No industry has been hit harder by the recession than home construction. According to a report released in August by the U.S. Department of Commerce, new home construction fell to its lowest levels on record since 1963. And Texas is no exception.
There is hope though.
Texas Comptroller Susan Combs writes in an Aug. 30, 2010 report at TexasAhead that in the 12 months ending June 2010, more than 69,500 building permits for single-family homes were issued. That's 15 percent more than in the 12 months ending June 2009. Builders are more likely to keep building in states where the foreclosure rate is comparatively low. Texas is one of them.
The greater-Houston area in particular seems to be home to several subdivisions filled with the sounds of construction. However, what if you don't feel like waiting to build a new home?
Take Advantage of Record-Low Houston Mortgage Loans
Record-low mortgage rates have created plenty of inventory and motivated sellers willing to take less than even the comparable-sales prices their real estate agents are suggesting. Buyers are snatching up what they hope will eventually look like great deals.
So what's this mean for you?
Work with a Houston Mortgage Loans Professional
This is a great opportunity to evaluate your financial situation and see if refinancing or even buying with Houston mortgage loans is the right choice (it probably is). Refinancing will save you cash by lowering your monthly mortgage payment. Depending on your financial situation, you could save thousands in interest by locking-in a lower rate.
As a Quicken Loans home loan expert licensed in Houston, I have helped many clients buy a new home or refinance into a lower monthly mortgage payment with a home mortgage. Whether you want to refinance or buy a home, if you're ready to move forward get in touch with me at Quicken Loans today!
A Word from Joel Gurman, Vice President of Quicken Loans
Let me leave you with some good advice from my friend and mentor Joel Gurman Quicken Loans. He stresses doing your own research and empowering yourself to make the best financial decision possible when you are looking to refinance or buy a home. Go online, ask family and friends, and always consult a trusted mortgage professional. Good luck!
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