Everything in Texas is big. The state itself is huge, and it has thousands of reasons why it is a great state in which to live: It is right near the ocean; it has tons of farmland; and it is home to some of the most exciting cities in the country. Dallas, San Antonio, and Austin all differ significantly, but they each have a personality that is completely unique. In addition, Texas has a deep influence from neighboring Mexico, which richens the culture in countless ways. Texas is also home to big mortgage payments. Many individuals are constantly strapped for cash in Texas as a result of the size of their mortgage payments. These individuals may want to consider refinancing their homes. By refinancing, Texans can gain access to updated, more affordable loans and possibly tap into their equity in order to finance large purchases. This process is done by obtaining a new loan thorough an agency that covers the balance remaining on your existing home loan, which should be significantly less than what you paid initially, and it is subject to new and more flexible loan terms.
Quick Texas Housing Facts:
- Percent of homeowners in Texas: 63.8%
- Percent of renters in Texas: 36.2%
- Median annual income in Texas: $40,170
- Average credit score in Texas: 651
- Best Texas city to live in: Colleyville, TX
- Median Texas home value: $82,500
When to Refinance in Texas
Refinancing can be a tricky endeavor if it is not approached carefully. Texans must engage in a large amount of research prior to securing a refinancing program in order to avoid expensive fees that can be hidden in the fine print of their existing home loans. Be sure to research the terms and conditions of your current home loan to make sure that there is no mention of high penalties for paying the loan off early. In addition, it is important to stay focused on interest rates. Be sure and refinance only when rates are significantly lower than what you are paying today, which is usually by around 1.5 to 2%. Finally, make sure that there are no expensive closing costs associated with your new refinancing program. Keep in mind that you are refinancing to save money; make sure that you are taking every precaution to ensure that you actually do save money.
How much house can I afford in Texas
One of the biggest problems facing Texas’s homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Don’t forget there are many other home options out there specifically for Texas’s residences. We work with local and national lenders to make sure that you get the best rate possible.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.