Texas Mortgages

    Texas mortgages are almost as diverse as Texas itself. Texas boasts the big, busy cities of Houston and Dallas, as well as the charming, culturally-rich capitol of Austin. Beautiful Gulf beach towns like Galveston and the Padre Islands reside to the south. With its deserts, hills, lakes, forests, and gorges, Texas has just about every environment to suit one's tastes.

    Texas also offers home mortgage loans in many different packages to suit the varying needs of Texas home owners. Loans are generally of two types: the fixed-interest loan, and the adjustable-rate loan. Each loan appeals to different people depending on their economic situations, and how they intend to pay off their Texas home mortgage loans.

    The Different Types of Texas Mortgages

    The fixed-interest mortgage has just that: a fixed interest rate that the owner "locks in" before purchase, that never changes for the term of the loan. With steady monthly (or bimonthly) payments that are always the same, the fixed-interest mortgage is a popular choice for home owners who want reliability in their Texas mortgages.

    The adjustable-rate mortgage is offered at a very low interest rate, but that rate will change as the market forces change. Interest rates on adjustable-rate mortgages are determined by the Fed, and home owners who opt for this type of mortgage are at its mercy. These Texas mortgages are most attractive to owners who don't mind taking risks on interest rates, or who plan to pay off their home quickly, before interest rates climb too high.