Houston Refinance
Refinancing in Houston area
Posts tagged Houston
If you’re considering a refinance, your first thought should be about home values!
Apr 27th
If you’re considering a refinance, your first thought should be about home values! Many times a refinance is makes sense following a high loan-to-value purchase loan such as an 80/20 or financing with mortgage insurance. In both cases, the home’s current value–as determined by an appraisal–is the biggest hurdle in the road to a new low–interest mortgage loan.
So how do you know what your home is worth? The easiest way is to ask your Realtor! If you’re in The Woodlands, check out this 2009 market report for a head start:
TX – The Woodlands Home Values, 2009
In this report, we break down The Woodlands by village, offering detailed statistics, charts, graphs, and analysis. If you find it useful, please send us comments or suggestions!
Outside The Woodlands? Head over to our Houston market snapshot request, and register for your neighborhood market report (sent to you via monthly email).
About the author
Johnny Schiro is a Houston Realtor and co-owner of Icon Real Estate — an elite brokerage in The Woodlands, Texas. Johnny writes mostly about local market trends, buying & selling strategies, and industry insight. Comments and feedback encouraged.
Judging stimulus: Jobless rate high, growth real
Feb 18th
WASHINGTON (AP) — Did the stimulus work or not? A year after Congress passed President Barack Obama’s huge economic revival plan, the results are mixed – and hardly final.
Despite Obama’s bold promises, unemployment remains stubbornly high. But job losses have slowed dramatically.
And the nation’s recent economic growth is real, even though the government has spent just one-third of the massive stimulus plan. The program- originally estimated at $787 billion but now priced at $862 billion – is to continue pumping federal money into the economy into 2011. Read the rest of this entry »
Mortgage demand at six-week highs on refinance wave
Feb 8th
NEW YORK (Reuters) – Demand for home loans rose to a six-week high on a mini refinance wave, with borrowers pushing to lock in rates before they climb later this year, the Mortgage Bankers Association said on Wednesday,
Applications to buy homes and refinance loans jumped last week to mid-December levels as average 30-year mortgage rates held near 5 percent.
The industry group’s mortgage index jumped 21 percent last week, fueled by a 26.3 percent leap in demand for refinancing as purchase loan requests increased 10.3 percent.
The 30-year mortgage rate dipped 0.01 percentage point to 5.01 percent. Read the rest of this entry »
Houston Refinance 101
Dec 11th
Refinancing 101
What is refinancing?
Refinancing applies to your original mortgage loan when you are replacing it with a new mortgage loan. Refinancing your mortgage can give you more options such as monthly payments, changing the term of the loan terms as well as rates. When you refinance your mortgage loan there are certain pros and cons that you need to be aware of.
Why refinance your mortgage loan?
Refinancing your loan, depending on the comparisons between original loan and the new loan, you can have lower monthly payments, short or longer terms and lower interest rates. Depending on the market mortgage interest rates, it would be wise to refinance because it would save you money. Here are the T0p 5 reasons to refinance.
How do I find out if I need to refinance?
Generally when to refinance depends on measuring the costs and savings of refinancing. The cost of refinancing is usually 2%-6% of your loan amount. If you can save more than 6% of your loan amount by adjusting the length of the loan terms and lowering interest rates, you will benefit from refinancing. However, there are other factors to consider besides loan terms and interest rates. Sometimes there are penalties and fees that would be involved in switching the loan. Make sure you read the terms and conditions of your current loan and the new loan you are considering.
Mortgage Interest Rates at Record Low
Nov 12th
Bankrate.com mortgage analysis showed that mortgage interest rates are at its lowest. For those in Houston looking mortgage refinance, the rates has never been lower. Interest rates are in a near record low. Fannie Mae and Freddie Mac have been tightening lending standards for more than 2 years to prevent loans to be given out poorly. They are planning to launch a new underwriting software to help loan decision making easier called Desktop Underwriter or DU 8.0. The projected launch date for the Desktop Underwriter 8.0 is Dec 12th. Fannie Mae has also raised the minimum allowable credit score from 580 to 620. However, there is no minimum credit score for refinancing under Obama administration’s Home Affordable Refinance Program.
Mortgage rates are near historic lows, but lenders continue to make it harder to get a home loan.
The benchmark 30-year fixed-rate mortgage fell 16 basis points, to 5.19 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.38 discount and origination points. One year ago, the mortgage index was 6.39 percent; four weeks ago, it was 5.32 percent.
The benchmark 15-year fixed-rate mortgage fell 11 basis points, to 4.61 percent. The benchmark 5/1 adjustable-rate mortgage fell 6 basis points, to 4.58 percent.
The 30-year fixed hasn’t been this low since Bankrate’s April 15 survey, when it fell to 5.18 percent. In the 24-year history of Bankrate’s weekly survey, the all-time low was 5.13 percent, ;which was on April 1 this year.
Source:Bankrate.com
Landry’s Restaurant plans to Refinance
Nov 4th
Houston Refinance
Landry’s Restaurants Inc. said Wednesday it plans to refinance its debt and fund a portion of its takeover by CEO Tilman J. Fertitta with proceeds from a debt offering.
The offering totals up to $550 million in newly issued senior secured debt securities issued in a private placement.
Fertitta, who also serves as the company’s president, hopes to take the restaurant chain private next year, following board approval of his $1.2 billion all-cash acquisition offer Tuesday.
Fertitta already controlled more than half of Landry’s shares. Under terms of the deal, Fertitta’s company will pay $14.75 per share in cash for Landry’s stock it doesn’t already own
Landry’s operates restaurants nationwide under the names Rainforest Cafe, Landry’s Seafood House, Charley’s Crab and others.
Shares of the company rose 52 cents, or 3.8 percent, to close at $14.21.
Source: The Associated Press
5 Reasons to Refinance Your Mortgage
Nov 2nd
With the current economic conditions, everyone’s wallets are very tight. The upside to this economic downturn can be found in your mortgage payments to help improve your cash flow. Here are the five reasons to refinance your mortgage.
- Interest rates are currently at an all-time low, but when the economy starts picking up again, which it will, interest rates will continue to rise. So the longer you wait, the higher the interest rates will get. The lower your interest rate, the more cash you will have in your hands.
- With interest rates being this low, its a good idea to change your loan program. For those who has ARM(Adjustable Rate Mortgage), you should probably switch to FRM(Fixed Rate Mortgage) because it is highly unlikely that mortgage rates will be as low as it is today.
- With lower interest rates, you will have lower monthly payments. If you can maintain the same monthly payment, with a lower interest rate, you will be able to build equity faster.
- Refinancing your mortgage term from 30 year loan to 15 year loan might also be more affordable with lower interest rates. The lower your mortgage term, the faster you can pay off your mortgage.
- Your equity will continue to rise in a much faster rate, this will allow you to pay off your child’s college tuition, pay off credit card or buy yourself a nice vacation home you’ve always wanted.
