Dallas Area Mortgage Rate Survey February 10, 2012

Written by: Scott Sery

According to a recent Primerates.com survey of Dallas area mortgage rates offered by the largest area banks & credit unions, rates offered by lending institutions in the Dallas Metroplex dropped in the past weeks.  JP Morgan Chase (www.jpmorganchase.com) and Compass Bank (www.bbvacompass.com) both offered the best rate of 3.75% on 30-year fixed -rate conforming loans in the DFW area for well-qualified borrowers.  Bank of America (www.bankofamerica.com) and Comerica Bank (www.comerica.com) both offered the highest rates of 4.35%.

After buying a house, the borrower may be tempted to just make minimum payments on the loan and keep as much to themselves for living expenses.  However, there are ways to knock out the loan quickly and painlessly.  The easiest is to set up a bi-weekly payment system.

The bi-weekly payments take the monthly payment amount, and cut it in half.  Then every two weeks, a payment is made.  By doing so a person will make 26 half payments during the course of a year.  This is like making one full extra payment (26 half payments is equal to 13 full payments).  For those whose lending institution does not allow them to make bi-weekly payments, they can still take advantage of this opportunity.  By multiplying their payment by 13/12 (or 1.083) it will be the same as making 13 payments per year.  For example, if a person has a house payment of $1,000 per month, and they pay $1,083, they will pay $13,000 over the course of a year; or the equivalent of one extra payment.  Keep in mind, many lenders require automatic deductions to set up bi-weekly payments.

With the easy to use calculator at Bankrate.com anyone can figure out how much faster they can pay off their mortgage.

Top Dallas Area Banks and Credit Unions

As of

30-year Fixed

15-year Fixed

5/1 ARM

JP Morgan Chase

02/06/12

3.75%

3.00%

2.38%

Compass Bank

02/06/12

3.75%

2.75%

2.63%

Wells Fargo

02/06/12

3.88%

3.13%

2.13%

Capital One

02/06/12

3.97%

3.27%

2.84%

Bank of America

02/06/12

4.25%

3.50%

3.00%

Comerica Bank

02/06/12

4.25%

3.41%

2.94%

 

Listed rates for Dallas area mortgage rates come from banks, thrifts and credit union and were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates.


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Dallas Area Mortgage Rate Survey February 10, 2012

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