Today’s Dallas/Fort. Worth Mortgage Rates are still really low.  In fact, for those wanting and able to refinance to a 10 and 15 year fixed rate…now is the time!!!  Notice that the local Bank of Americas are offering a 30 year fixed rate for around 3.875% and the 15 year fixed rate for around 3.00%.  But these are fake rates. 

Notice the fine print under the larger interest rate….

Notice how Bank of America is charging 1.25% in points and fees to get the 3.875% 30 fixed rate and equally ridiculous they are charging 1.20% to get the 3.00% 15 year fixed rate.

In the mortgage business, we mortgage companies know people want the “Lowest mortgage rates in the Dallas area“-I mean that’s what people are Googling.  If they aren’t  Googling that they are Googling “Best Dallas Refinance Rates“….we know because that’s our business to know.

Offering low rates via points is a very common practice in the mortgage business mortgage people like us know most of the time people look only at the interest rate.  We, however, encourage people to look at the fees and the rate; and weight both when making a refinance decision.

For example, the real Dallas mortgage rates right now (April 20, 2012)  are 4.00-4.125% for the 30 fixed, assuming great credit and W2 jobs.  And on the 15 fixed the real rate is 3.375-3.5%.  

These are the NO POINT rates, these are the rates we would offer you if you were kind enough to call us.

And here’s why:  Let’s say you were refinancing your Dallas Home Loan and your payoff was $200,000.

If you went to a bank of America they’d charge you $2500 in lender fees alone. Our lender fee is only $500.

Your payment at 3.875% would be $941.00 + taxes and insurance Your payment at 4.125% would be $969 + taxes and insurance.

The difference between the “fake” mortgage rate and the real market rate w/o all the excessive lender fees is only $28.00 per month.

At www.mylendingplace.com we would simply offer you both loans and say “does it really make good financial sense to pay for the 3.875% rate when it would take you 89 months to justify the buy-down fee of 1.20%?”

I mean 89 months is over 7 years!

You decide.

If you’d like to apply for your mortgage or a refinance….or even a cash out refinance please do so here.

Keep in mind we also offer Texas FHA, Texas VA and Divorce Refinancing loans.  (Refinancing after a divorce has a lot of unique issues and we specialize in this type of loan.) We also do NO PMI loans, even up to 95%. And Texas Jumbo mortgages Texas HELOCs….

If you need help with your Texas Mortgage, we can help!!!! And we do loans all over the great State of Texas!!!