Is It a Good Time to Buy a House in North Richland Hills?

Yes! It is a Great Time to Buy a House in North Richland Hills!

If buying a home right now is what’s right for you, it is still a great time to buy.  Even though mortgage interest rates declined slightly in November and December of 2022, some experts are forecasting that mortgage interest rates will continue to rise in 2023. If that proves true then locking in a lower mortgage rate now is a good idea.

The more that mortgage interest rates rise, your buying power decreases. In other words, the higher interest rate means that the loan will cost more and that impacts the amount available to spend on the new home. Texas recently became a Buyer’s market and North Richland Hills is a positive and growing community.  So there’s no better time than right now, to buy a home in North Richland Hills.

North Richland Hills is a friendly community with great schools and very nice amenities such as the new public library and recreation center. There’s also the award winning Iron Horse Golf Course and family water park NRH2O. There’s plenty to do with 800 acres of park land and 30 miles of hiking and biking trails. And, it’s centrally located to all that Tarrant County has to offer.

If it seems right for you to buy a home right now in North Richland Hills or a city close by, rest assured it is a great time to buy -before mortgage interest rates rise any further. And, it’s good to know that If you buy now and mortgage interest rates go down in the coming years, you can always refinance to a lower rate.

Texas Best Homebuyers would be happy to assist you with your next home purchase! We have buyer’s agents who will be happy to work with you to find the home that is the best fit for you. We have inventory! And if we don’t have what you’re looking for, we’ll help you to quickly find available homes to view that meet your needs and goals. Call/Text us today! (817) 808-4911

4 Steps to take now if you want to buy a home soon and maximize your buying power.

Find an Experienced Local Real Estate Agent

Texas Best Homebuyers can help! We have available inventory, and our agents also have access to the MLS. We know when homes are available before they show up on listing sites. By working with us you’ll have a competitive edge in being able to make a quick offer. Our agents can help you find a home that meets your needs and goals. We always strive to make it as easy on you as possible.

Understand Your Credit Report

Find out if you have any errors on your credit report. If you do, contact the appropriate companies to get them resolved. This can take from 1-3 months, so it’s good to do this as a first step. While you’re in this process, explore to see if there is anything else you can do to raise your credit score. Be ready to explain to the lender any problems that are accurate on your credit report. You can visit MyCreditReport.com to check your credit reports for free.

Assess Your Budget

There are online affordability calculators you can use, or a lender can help you. Lenders will want to keep your total monthly payments on principal, interest, property taxes and insurance in the range of 31% – 36% of your monthly income. You’ll also need to have cash for your down payment. Most lender’s want you to have 20% of the home’s cost in cash to put down. However, there are other agencies who will finance the loan if you have less than 20% to put down. You can explore your options with Fannie Mae, Freddie Mac, The Federal Housing Administration, and the Department of Veterans Affairs. You might be able to put down as little as 3% with one of these. If you put down less than 20%, you’ll have to pay for private mortgage insurance. (PMI) Also, some other typical closing costs are the appraisal fee, loan fees, inspection fees and the title search fee.

Find a Lender and Prequalify for Financing

Do some research to find a mortgage company offering the lowest interest rates. Find a lender who really understands your overall goals, one who won’t pressure you into buying more house than you can afford. A good lender will answer all your questions and explain your options very clearly. You’ll get a pre-approval letter that you can submit with any offers you make to buy a home.

And remember Texas Best Homebuyers is here to help you find the “just right home” that will satisfy your needs and goals. Call/Text today! 817-808-4911

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