Texas Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Texas is a huge state in the south, bordering Mexico, the Gulf of Mexico, New Mexico, Oklahoma, Arkansas and Louisiana. Known as the Lone Star state, Texas is popular for vacations that include water activities, even though it has only one natural lake, Caddo Lake. All the rest are man-made and as a result, it is said that there are more lakes than Minnesota. Ranches, oil rigs, and skyscrapers all line the Texas landscape. The state's largest cities are Houston, Dallas, San Antonio, Austin, El Paso, Fort Worth, Arlington, Corpus Christi, Plano and Garland.

Specific areas of Texas are moving toward gated communities and neighborhoods where developers dictate what behaviors are "legal" within the designated areas. These rules are known as "covenants", and although they cannot be discriminatory in terms of race, religion, and sex, they do specify what home owners can and cannot do on their own properties. An example of a covenant is not permitting clothes lines in backyards. Further to these rules, home owners pay a Home Owners Association fee in return for the upkeep on the streets and in the neighborhood.

But, what is particularly noteworthy is that in addition to failing to pay property or income taxes, or defaulting on monthly mortgage payments, home owner associations can foreclose on home owners who are delinquent in paying their HOA fees. For this reason, home owners may choose to obtain Texas mortgage refinance, since paying off the fees would certainly be more agreeable than losing one's home. In fact, several Texas lawyers have indicated that the law is particularly brutal in Texas, as homes can be sold in as little as a few days, and for very low amounts, leaving the home owner with nothing... no proceeds and no home. Some analysts have gone as far as saying the rate of foreclosure in Texas is directly impacted by the actions of HOAs.

Another feature indicative of Texas mortgages, is the "A6 Law" which governs the withdrawal of equity in a house. In other words, if a home owner seeks a Texas mortgage refinance, and the home is the principle residence, whenever all or part of the equity is withdrawn, as in the case of cash-out refinancing, the home can only be mortgaged for eighty percent of the value. Although the law may seem restrictive to many home owners, especially if they need money, it does really protect them from predatory lending practices such as "flipping" and "equity stripping". By preventing the continuous refinancing of homes with little equity, lenders and brokers are not able to "push" refinancing on home owners as a means to augment their own incomes.

Moreover, closing costs are very expensive in Texas, second in the country only to New York, so when home owners are researching their refinance options, these fees may have more significance in the decision making process in Texas, than in other areas in the country. Contrarily, Texas is a rich state because of the oil fields, and has no personal or corporate taxes. This fact somewhat counter balances the closing costs when trying to obtain Texas mortgage refinance. Further, the cost of living is favorable in the state and the business climate is conducive to newcomers.

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