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What Low Interest Rates Mean for First-Time Homebuyers

Searching for a new home looks a little different these days. Buyers are relying much more on digital resources like virtual tours, video walk-throughs and interactive floor plans. However, interest rates are still at a historic low, which is excellent news for first-time homebuyers.

Better Buying Power

Why are low interest rates important? Most people typically take out a home loan or mortgage when buying a home, including 86% of buyers in 2019, according to a report by the National Association of REALTORS®. Having a mortgage with a lower interest rate can mean a more manageable mortgage payment. Or, it may make attaining the dream home you’ve always wanted a reality.

Currently, national interest rates are hovering below 4%. In Texas, you can find the most up-to-date interest rates here, including loan terms ranging from a 15-year fixed mortgage rate to a 5/1 ARM mortgage rate. If you are thinking about a new home, now is the time to take advantage of these especially low interest rates.

Good News for Renters

What do lower interest rates mean for renters? Today’s lower interest rates could translate into a monthly mortgage payment that is similar to what you’re paying in rent right now. Use this handy mortgage calculator to get an idea of what your monthly mortgage payment would be based on current interest rates.

Plus, depending on what type of loan you have, first-time homeowners also may be able to put down a lower down payment or take advantage of assistance programs. A mortgage lender, such as TRI Pointe Connect®, the affiliated mortgage company for Trendmaker Homes, can help you determine what type of loan is best for you.

First Steps

Getting pre-approved is a great way for first-time homebuyers to have an advantage in a competitive market. When you apply for pre-approval, your lender will check your credit score, verify your financial history and submit your loan for approval. Being pre-approved means your lender has approved you for a specific loan amount, and you’ll know your budget when starting your new home search.

Find Your Texas Dream Home

Close your eyes and imagine your dream home. What do you see? Beautiful finishes, a wide-open floor plan, lots of natural light pouring in? A spacious kitchen with shiny new appliances? Plenty of storage and amenities right outside your front door? You can find all that and more right now in a new Trendmaker home.

Every Trendmaker home comes outfitted with our signature LivingSmart® package of energy-efficient and smart technology features that help homeowners save money as well as natural resources. New homes are available in the Austin, Dallas/Fort Worth and Houston areas. You can view them online by price, square footage and move-in timeline.

With today’s lower interest rates, home ownership may be closer than you think.

Ready to take advantage of low interest rates and find your first home? Our New Home Specialists would be happy to help!

Jenn Hickman
New Home Specialist – Austin
NewHomesAus@TrendmakerHomes.com

Aricka Giles & Kim Bennett
New Home Specialists – Houston
NewHomesHou@TrendmakerHomes.com

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