probably shouldn’t have bought a house in the first place the worst. Either way, it was easy credit, risky loans, and market pressures to put as many people homes as possible that fueled the crisis.

At Texas Lending, we want to see you make your housing dreams come true. But we don’t want to see that dream become a nightmare, and see you in a situation where a leap of faith and a lot of housing hope ruins your financial future. So our Dallas home mortgage experts will work tirelessly with to get you in the right house—one you love, and one you will still love (and afford) ten or twenty years down the road.

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Thank Your Lucky Lone Star You’re in Texas (or Get Here Soon)

Tuesday, June 29th, 2010

Wondering why the Dallas-Ft. Worth housing market is rebounding (albeit mildly) better than the national averages? It’s actually pretty straightforward.

According to Forbes Magazine :

Looking for a place to take advantage of the recovery? Try Texas.

The Lone Star state’s major metro areas–Austin, Dallas/Ft. Worth, Houston and San Antonio–are all emerging from the recession better than their counterparts in many areas of the country. Austin is a government and tech center. Dallas and Ft. Worth get a boost from major corporate operations located there. Houston is a hub for the profitable oil industry and the U.S. military gives San Antonio a lift.

"The places that are likely to recover the fastest seem to be places that have suffered the least during the recession,” says Howard Wial, who heads up research on metro and regional economies at the Brookings Institution’s Metropolitan Policy Program. Texas, he notes, has a fiscally stable government buttressed by oil and gas revenues and spending from Uncle Sam. [...] (Other Texas towns performing well include McAllen and El Paso.)

In other words, if you’re struggling to sell your house, take heart that the Dallas-Ft. Worth area has solid enough fundamentals to bounce back more quickly than other areas of the country. Or, if the recent economic turmoil has forced you to look around the country for work, you could do worse then heading our way.

In fact, Forbes goes on to predict which major cities around the nation will bounce back the easiest, based what kinds of economies are the most resilient to the sorts of recent economic shocks.

Mark Zandi, chief economist and cofounder of Moody’s Economy.com, says he expects manufacturing and distribution centers (think Atlanta and Dallas) to show the first signs of life as the recovery unfolds this year. Later in the year there is likely to be more job creation in professional services like accounting and management consulting centers such as New York, Chicago and San Francisco. Expect financial services and lending to pick up by next year, he says, giving a lift to metro areas like Charlotte and Boston.

Some metro areas will obviously take far longer to recover than others, but several recession-battered towns now could stage a comeback by 2014, according to Economy.com.

It’s a great place to be. If you’re relocating into the area, give one of our Dallas real estate experts a call .

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Mortgage Knowledge, Power, and Really Cool Calculators

Monday, March 1st, 2010

Especially in these still-uncertain economic times, information is power, and we’re dedicated to making sure you understand your mortgage from front to back, side to side, inside and out. Most of this will happen, of course, while meeting face to face with our Texas mortgage experts, who will walk with you through the otherwise tricky homebuying process.

But there’s also plenty you can do on your own to better understand the current homebuying market and whether or not the time is right for you to buy — things like following this blog, where we’ll keep you updated with the latest information about the housing market recovery in Dallas, Ft. Worth, and the rest of Texas.

Your first stop, however, should be at our Free Mortgage Calculators and Financial Tools page, which features:

  • For those of you with existing mortgages, a bi-weekly mortgage calculator that shows how much you’d save long-term by making bi-weekly payments instead of monthly payments.
  • An APR calculator that helps you find the annual percentage rate on your adjustable rate mortgage.
  • A ARM vs. Fixed Rate Mortgage tool that lets you compare a possible fixed rate mortgage with two different types of adjustable rate mortgages (ARMs) — fully amortizing ARMs and interest-only ARMs.
  • A blended rate mortgage calculator that helps you determine the effective (or blended) interest rate you would pay if you use a first and a second mortgage to finance the purchase of a home.
  • A mortgage comparison calculator that lets you compare 15-year and 30-year mortgages.
  • A mortgage payoff tool that shows you how much you could save in interest payments by increasing your monthly mortgage payment.
  • A tool that helps you answer the question — should you refinance your mortgage? This calculator tells you when you would break even.
  • Rent vs. Buy — are you better off buying your home, or should you continue to rent? This tool will help you decide.
  • A mortgage tax savings calculator to figure out how much your mortgage could save you in income taxes (interest and points paid for a home mortgage are tax deductible)
  • A refinance interest savings calculator , which helps you understand how much interest you can save by refinancing your mortgage.

Contact our mortgage experts for more information.

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Home Mortgage Refinances: Lifelines in a Tough Economy

Monday, January 18th, 2010

Home Refinance Loans Tough economic times call for shrewd management of the assets you already have. And for most homeowners in Dallas-Ft. Worth, there’s no bigger asset than the house in which they live.

More than anything else, a home mortgage refinance gives you options in an economy that might be stripping you of them — a chance to wisely and carefully make the different elements of your personal finances add up in your favor.

A good home mortgage refinance can:

  • Provide access to extra cash.
  • Lower your monthly mortgage payments.
  • Tap into the equity of your largest asset.
  • Shorten the length of your mortgage.
  • Create security, stability and certainty by switching from an adjustable rate mortgage to a fixed rate mortgage.
  • Reverse past mortgage mistakes, and save thousands of dollars in unnecessary interest payments.

At TexasLending.com , we’re dedicated to helping you save more money while simultaneously setting you up with a safe and stable loan going forward. Why?

Because refinances can get pretty complicated, and choosing the best one for you isn’t simple. Your house can provide a steady stream of cash and other benefits — but only if you do it the right way.

Here are just a few of the refinance extremes available from TexasLending.com:

  • 97% refinance with collections on your credit.
  • 80% refinancing on Jumbo loans.
  • Refinance from a subprime loan to FHA
  • 100% refinance on VA loans
  • Refinance from an ARM to a low fixed rate.
  • Refinance to a 30 fixed loan term with the option to pay only interest for the first 15 years. Pay principal when you wish during the interest only period.
  • Refinance up to 97% of home value with open Chapter 13 bankruptcy.
  • Refinance up to 97% of home value even if you are in Consumer Credit Counseling.
  • Refinance up to 95% of home value on conventional loans with credit scores above 680.
  • Refinance is possible with open tax liens, judgments, and past foreclosure on credit.
  • Refinance on FHA loans with credit scores as low as 620 on FHA or VA loans.
  • Refinance to catch up past due house payments or to roll taxes and insurance into your payment.
  • Refinance to similar rates as someone with perfect credit even with collections.

Contact one of our home mortgage refinance experts today for more information, or apply for a loan now.

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