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How much is the down payment for a house in Texas?
If you are ready to start planning for your first home purchase… asking “How much is the down payment for a house?” is the right place to begin. You will need some savings as a new home buyer. So planning for the down payment and other upfront costs of buying a home is key to your success. Saving for a down payment, building up your credit score, and understanding how much house you can afford are all crucial steps in establishing a homebuying plan. Once you have these financial factors in place, getting pre-approved for a home loan should be quick and easy. Let’s take a look at the steps that will help you answer, “How much is a down payment for a house in Texas?”: Your Mortgage Options Each loan program offers a different down payment option. Traditional mortgage advice says that a 20% down payment is best to avoid paying mortgage insurance. However, if you are saving to buy your first home, a lower down payment could be a better choice. Lower down payment mortgage options allow first-time homebuyers the opportunity to purchase a home with 5% to 0% down. Loan Program: Down Payment Options 5% Down Payment:
The Cost of Waiting to Buy a Home in Texas
What is the potential cost of waiting to buy a home in Texas? It’s no secret that the housing market in Texas has seen some big changes in the last few years. With the rise in home prices and the low inventory of homes for sale, sellers have the advantage in the market. Many potential home buyers are questioning whether they should wait a few years to buy a home or buy one now. Of course, we can’t give you an actual number of the cost of waiting to buy a home, but we can give you a few facts and the current market outlook. As a potential home buyer, you have some important decisions to make ahead of you. So, is it still a good time to buy a home? Let’s take a look at some of the costs of waiting to buy a home in the changing market: Rising Rent Costs In many Texas cities rent prices are increasing by hundreds of dollars per month. This increase in rental prices is likely to continue for the foreseeable future. While monthly rent prices increases may begin to slow down, it’s not going to get cheaper to rent an apartment
Consolidate Credit Card Debt with a Cash Out Refinance
Is it beneficial to consolidate credit card debt with a cash out refinance? Anyone who has been behind on credit card payments knows that it can be tough to catch up. When it comes to your credit, keeping the balance in your favor is essential. If your payments are overwhelming your budget, it may be time to consolidate credit card debt with a cash-out refinance. There are a number of good reasons to consider consolidating your credit card debt with a cash-out mortgage refinance. Primarily, this can potentially save you money in interest and your monthly debt payment obligations. If you are a homeowner, now may be an excellent time to access your equity and pay off your credit card debt. Let’s take a look at some of the factors involved in consolidating credit card debt with a cash-out home equity refinance: Debt and Interest There are different types of debt, and each type of debt comes with different options for interest rates. Below you will be able to see how consolidating high interest credit card debt with a different type of loan can be beneficial. High Interest Credit Card Debt Credit cards are a type of revolving credit,
What do higher interest rates mean for first time home buyers?
What do higher interest rates mean for first time home buyers? We are truly in a unique time in the Texas Housing market. We have seen record setting price increases in homes in major metropolitan areas and even some smaller Texas cities in the last two years. There are more potential home buyers in the market than there are homes available; with many new families moving to Texas from other states. And… now the interest rates that have been at historic lows during the pandemic are now rising. While those factors can strengthen the seller’s advantage in the market, it’s not all bad news for home buyers. Let’s take a look at what higher interest rates mean for first time home buyers and how you can prepare for the conditions of the current market and beyond. What are the current interest rates for first time home buyers? The Board of Governors for the Federal Reserve System voted unanimously to raise the “overnight interest rate” for banks in mid March of 2022. They again raised the rate in May, and intend to continue to incrementally raise this rate throughout the year. The overall goal of these interest rate increases are to
Buy? Sell? Rent? or Stay? in the 2022 Housing Market
The current 2022 housing market has a lot of people thinking about their future. If you are wondering what your next best move is, this article may help you answer some big questions. What is happening in the housing market in Spring and Summer months of 2022? There are a combination of factors that make the 2022 housing market unique in the second half of the year. In areas with job growth, like many cities in Texas, the demand for housing is high. This is creating competition in the market and many homes are selling quickly at price points over asking price. Remaining supply chain delays from the effects of the pandemic and higher material costs have slowed the building of new homes in some areas. The Fed, or Federal Reserve, has scheduled and followed through on raising the “over night interest rate” for banks. This impacts the potential rate of return to mortgage investors and has impacted the interest rates available to consumers on their mortgages. While the Fed intends to continue to incrementally raise the over night rate to combat long-term inflation, interest rates for consumers have the potential to stabilize. (Interest rates are likely to drop again
Protest Property Tax Appraisal in Texas 2022
How to Protest Property Tax Appraisal in Texas in 2022 As a homeowner in Texas you have the right to protest the evaluation of your property with your county’s appraisal district. Although it requires some organization, research, and paperwork, many Texas homeowners consider it well worth the effort. In 2022 taking the steps to protest the increase of your property tax appraisal may be particularly important. Advocating for the affordability of property taxes in your neighborhood can impact your cost of living now and in the future. Let’s take a look at the questions that Texas homeowners are asking about protesting their property tax appraisal in 2022: Why Protest Property Tax Appraisal in 2022? Record setting increases in home prices are driving up the value of homes in Texas. The low inventory of homes on the market is creating competition that is driving up the sales prices. For current homeowners this increases the value of their home on the market… which can in-turn increase the local property taxes. In 2022 homeowners are seeking protection from high increases in property taxes, by protesting the appraisal of their property value. When Should I Protest My Property Tax Appraisal? Texas county appraisal districts
Home Security During Your Vacation
Top tips for home security during vacation. Looking forward to traveling this summer with your family? We have some helpful home security advice to give you peace of mind during your vacation. While you and your family are on vacation it can be natural to worry about the security of your home. While you are away it’s not as easy to keep an eye on things, but there are a few preventative measures you can take. Planning some of these home security strategies before your vacation could give you some added safety. Home Security Before Your Vacation Leave Nowhere to Hide Long before you leave for vacation, there are a few ways that you can deter potential break-ins by giving burglars no easy places to hide outside of your home. Think about the areas outside of your home that could provide cover for unwanted activities. Lighting – Most break-ins happen while it’s dark outside, because activity is not easily observed in low light. Installing motion activated flood lights could keep people from prowling around your property. Landscaping – Tall bushes that cover a window of your home could potentially give a burglar an opportunity to pry their way inside without
Buying a Home in the Spring
Buying a home in the spring can be a great idea for avoiding the market extremes of the summer and winter. Spring time is when the housing market begins to warm back up after the low inventory months of the winter. The summer months can be over crowded and a highly competitive time for potentially buying a home. In some ways, buying a home in the early spring is like finding the sweet spot in the housing market. However, when you find the home that is the right fit for you, be ready to make an offer. Here are a few great ways to prepare for buying a home in the spring: Have Your Finances Aligned Now is the time to get pre-approved for a mortgage if you plan to buy a home this spring. Applying for home loan pre-approval is something that you should do before getting a realtor or going to look at houses. Having your finances aligned allows you to understand the flexibility of your budget and gives you the ability to confidently make an offer. Mortgage lenders consider 3 primary financial factors in your pre-approval to buy a home: Your Credit History – current debt obligations
