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How to Get the Best Rate in Texas
Mortgage rates are not one-size-fits-all. The rate you receive depends on your credit profile, the loan type you choose, your down payment, and current market conditions. Here is what you can control to secure the lowest rate possible.
NMHL loan officers work with 300+ lenders to find competitive rates for every borrower profile — whether you have excellent credit or are rebuilding.
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Understanding Texas Mortgage Rates Today
Texas mortgage rates are influenced by national economic trends, but local factors like the state's thriving energy industry and population growth also play a role. Currently, rates are competitive across various loan types, making it an excellent time to explore your home financing options.
With our live rate widget, you can compare today's mortgage rates across different loan programs, including conventional, FHA, VA, and USDA loans. Each loan type has its benefits, depending on your specific situation and goals as a Texas homebuyer.
Check our live rate widget above for the most current Texas mortgage rates.
Texas Property Taxes and Mortgage Payments
One crucial factor to consider when buying a home in Texas is the state's property tax environment. Texas has some of the highest property taxes in the country, averaging 1.60-1.80% of a home's assessed value. This means that on a $350,000 home, you could be looking at over $5,600 in property taxes annually, significantly impacting your monthly mortgage payments when including escrow.
Lenders factor these property tax costs into your debt-to-income ratio when pre-approving you for a mortgage, potentially affecting the maximum loan amount you qualify for. Understanding these costs upfront can help you better plan your home purchase and avoid surprises down the line.
Consider consulting with a mortgage professional to understand how Texas property taxes will impact your specific situation.
Choosing the Right Mortgage Loan for Your Texas Home
Texas offers a diverse range of mortgage loan options to suit different homebuyers' needs, from conventional loans to government-backed programs like FHA, VA, and USDA loans. The right choice depends on factors like your credit score, down payment ability, and whether you're a veteran or purchasing in a rural area.
For instance, VA loans offer zero-down financing for eligible veterans, while USDA loans provide similar benefits for homebuyers in rural Texas communities. Understanding these options and their requirements can help you make an informed decision when selecting a mortgage loan for your Texas home.
Explore our loan type comparison section to find the best mortgage option for your Texas home purchase.
Refinancing Your Texas Mortgage: Is It Right for You?
Refinancing your mortgage can be a smart financial move if done at the right time. In Texas, the decision to refinance depends on several factors, including your current interest rate, the new rate you're eligible for, and your plans for how long you'll stay in your home.
One important consideration in Texas is the state's unique rule capping cash-out refinances at 80% loan-to-value. This means you'll need to carefully evaluate whether refinancing will save you money in the long run, taking into account closing costs and the potential benefits of a lower interest rate.
Consult with a mortgage expert to determine if refinancing your Texas mortgage is the right choice for your financial situation.
Texas Mortgage Rates FAQs
Texas mortgage rates fluctuate daily based on national market trends and local economic conditions. As of today, rates are available through our live rate widget above. Texas rates tend to track national averages, though the state's strong job market and population growth can influence local lending competition.
Texas has some of the highest property taxes in the nation, averaging 1.60-1.80% of assessed home value. This means a $400,000 home in Dallas could have over $7,200 in annual property taxes, significantly increasing your monthly escrow payments. Lenders factor these costs into your debt-to-income ratio, affecting your maximum loan amount.
While mortgage rates are generally consistent across Texas metro areas since lenders price at the state level, home prices vary significantly between cities. For instance, Austin's median home price is higher than Houston or San Antonio, which can affect whether you need a conforming or jumbo loan, with jumbo rates typically 0.25-0.50% higher.
Yes, large portions of rural Texas qualify for USDA zero-down loans, including areas outside major metro boundaries. Communities 30+ miles from Houston, Dallas, Austin, and San Antonio city centers often qualify. USDA loans offer competitive rates and no down payment requirement, making them ideal for eligible rural homebuyers.
Whether refinancing makes sense depends on your current rate versus today's rates and how long you plan to stay in your Texas home. Texas has a unique refinance rule: cash-out refinances are capped at 80% loan-to-value under the Texas Constitution. Generally, refinancing saves money if you can reduce your rate by at least 0.50-0.75%.
FHA loans are popular among first-time Texas homebuyers due to their lower down payment requirements (as low as 3.5%) and more lenient credit score requirements. They are particularly beneficial in high-cost areas like West Austin or The Woodlands, where conforming loan limits may be insufficient for the local market.
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