Bastrop Mortgage Tips

Here’s a little Austin and Bastrop Real Estate Update for all my central Texas folks. According to Freddie Mac the interest rates for a 15 year fix rate mortgage are holding steady at 3.2% while a 30-fixed rate mortgage are at 4.1%. The interest has ripped a bit over the last few months but has actually gone down for the second week in a row. The Fed’s have done a good job keeping the interest rates down so you still have a nice window of opportunity to take advantage of the low interests rate. If you are seriously considering purchasing a new home I would not recommend waiting long. The Bastrop mortgage interest rates and home price will continue to rise. If you’re considering buying a new home please give me a call or complete the form below. I look forward to seeing you in the Bastrop, TX or Austin, TX soon.

Austin and Bastrop Mortgage Tips

Multiple Quotes

In order to maximize your investment, you need to shop around for the lowest rate possible. Getting multiple quotes is an important first step for getting an optimal rate. When you’re shopping around for quotes, make sure you get a Good Faith Estimate for each offer. This will enable you to compare offers more accurately.

Fixed Rate or Adjustable?

While adjustable rates may start lower to begin, they can ultimately lead to more interest paid over time. If you anticipate a rise in interest rates, a fixed rate may be more appropriate. This can be hard to predict over long periods of time. Fixed rates remain the same for the life of the loan, while adjustable rates fluxuate as the interest rates change. Another important consideration is the margin and index of your Bastrop mortgage. While the margin will stay fixed after closing, the index will fluxuate. The margin is the lenders profit on your loan. This has room for negotiation. The index cannot be changed.

Other Considerations

Some other things to pay attention to when seeking out a Bastrop mortgage:

  • Locking in your rate
  • Prepayment Penalties
  • Discount Points

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