Today's Mortgage Rates

Product (Rate Program)RateAPR
Fixed30Year3.675%3.743%
Fixed20Year3.477%3.56%
Fixed15Year3.041%3.153%
ARM53.062%3.791%

 

Motivated to find an affordable mortgage in Austin? Austinites of all backgrounds-technology pros, academics, musicians, etc.-can find the right mortgage with a little footwork. Most mortgage applicants should begin with independent research. Your mortgage and loan rate research can begin with Mortgageloan.com's article database.

When you're ready to start comparison shopping, visit our Austin broker directory for a thorough list of lender contact information. You can also request online quotes, and let those lenders will contact you. Once you have those quotes in hand, take them to Mortgageloan.com's calculators; they make it easy for you to analyze the numbers in-depth.

Conforming Loan Information

Conforming mortgage loans are originated by private lenders, but supported by federally chartered agencies. These agencies, Fannie Mae and Freddie Mac, provide funds for low- and middle-income households to purchase homes. The standards defining the conforming mortgage are intended to ensure that Fannie and Freddie's funds go only towards the borrowers who need them. With this federal support, conforming mortgages are less expensive than non-conforming mortgages. To qualify, your debt-to-income ratio must not exceed the maximum, and you must provide documentation of your income and assets. The loan amount must be below a federally mandated limit, and the loan-to-value must also not exceed a certain percentage. Your lender can explain these limitations to you in detail.

Mortgages

Many homeowners turn to a second mortgage to cash out their home equity. Second mortgages have two primary advantages:

  • Second mortgage interest rates are lower than rates on unsecured debt.
  • They can be funded without affecting a competitively priced first mortgage.

The disadvantage of the second mortgage is the risk of foreclosure. Homeowners considering this type of financing should budget carefully to minimize risk. There are two loan structures available under the umbrella of second mortgages. The home equity line of credit (HELOC) is characterized by an adjustable interest rate and low monthly payments. The home equity loan is fixed-rate debt, with regular payments and a set pay-off schedule.

Comparison

The list of mortgages available to Austinites is a long one: 5/1 ARMs, 20-year fixed, interest-only, home equity loans, etc. Navigating through these options is easier when you do some research first. Fortunately, Mortgageloan.com has the articles and interest rate information necessary to make your information search both efficient and productive. The site also contains more than 100 mortgage calculators to answer all of your numbers-related questions. You can experiment with the mortgage calculators before requesting rate quotes. Once you have quotes, use the calculators to compare your options. There's no substitute for crunching the numbers; it's simply the best way to choose your most affordable mortgage loan.

When it's time to shop around, you can quickly request personalized rate quotes at Mortgageloan.com. If you'd rather contact lenders on your own, turn to our Austin broker directory to find qualified lenders near you.