30 Year Fixed Mortgage Rates in Texas- The Best Financial DecisionPosted by: Damon Webster | Posted on: November 24, 2020
Refinancing to a fixed-rate mortgage will provide homeowners more peace of mind by knowing exactly what their monthly payments will be each month. If you currently have an adjustable-rate mortgage it would be wise to consider switching over to a low fixed-rate mortgage. You can apply for a 30-year fixed-rate mortgage in Texas at Away Home Loans.
Making this switch used to result in a slightly higher monthly payment but with interest rates where they are now homeowners are actually able to reduce their monthly payment and get a low fixed rate at the same time.
30 yr fixed mortgage rates are the most common type of plan for residential mortgages. They allow the borrower to pay off the home over a 30 yr term and will own the home free and clear after that time period.
30 years is a long time and interest rates are sure to fluctuate greatly over that time period. If you have an adjustable-rate mortgage then your payment is tied to an economic index that will determine the interest rate that you are charged each month.
Luckily for you, the administration is providing several financial incentives for homeowners to refinance into a low fixed-rate mortgage. These incentives are meant to bring back long term stability to the real estate market and halt the rapid pace of foreclosures we have witnessed throughout the past year.
Depending on your situation, the government will pay nearly all of your cost to refinance to a low fixed-rate mortgage and you can end up getting a significantly lower mortgage payment free of charge.