By Peter Ricci
Monthly mortgage payments in the Lone Star State are pretty average, according to an expansive study by Lending Tree of the various states’ mortgage payments in the last 12 months.
As Lending Tree found, monthly mortgage payments in Texas average out at $824, which is pretty much what most other states pay. The most expensive, unsurprisingly, was the District of Columbia at $1,641, and the least expensive was Nebraska at $711.
Lending Tree Survey of Texas Mortgage Markets
Of course, the Lending Tree survey looked at much more than monthly mortgage payments, including:
- The average credit score for mortgages in Texas the last year was 734.
- The average household income was $49,392, which produced an average monthly household income of $4,116.
- Twenty percent of Texas households’ income, Lending Tree found, go toward monthly mortgage payments.
- Finally, the average loan amount in Texas was $173,655.58, the average interest rate was 3.50 percent, and the average LTV was 74 percent.
Mortgage Tips for Prospective Homebuyers
In addition to its study, Lending Tree also collected tips for prospective homebuyers from its network, which includes more than 250 lending institutions. They recommend:
- Having ample documentation, even more documentation than your client may think necessary.
- Asking the lender for written quotes for interest rates, closing costs and turn-around time.
- Comparison shopping, and gauging the interest rates and closing costs that various lenders are willing to offer.
- Researching all mortgage companies considered for the home purchase, and ensuring they are reputable.
- Making sure the homebuyer has clean credit, meaning they don’t apply for any new forms of credit before the closing.
It’s no mystery that the mortgage markets, even for the relatively welcoming FHA, are pretty tough nowadays. Have you found success with your clients following similar tips?
Also, here’s a cool infographic Lending Tree put together for the nation’s monthly mortgage payment averages: