Hey everyone! I’m about to buy my first house in Austin, Texas. The property I’m looking at costs $400,000. I thought I’d be paying around $3,000 to $3,200 per month for the mortgage. But the lender says it’ll be $3,800 monthly. This seems pretty steep to me. Am I missing something here? Is this normal for Austin’s housing market? I’d really appreciate some insight from more experienced homeowners or real estate pros. Thanks in advance for any advice you can give!
i think that’s a bit high for a 400k house. did u consider property taxes & insurence? also, what’s ur down payment? interest rate matters too. maybe check out other lenders if u can - it might help lower the overall cost.
Wow, that’s quite a jump from what you expected! Have you looked into first-time homebuyer programs in Austin? They might offer lower rates or down payment assistance. Also, curious about your credit score - could that be affecting the rate? Maybe we could brainstorm ways to lower that payment?
That monthly payment does seem on the higher side for a $400k home. Have you factored in all the additional costs beyond just the mortgage principal and interest? Property taxes in Austin can be quite steep, often around 2% of the home’s value annually. Then there’s homeowners insurance, possibly PMI if your down payment is under 20%, and don’t forget about HOA fees if applicable. Also, interest rates have been climbing lately, which impacts monthly payments significantly. It might be worth shopping around with different lenders to see if you can get a more competitive rate. Remember, the total cost of homeownership often extends beyond just the mortgage payment.