Texas mortgage rates or mortgage rates in Texas are highly competitive because of the simple reason that the mortgage business in Texas has grown significantly and it has functioned as a positive indicator for the economy of Texas.
The continuous increase in global energy prices, as well as the interest rates could not stop the growth of the Texas mortgage market. Texas mortgage market usually deals with two types of mortgages, namely commercial mortgage and residential mortgage. Information regarding the various mortgage lenders in Texas are available on the internet and the borrowers are able to compare the rates to find the best possible deal.
Statistics show that 2,69,000 houses were sold in total by Texas Multiple Listing Services in the year 2005.
The different types of mortgages that are offered in the state of Texas can be broadly categorized into two types:
Conventional loans: The conventional loans can be further categorized into two types:
Conforming loans: Maximum people in the United States take this kind of loan. For this type of loans, the mortgage lenders have to comply with guidelines such as respective down payment, maximum loan amount, income and credit requirements etc.
Non-conforming loans: Basically, the loans which do not follow the guidelines for conforming loans are known as non-conforming loans. Examples of non-conforming loans are Jumbo loans, the amount of which is more than the conforming loans.
Governmental loans: In contrary to the conventional mortgages, there are various criterias and loan limits applicable towards a government loan. The two most common types of government loans are FHA (Federal Housing Administration) loans and VA (Veterans Administration) loans.
The rate of interest payable on the mortgages in Texas are dependent on the types of mortgages.
The following data will provide a clear idea about the rates charged on the mortgages in Texas:
Fixed (Years) Rates
10 Year Fixed 5.81%
15 Year Fixed 5.79%
20 Year Fixed 5.94%
30 Year Fixed 6.13%
1/1 Adjustable 3.63%
3/1 Adjustable 5.79%
5/1 Adjustable 6.00%
7/1 Adjustable 6.13%
10/1 Adjustable 6.21%
The leading mortgage lending institutions in Texas include the following:
Bank of America
Wells Fargo Bank
First Mortgage Services
All American Mortgage Services
Chase Manhattan Mortgage
Citi Financial Inc.
Western Mortgage Group
The Texas Association of Mortgage Brokers is an important organization which is trying to promote the profession of mortgage brokerage in the United States by boosting education, ethics, as well as consumer satisfaction.
The mortgage brokers provide the best services with regards to searching for the most suitable mortgage loan option. They have a fair bit of expertise in the following fields:
Mortgage lending process
Types of mortgage loan products
Knowledge about variety of mortgages
Residential real estate finance
Presently, the mortgage rates of Texas are moving around 5.75% to 6.75% for a period of 15 years or 30 years. The mortgage lenders are offering a wide range of VA loans, FHA loans, as well as jumbo loans. More Information on Mortgage
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Last Updated on : 24th August 2013