Austin Mortgage Lenders and Rates (TX)
Austin is currently in a rather strange position in the national housing market. Although Texas is one of the three states responsible for 46% of the nation’s population growth (along with California and Florida), it ranks 45th in homeownership rates. Officials believe that high property taxes are one of the main contributing factors to such a low rate. The Austin Realtors Association supports organizations and politicians who are willing to change property tax laws.
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Quick Austin Housing Facts
Percent of Homeowners in Austin: 63.8%
Percent of Renters in Austin: 36.2%
Median Austin Household Income: $19,617
Average Austin Credit Score: 651
Best Cities to Live in near Austin: Colleyville, Boerne
Median Austin Home Value: $82,500
How Much Real Estate Can I Afford In Texas?
Before you enter the Austin housing market, you need to know where you stand in the market. Luckily, we have a few tools that can help you determine such information. First, fill out the following questionnaire:
- How much am I willing to spend on my monthly mortgage payments?
- What kind of payment plan will work well for me?
- What are the property taxes like in Austin?
- What are current interest rates in Austin?
Once you’ve completed the questionnaire, check out our online mortgage calculators. Once you’ve done some number crunching, you should have a pretty good idea of where you stand and will know what your next move will be.
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Refinancing in Austin
There are three main reasons that people refinance their mortgages in Austin:
- For a better interest rate. If the market interest rate drops 2% below the one you are paying, it is probably worth it to refinance.
- For a better interest rate. Yes, we know we already said that. If your credit score improves enough, you may qualify for a better interest rate.
- For a different payment plan. Want to lock in on low interest rates? Change from an Adjustable Rate plan to a Fixed Rate Plan. Don’t have a lump sum of cash like you though you would? Get out of your Balloon plan and switch to something more to your liking.
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