There may never be a better time to purchase your first home in the Austin, Texas area. Interest rates have hit yet another low this week, with the average rate for a 30-year, fixed-rate mortgage falling to 2.71%! A couple of things to think about:
You have to live somewhere, so why not put your hard-earned $$ towards something that you own. Rental rates continue to rise. As you pay your monthly mortgage, you are paying off your home.
You will likely generate equity for you (future security and wealth generation). Think of it as a future savings account!
A home of your own offers you a permanent sense of security.
Your home can be customized to your tastes and your needs.
You get tax benefits when you own a home and have a mortgage.
Owning your own place is often less expensive than renting in the long run.
If you have roommates and they are paying you rent - they could be helping to pay for your mortgage.
Did you know that in Texas that there are available programs for down payment assistance for buyers who fall within certain income brackets? Did you know that in certain areas that there are 100% financing loans? Did you know that if you are eligible for a VA loan, that it can be 100% financing?
A $250,000 loan at 2.71% over 30 years is $1015.31/month. Add your monthly taxes and insurance to that, along with any HOA fees, and you will have your monthly payment. In many Austin area neighborhoods, that means that your total monthly payment could be in the $1600/month range. (This doesn't include the fact there you may be eligible for federal income tax savings as well). If you are paying that much per month or more in rent, it may be time to look at purchasing your own place. 🏠
Connect with me and we can get started on your new home journey. I'll be with you every step of the way...