Have you ever seen a mortgage advertisement online and thought:

"Wait… I can afford that?"

Maybe you can.

But before you start shopping for homes based only on that number, there is something important to understand.

The payment you see advertised may not tell the whole story.

And knowing the whole story before you buy can save you from a lot of stress later.

Why Online Mortgage Numbers Can Be Misleading

Online mortgage companies spend a lot of money advertising because, just like any business, they want your business.

There is nothing wrong with using online tools to gather information. Technology has made it easier than ever to start learning about buying a home.

But remember:

An advertised payment is not always the same thing as your actual monthly housing cost.

Those numbers may be based on assumptions such as:

  • Excellent credit
  • A certain down payment
  • A specific loan program
  • A particular interest rate

They may not include all of the costs you will actually pay, such as:

  • Your escrow account
  • Accurate property tax amounts
  • Homeowners insurance
  • Mortgage insurance, if applicable
  • HOA dues, if applicable

The question is not:

"What payment did I see online?"

The question is:

"What will my complete monthly payment really be?"

Texas Property Taxes Are a Big Piece of the Puzzle

If you are moving to Texas, one thing you need to understand is that property taxes are a significant part of owning a home.

This is especially important with new construction.

Sometimes the initial tax estimate does not reflect the completed home. The property may have been assessed based on the land before the home was finished.

Once the county updates the records and the home is fully assessed, the tax amount can change.

That can affect your monthly payment.

This is why having a lender who takes the time to explain the complete picture is so important.

The Goal Is Not Just Approval

One of the biggest mistakes buyers make is focusing only on what they qualify for.

But qualifying for a payment and comfortably affording a payment are two different things.

I believe in helping people make smart financial decisions. That is one reason I am proud to be a Dave Ramsey Preferred Agent.

I would rather see someone buy a home they love and enjoy their life than buy the biggest home possible and feel stressed every month.

The right lender will help you understand your options and create a plan that fits your goals.

Not sure where you stand? I can connect you with trusted professionals who can help answer your questions.

#GetJacque #INCrealty #TexasHomes #MortgageTips #HomeBuying

 

Jacque Swanner

INC Realty 

214-770-3608