You Can Get a Bigger Home for Less Money Today

Have you ever thought about owning a larger home in a more exclusive neighborhood? You might be surprised at just what you can afford in today’s real estate market. The fact is that fixed rate mortgage rates are at all time lows in the Dallas-Fort Worth area. In 2008, the fixed rate mortgage hovered around the 6 to 7% range. Today, that rate is below 4% for qualified buyers. That means with the same amount of money each month you can afford a bigger house. It is a great way to get that home you always wanted.

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Why would a bank or mortgage company be willing to give you money to buy a larger home? The fact remains that a lender looks at your monthly income and expenses in determining how much you can afford to pay for a new home. If, for example, they determine that you can afford a $1200 per month mortgage payment, that amount will not change with the differing interest rates.

Now, is it a good idea to get more home that you need? That is a personal decision. If you are a young professional, purchasing a home for a future family can make sense. However, make sure that the upkeep and maintenance on such a dwelling will not become too much for you. Many do not realize the amount of time and money a home can take to keep up with basic maintenance.

A good reason to up-size a home is to accommodate your lifestyle. Many homeowners find they need to do both formal and informal entertaining. Business associates are the formal side. For them, you may want a formal living room and dining room. For family and friends, the more informal style is appropriate. That is where the pool and family room come into play. To make this happen, you may need a larger home to accommodate both spaces.

Another reason to up-size your home is a growing family. A single child can often live without any issues in a smaller home. But, when you add a second, third, or fourth child, the cute little home you loved may become a doll house that you need to escape. Now is the time to find that larger home that will be a great place to raise your children. You will want a big yard and a good school district in the mix as well.

If your current home was something you settled for because it was what you could afford, you can get that dream home today with the lower mortgage rates. There are plenty of options available on the market as people are still trying to sell homes in a touchy real estate market. The best way to get started is to contact a lender and then to get a good real estate agent. Those are the two pieces you need to find that home that will make your heart sing. The process can start the moment you contact your real estate agent and make an appointment.

Omni Chaparala works for DFW Realties, a DFW real estate company serving home buyers and sellers in the Dallas – Fort Worth metroplex.

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