Texas Mortgage Loans are in plentiful supply due to the fact that the Texas marketplace has not gone through the dramatic swings the west and east coast markets have. Areas like Dallas- Ft Worth, as an example, still offer some of the most affordable housing costs of any major metropolitan area of the United States.
There has been a proliferation of loan products to serve the consumer and almost all are available in Texas. What really is important to the consumer is to work with a Mortgage Company who asks you the right questions and then tailors the loan program for your particular financial needs. Some of the questions that should be asked by a mortgage professional regardless of whether it is a purchase or refinance are:
* How long do you plan on staying in this home?
* What other financial objectives are important to you?
* Do you have any other consumer debt?
* What are your retirement plans and how are you preparing for that?
* What are your plans in terms of family expansion or contraction in your home? (increasing family size or contracting family size due to children going off on their own)
* What is the most important thing to you- a lower payment or lower closing costs?
You see, the key is to have a mortgage professional tailor your loan to your particular financial objectives to insure that the loan is the best fit for your overall financial needs. There can be significant savings and specific benefits to any home owner or buyer to insure that their own specific financial needs are taken care of. Unfortunately, there are not that many mortgage professionals who understand and embrace this fact. For instance, there can be closing costs savings by raising the rate on a loan and the lender helping with paying some closing costs.
Likewise, there can be savings for new buyers to have advice prior to buying to structure a loan where the seller pays the closing costs- or a significant portion of the costs. Another strategy might be to not take a 30 year fixed rate loan if you do not plan on being there more than 3,5, or 7 years. Lots of options- and you should be able to trust your mortgage professional to advise you on these.
Bottom line is this- each and every mortgage loan should be tailored to the individual- and not a "cookie cutter" approach. There is a lot more to it than asking "what is your interest rate". Make sure that you go with a professional who can explain all your options to you and understands that it is important to tailor a loan to your particular financial needs.
And remember- a home loan is an important part of your overall financial plan- and not just a home loan. You should definitely do an annual "Mortgage Fitness Check Up" tm to see if your mortgage loan is working the best for you.