Mortgage Rates

World Mortgage Corp offer customized solutions for every residential mortgage financing situation, for all credit grade borrowers.

15 yr fixed -- 4.25
30 yr fixed -- 5.06
5/1 ARM -- 3.38

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Houston Texas mortgage rates

 

There are few persons who want to get refinance for their Houston home mortgage for better rate of interest. One can get best rate if he or she can document their income and have a credit score above 640. In case the credit score is less, he or she should strive to improve it above 640 before applying for refinance. There are many mortgage loan brokers who will part with you with their suggestions to improve the credit score and one should take their help.



Those who have good credit rating also should consider few things before going for refinancing. Refinancing is not free and hence one should think a lot before going for one. As a thumb rule one should go in for refinancing only if he or she can save half percent or more in the rate of interest. Refinancing is not advisable if the person does not want to have the loan for few years at least.

Next step is deciding on the type of mortgage loan as there are two types of mortgage loans are available namely fixed rate of interest and floating rate of interest. Those who want to own the house for more years then it is advisable to go in for fixed rate of interest. One can go in for 15 year fixed rate of interest if affordable. If the monthly instalment is high for 15 year fixed rate of interest then he or she can go for 30 year fixed rate of interest mortgage loan. Still not affordable one can go for 40 year period also at fixed rate of interest.

The closing cost is the yet another factor one should consider while choosing the refinancing. One will end up paying more by opting for more interest rate in exchange of lower closing costs. One will be paying 428760 dollars if he opts for 6 % interest rate with no closing costs for a loan of 2 lakh dollars. But the same person will be spending only 396000 dollars if he or she opts for 4.875 % interest for the same 2 lakh dollars mortgage loan. It is very clear here that less interest rate with high closing cost is cheaper.

 
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