Hi friend! Are you curious how you can afford more home in Texas? On today’s short-and-sweet blog post, we are going to cover, “5 Ways to Afford More Home in Texas”..
- Pick a home with a low tax rate.
- You can do this buy avoiding most new construction.
- A low tax rate would be anything below 3% percent.
- A real estate agent, can do this type of research for you.
- Locally here are some neighborhoods with low tax rates.
- Pick a home with a lower HOA.
- Amenities are amazing, but it would be silly to “pay” for something you never use.
- So make sure you aren’t over purchasing (or under purchasing) in neighborhood.
- A low HOA is considered anything below $700 a year, and a high HOA would be anything over $1200 a year.
- Shop around for your insurance.
- I recommend using an insurance brokerage that can shop 30+ carriers.
- I have a sweet friend and neighbor who can help you. Her contact information is here.
- Pay off a line of credit.
- Almost more important than how much you make, is how much you spend.
- The ratio of what you spend to what you make is called DTI. So the less money you spend on revolving credit, the lower your DTI, meaning you can afford more if your DTI is lower.
- So paying off a line of credit, the largest payment you can afford without spending the money you need for downpayment and closing costs, could really help you.
- Avoid PMI.
- PMI is private mortgage insurance. It is calculated into your monthly payment, along with, principal, interest, taxes, and insurance. Private mortgage insurance is required by the bank as an extra policy, that you must pay, to keep them protected.
- If you own less than 20% of your home, then you are required to get PMI on your home.
- By putting 20% down, or finding a loan option that avoids PMI, will help you afford more home.
Other ways to afford more home, include: improving your credit score so that your interest rate is lower, meaning you have more room in your monthly payment for home versus interest. As well as, buy a home with the interest rates are historically low.. Like right now.. Lol.
I hope you found this short-and-sweet blog post to be beneficial. If you would like assistance finding your dream home, please reach out! I love nothing more than providing education and answering questions, so if you are looking for a local realtor to help you find your dream home, please don’t be shy; no matter where you are in the home buying process, I look forward to hearing from you.
Jordan Marie Schilleci, REALTOR®
Jo & Co. Realty Group
Check out our most popular blog posts:
- First Time Home Buyer – What You Need to Know :: http://byjoandco.com/fthb-blogpost
- The Seven People I Recommend to Every Client :: http://byjoandco.com/7people
- Most Popular New Construction in Conroe :: http://byjoandco.com/conroenew
- About Woodforest – My Most Asked for Community in 2020 :: http://byjoandco.com/aboutwoodforest
- The Most Desirable Neighborhoods to Live In in Spring and Klein ISD :: http://byjoandco.com/bestklein
- 15 Local Things to Do at Night with Kids :: http://byjoandco.com/atnight
- Where to Stay When House Hunting or Moving to The Woodlands :: http://byjoandco.com/whereto
- The Best Neighborhoods to Live in to Let Kids Be Kids :: http://byjoandco.com/kidsbekids
- Download our e-book, Moving to The Woodlands, http://byjoandco.com/downloadthewoodlandsebook
Jo & Co. Ebooks Available for Download:
- This ebook is for first time home buyers. | http://byjoandco.com/ebook1
- This ebook is for anyone moving to The Woodlands. It is updated for 2020 and shares everything you need to know. | http://byjoandco.com/ebook2
- This ebook is “The Best Neighborhoods to Let Kids Be Kids”, which is essentially a list of the most popular and favorite neighborhoods. | http://byjoandco.com/ebook3
- This ebook geographically compares Spring vs. The Woodlands. The video on this one is more informative. I really recommend watching the video. | http://byjoandco.com/ebook4
- This ebook is a silly one that is more self promotion. | http://byjoandco.com/ebook5
- This ebook is “Moving to The Woodlands”, my original ebook. | http://byjoandco.com/ebook6
- This ebook is “Texas Heroes Program Ebook”, my ebook to community hereos. | http://byjoandco.com/ebook7
- All ebooks have corresponding videos that elaborate on the topic, and you can find those here on the YouTube channel: http://byjoandco.com/youtube.
Favorite YouTube Videos:
- Moving to The Woodlands – Everything You Need to Know. | YouTube Link
- First Time Home Buyer – What You Need to Know | YouTube Link
- The Best Neighborhoods to Let Kids Be Kids | YouTube Link
- Buying in Texas? Calculate Your Monthly Mortgage | YouTube Link
- The Difference Between Spring, TX and The Woodlands | YouTube Link
- Most Desirable Neighborhoods To Live In, In Klein ISD | YouTube Link
- What to Know When Moving From California to Texas | YouTube Link