Getting the Best Mortgage Rates in Austin, TX (10-15-30-Year Fixed, 5/1, 7/1 ARM)

If you’re in the market to purchase a home in Austin, you may be surprised to hear that the median home value is $327,000 according to Zillow.

These costs mark an increase of 8.3 percent throughout the past year, with experts predicting an additional increase of 3.3 percent in 2018.

Whether you’re planning on buying property with a new mortgage or looking to refinance existing Austin mortgage rates, you’ll want to make sure you are prepared before you start talking with Austin mortgage lenders.

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Types of Austin Home Loans

Lenders that provide competitive mortgage rates in Austin offer both conventional and adjustable rate loan types. Loans with conventional Austin mortgage rates include:

  • 10-year mortgage loans
  • 15-year mortgage loans
  • 20-year mortgage loans
  • 30-year mortgage loans

Conventional fixed-interest rate loans are popular choices for Austin mortgages for two reasons. First, as fixed-interest rate Austin home loans, the interest will stay at the same rate throughout the life of the loan.

Second, this type of Austin mortgage uses established industry and regulatory guidelines based on loan size and individual finances. Conventional Austin mortgage rates and terms typically fall between 10-30 years.

Austin mortgages with shorter terms (10-20 years) are good ways to pay your home off faster and build equity. However, it’s important to note that the monthly payments for these Austin mortgages will be much higher.

Mortgages with 10, 15, or 20-year terms are popular choices for homeowners looking to refinance existing mortgage rates in Austin. Adjustable rate mortgages in Austin include:

  • 5/1 ARM
  • 7/1 ARM
  • 3/1 ARM

Best Mortgage Rates in Austin

Austin, TX

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Types of Austin Mortgage Lenders

Today, borrowers have plenty of options when choosing between Austin mortgage lenders for current mortgage rates in Austin, Texas.

Rates, terms, and overall affordability can vary greatly from one lender to the next, which makes exploring multiple options key when looking for the best Austin mortgage rates.


If you have an existing relationship with a local bank, you may want to check their Austin mortgage rates.

Having a positive lending relationship with a brick-and-mortar bank is great for those who prefer to discuss Austin home loans and refinance rates in-person.

With stricter requirements, however, new borrowers may have difficulty getting good Austin mortgage rates from large banks, especially when dealing with less than ideal credit.

Online Lenders

Many borrowers find that online banks have the most flexible mortgage rates in Austin.

Austin mortgage lenders offering competitive mortgage rates in Austin online include online-only banks, lending companies, or even peer-to-peer lending platforms.

Not only are online mortgage applications easier to fill out, but they also tend to have the quickest response rates, meaning that you could potentially get an answer on mortgage rates in Austin within hours.

Credit Unions

If you are a member of a credit union—or are eligible to become one—this can be a great resource for affordable Austin mortgage rates.

Because they tend to have lower operating costs, mortgage rates in Austin from credit unions often come with competitive rates and flexible terms, making them a great resource for current mortgage rates in Austin, Texas.

Key Requirements for Buying a House in Austin

Before you apply for an Austin mortgage loan, you’ll want to complete the below list of requirements.

  • Get your down payment ready (~20% of the loan amount)
  • Maintain good to excellent credit
  • Save some extra funds for your closing cost
  • Maintain a low debt balance
  • Demonstrate sufficient income
  • Gather your financial documents
  • Get a home appraisal on the home

You’ll also need to examine your options for conventional (10, 15, 20, or 30-year mortgage) or adjustable rate Austin home loans (5/1, 3/1, 7/1 ARM) before choosing the best mortgage rates in Austin for you.

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Conclusion – Getting a Great Mortgage Loan for a Home in Austin

Purchasing a home can be a confusing process, particularly when it comes to choosing the best mortgage rates in Austin for your long-term budget.

With so many different Austin mortgage lenders, how do you know which Austin mortgage is the right financial decision for you?

Just as with any other shopping experience, it’s important to weigh your options and compare offers from multiple Austin mortgage lenders to ensure that you are getting the best deal possible.

By looking closely at loan terms and mortgage rates in Austin, you will be well-equipped to find the best Austin mortgages for your unique financial needs and goals.

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