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

Houston Rates & Loans for Borrowers with Good, Fair, Great, and Excellent Credit Scores

Are you in the market to buy a home in Houston, and are seeking the current mortgage rates in Houston? Or are you looking to refinance an existing Houston mortgage loan?

While finding a new home in Houston, TX can be very exciting, navigating the mortgage application process can be overwhelming for some.

Something to note here is that knowing what steps you need to take can help your home loan application process go more smoothly. Once you have selected a mortgage lender in Houston, TX, here is a quick overview of what will take place afterwards:

  • Submit your application
  • Your application is reviewed by the lender
  • Additional documentation will be requested
  • Order a home inspection
  • Purchase homeowners’ insurance
  • Let the process play out, and avoid taking on new debt
  • Lock in your rate
  • Review your loan closing documents (your “Closing Disclosure” form will be provided after your loan is approved, and your inspection, appraisal, and title search are complete)
  • Closing date is set by the lender
  • Arrange to pay your down payment and closing costs
  • Close on your home 

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Mortgage Loan Types in Houston, TX

Lenders that provide mortgage loans in Houston provide a wide range of conventional and adjustable-rate loan types, including:

  • 10-year mortgage loans
  • 15-year mortgage loans
  • 20-year mortgage loans
  • 30-year mortgage loans
  • 7/1 ARM
  • 5/1 ARM
  • 3/1 ARM
  • Jumbo loans
  • VA loans

What Impacts the Interest Rate that You Receive?

Did you know that many factors affect the mortgage interest rate that you receive from mortgage companies in Houston, TX? Here are just a few examples:

  • Type of loan (VA, Jumbo, 10-year, 30-year, 15-year, 20-year, or adjustable-rate mortgage loan)
  • Your credit score and history
  • The overall amount of the loan
  • The money that you put down on the house (the down payment amount)

In general, the interest rate that will be offered by Houston mortgage lenders will be based on the level of credit (default) risk that lenders predict for your loan.

This is why there are so many factors that contribute to the specific individual rate that you are offered. On top of that, current mortgage rates in Houston change daily based on moves in the financial markets.

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Conclusion – Finding the Best Mortgage Rates for a Home in Houston

Refinancing or buying a home is not a quick shopping experience. Average loan processing (from start of application to closing) averages 35 days. As such, you need to have a plan set in place for buying your first house in Houston to avoid extra expenses and unnecessary delays.

Also, it looks like property prices are going to go up based on the damages caused by Hurricane Harvey. As reported by Reuters, “It might seem like Houston’s historic flood from Hurricane Harvey would make the city a less desirable place to live, but it’s going to get more expensive, real estate experts say. The supply of houses and apartments is expected to drop sharply with tens of thousands of homes destroyed and uncertain prospects for future flood insurance costs.”

So, it looks like there’s never been a better time to buy than now.

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Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.

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