current home interest rates in Houston
INTEREST RATES ON HOME LOANS IN HOUSTON
Introduction Home ownership is a significant step in every Houston resident. With the ever escalating prices of houses, cash payment is no longer viable for most of the middleclass. It is thus a crucial financial decision one will ever get into when they get financial aid inform of a loan to have a life they always dreamt of. There are many financial institutions in Houston and in Texas generally which offer mortgage facilities to the residents of Texas. The mortgage facilities are plenty and can be overwhelming to most borrowers has getting confused on the way forward. You do not have to worry on the complex nature of the mortgage rates as this article seeks to break down to you on the different rates in the market for your knowledge and use. Let us understand the rates The interest rates for home mortgages include long term fixed home mortgages and Adjustable Rate Mortgage (ARM). These mortgage rates vary significantly hence need to be informed The fixed mortgages include but not limited to 30 year fixed mortgage rate with an interest rate average of 3.7%, 15 year fixed mortgage rate at an average rate of 3.4%, 10 year fixed mortgage rate, 20 year fixed mortgage. These are long term mortgages which attract higher interest rates. The most favorable fixed mortgage rate is the 15 year mortgage rate which is lower and most favored by lenders because the financial risk involved is lower compared to the long term rates. The FHA and Jumbo home loans also offer the 30 or 15 year fixed mortgage rate. The key advantage is the loan does not go up until end of the period. The Adjustable Rate Mortgage involves a loan program that offers a fixed payment rate and after the fixed payment period elapse, the adjustment continues until the loan is cleared. The most common Adjustable Rate Mortgage include the 5/1 ARM, 7/1 ARM, 10/1 ARM. The interest rates are lower compared to the fixed interest rates but can greatly vary on adjustment making them higher than anticipated. The Adjustable Rate Mortgage is good for s real estate investor who wants to take advantage of the low interest rate of the fixed period. It is also good for a prospective seller of a house before the fixed period ends. For a small investor one can take advantage of this plan as they can decide to clear the debt before the fixed period elapses hence avoiding the interest rates in the long run. Conclusion So many factors determine the kind of loan one will go for hence affecting the kind of interest rate they be obliged to. As you go through your home ownership compared between the fixed mortgage rates and the Adjustable Rate Mortgage and go with the one which suits you best. |
Mortgage Rates Houston
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