Best Mortgages for First Time Home Buyers in Texas (10-15-30-Year Fixed, 5/1, 7/1 ARM)
Purchasing a home is no short-term commitment. With payment terms ranging from 15-30 years, it’s likely that a first time home buyer in TX will be working a mortgage into their budget for decades to come.
For this reason, it’s crucial to find the right Texas rates and lenders, ensuring that home ownership remains as convenient and as affordable as possible for TX first time home buyers.
Whether you’re ready to start house hunting or you’re simply exploring your possibilities, understanding your options as a Texas first time home buyer can make a world of difference when comparing TX home loans.
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Credit Score Tips for First Time Home Buyers in Texas
As a first time home buyer in Texas, having a solid credit history will play a huge role in determining the types of rates you receive.
Whether your score is low or high, it’s important to understand where your credit score is at before you begin the process of applying for a first time home buyer in TX mortgage.
Below, please find a few credit score tips for TX first time home buyers:
Know What Type of Credit Score You Will Need
As with any other type of loan, higher credit scores will get you the best rates, but even low credit borrowers can find great Texas first time home buyer mortgages.
According to Quicken Loans, a score of 660 or higher will provide a wide range of options for a first time home buyer in Texas, but an FHA loan can be approved with a score as low as 580.
No matter what type of mortgage you are considering, it’s a good idea to research the lender and mortgage type beforehand so that you know exactly what type of credit score you will need to qualify.
Monitor Your Credit Score Regularly
If you aren’t already checking your credit score on a regular basis, now is the time to start. As a first time home buyer in Texas, you’ll want to carefully review every aspect of your score to ensure that everything is correct and up-to-date.
This is a great opportunity to resolve any errors or identify areas for improvement, like paying down credit cards or eliminating old bills.
By identifying areas for improvement early on, first time home buyers in Texas can put themselves in a much better position to get flexible rates on Texas home loans.
Ruhl House—Galveston, TX
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Additional Considerations for Texas Mortgages
When searching for the best mortgage rates for a first time home buyer in TX, there are a few additional pieces of information to keep in mind.
If you have a good, great, or excellent credit history and you are seeking a first time home buyer in TX loan totaling over $424,100, some lenders may be able to provide different terms and rates.
For this reason, it’s important to confirm current rates and terms for TX first time home buyers before making a commitment.
Additionally, it’s also important to keep in mind that inital APR and payment information does not include state-specific taxes or required insurance premiums. As such, you should expect that monthly payments for a first time home buyer in Texas will be greater when taxes and insurance products are added.
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Conclusion – Getting the Best Mortgage as a First Time Home Buyer in Texas
Purchasing your first home will not be a quick shopping experience. The average processing time for first time home buyers in Texas is between 30-45 days from the application submission to closing.
Given this, TX first time home buyers should be prepared for a longer processing time, and create a plan to avoid unnecessary delays or extra expenses when applying for TX home loans.
As a Texas first time home buyer, it’s also worth noting that providing a down payment of 20 percent or more could create a significant, long-term advantage.
Not only does this lessen the burden of a mortgage over time, but it can also make home ownership more affordable for first time home buyers in Texas, since many lenders will remove the cost of mortgage insurance.
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