Today's Mortgage Rates

Product (Rate Program)RateAPR
Fixed30Year3.811%3.871%
Fixed20Year3.727%3.814%
Fixed15Year3.207%3.312%
Fixed10Year3.248%3.4%
ARM33.651%4.053%
ARM53.295%3.861%
ARM73.3%3.772%

 

The vibrant city of San Antonio has as many mortgage options as it does residential neighborhoods. Finding the cheapest mortgage loan among your options is like finding a home: It takes research, knowledge, and diligence. Start by learning more about the mortgage options available and current interest rates. Then, contact several lenders and request rate quotes. Lastly, review your mortgage offers thoroughly, using mortgage calculators to answer your financial questions.

At each step of the process, you have Mortgageloan.com's resources to assist you. You can rely on our articles, interest rate tables, San Antonio broker contact information, and mortgage calculators to help you make great decisions.

Second Mortgages

Second mortgage loans and lines of credit (also known as home equity loans and home equity lines of credit), allow you to cash out home equity without altering your competitively priced first mortgage. The amount of cash available to you through a second mortgage depends on the value of your home equity and prevailing real estate trends. The home equity line of credit (HELOC) is a flexible debt instrument that allows you to take advances and make payments as needed. Home equity loans are fixed-rate, fully amortizing debts. Expect to pay a slightly higher interest rate for your second mortgage relative to rates currently offered on first mortgages.

Conforming

If possible, you'll want to qualify for a conforming mortgage to save money. Conforming mortgage loans carry lower interest rates than non-conforming ones. The reason for this is that conforming mortgages receive certain federal benefits. These primarily involve the operations of Fannie Mae and Freddie Mac, which both provide liquidity to originating mortgage lenders.

Since the conforming mortgage criteria change periodically, particularly the maximum loan size, you'll have to discuss the current limits with your lender. These criteria involve both your qualifications, and characteristics of the loan. As an example, no-doc mortgage loans are non-conforming, as are jumbo loans and high loan-to-value mortgages.

How to Compare

Sorting out the details of the various mortgage options can be a chore if you aren't organized. To start, develop some preliminary knowledge of the mortgage types available. Mortgageloan.com has articles and tips that can assist you in this effort.

Once you're ready to start comparison shopping, you can find contact information for qualified local lenders in our San Antonio broker directory. You also have the option of submitting a request for quotes and letting the lenders come to you.

Finally, the ultimate tool in mortgage comparison is the mortgage calculator. Mortgageloan.com has a full complement of free calculators to help you analyze all aspects of your mortgage offers, from interest rates to potential tax savings. Working through the numbers in detail is the most effective means of determining which mortgage offer has the most attractive terms.