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!
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Hugs, Jo.
Thoughtfully written for you by Jordan and the Jo & Co. Team.
We are Waiting for You
If you are looking to relocate to the Houston Area, we would love to meet you, and hear your story. Below you will find all of my contact information, as well as some homes for sale in the area. We truly look forward to hearing from you! P.S. Don't forget to check out our YouTube Channel!
If you are overwhelmed..
Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by click this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious what to look at next! Thank you for trusting us.
Links to check out..
➟ Our YouTube Channel :: http://byjoandco.com/youtube
➟ How do property taxes work in Texas? :: http://byjoandco.com/propertytaxesintexas
➟ Things to do in The Woodlands :: http://byjoandco.com/inthewoodlands
➟ Safest Neighborhoods in Houston :: http://byjoandco.com/safesthouston
➟ Best Neighborhoods in Houston :: http://byjoandco.com/bestneighborhoods
➟ Houston Texas Where to Live :: http://byjoandco.com/houstontexaswheretolive
➟ First Time Texas Home Buyer :: http://byjoandco.com/firsttimetexasbuyer
• Download our Moving to Texas ebook! http://byjoandco.com/movingtotexasebook.
• Download our Where to Live in Houston Texas ebook! http://byjoandco.com/wheretoliveebook.
• Schedule a phone call or appointment with us! http://byjoandco.com/appointment.
• Email us! [email protected].
• Looking for a buyer’s agent? Fill out our buyer questionnaire! http://byjoandco.com/q.
• Ready to find your dream home? Search, http://search.byjoandco.com.
• Subscribe to our YouTube Channel: http://byjoandco.com/youtube.
Visit the Jo & Co. YouTube Channel
At Jo & Co. we know that most people struggle with the home buying or selling experience. We are a brokerage, real people, that do more for you, by being with you every step of the way, so that you plant your roots in the right soil. One way that we go above and beyond is with the content we share on YouTube. Click the photo below to explore our channel.