Mortgage Information & Calculator
After choosing your realtor®, the next step would be to choose your mortgage broker/lender to get pre-approved. A pre-approval letter is submitted with all offers and allows you to not only be prepared when your perfect home is found, but allows you and your realtor to look for homes and ultimately purchase a home in a price range that you can afford. A good mortgage broker, like a good realtor is imperative in guiding you in the mortgage process and helping you with the most important purchase you'll ever make. An inexperienced or just plain bad mortgage company/broker, like a bad realtor, will cost you time, money and a lot of aggravation. Unfortunately, the big banks overpromise and undeliver and I and my colleagues have experienced horror stories more often than not.
I recommend only a select few mortgage brokers that I work with and I am always assured that my clients will be in the very best of hands regarding their mortgage.
Property taxes in Texas should be calculated at approximately 2.5-3% of the
appraised value of the home and the appraised value should ideally be lower than the market value. I'm often asked why the property taxes in Texas are higher than in many states. I don't have an answer but we do NOT have any state income tax so I suppose it all evens out!
The good news is that you will be entitled to a 20% discount on your property taxes when you file for a "homestead" exemption. The homestead exemption can be used if the home is your primary residence and you purchased the home on or after January 1 of any given year. Questions? please contact me and I'd be happy to answer any questions.
Below is a mortgage calculator that will help you find out what your
payments will be.