Texas Mortgage Refinance
Nicknamed the “Lone Star State” Texas home owners are downsizing their mortgage payments through refinancing. Local lenders are offering rates as low as 5.28% APR to 5.33% APR on a 30 year fixed rate product or 4.43% APR to 4.79% APR for 15 year fixed. Texans (population 23,507,783) know that just because the interest rate is low, it doesn’t mean the payments will be too. Other things to consider when refinancing in Texas is that the APR (annual percentage rate) includes all fees and upfront costs, helping the borrower compare rates between lenders. Also, borrowers should understand how payments will be applied to the debt balance over time. The faster the borrower can reduce the principal balance, the lower the interest. Home values should also be considered when evaluating mortgage refinance. Estimated home values range from a comfortable starter home in Grand Prairie (75051) for $70,256 to a family home in Driftwood (78619) for $310,324. Property prices also vary. Overall, Texas home prices are $175,201, however homes have sold for $261,037 in Dallas (75287) and $102,000 in Forney (75126).