San Antonio, Texas, currently ranked the 8th largest city in the United States, is visited by 20 million tourists each year. It is famous for its Riverwalk, the Alamo, the Tower of The Americas, and the three-time NBA Champion Spurs basketball team. SBC Communications, Tesoro Petroleum Corp, and Clear Channel Communications are all headquartered in San Antonio, providing many residents with jobs.
Understanding your credit history and current market trends will help you get the best San Antonio mortgage rates.
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| Population 1,144,646 | Median Age 31.7 yrs | Household Size: 2.77 |
| Avg Home Value: $68,800 | July High: 94.6°F | January Low: 39.0°F |
San Antonio Mortgage Rates
The key to getting the best mortgage rate on your new home in San Antonio is to compare rates from several lenders. Mortgage rates can fluctuate on a daily basis, and various lenders may offer different rates for the same loan.
A good credit score will help you secure a low mortgage rate. Your credit score represents the likelihood you will pay back a loan, based on past credit history. You can find out your credit score by requesting a credit report from one of the three credit bureaus - Experian, Equifax or Trans Union. If your credit report shows problem areas (such as past due accounts), you may be able to correct them before applying for a mortgage.
Certain types of mortgages usually carry lower mortgage rates. Adjustable Rate Mortgages or ARMs, for example, typically carry a low rate for the first two years and then the rate is adjusted to reflect current interest rates. Likewise, mortgages with shorter terms (such as 15-year mortgages) sometimes carry lower rates than those with longer terms.
You can also lower your mortgage rate by purchasing “points” from your lender. When you buy points, you are essentially pre-paying some of the interest up front. One “point” equals 1 percent of the loan. For example, if you’re taking out a $200,000 mortgage at 5 percent with 3 points, you would have to pay $6,000 to get the low interest rate. Those with less-than-perfect credit may find points the best way to secure a low mortgage rate.
San Antonio mortgage rates can vary significantly, so become familiar with trends and do everything in your power to qualify for a low rate.
By Isaac Larson
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A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®