Financing a home can be a confusing process, but it doesn’t have to be. Check out the information below to learn the why mortgage pre-approval matters and use our calculators to help you estimate how much a lender might be willing to lend you and calculate the mortgage payment scenarios for homes at specific prices.
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Did you know?
You’ll find some interesting mortgage and home financing statistics below.
- The median FICO score for an originated mortgage rose from 707 in late 2006 to 754 in 2017. (1)
- Eighty-six percent of Texas homebuyers financed some or all of their home purchase. (2)
- More than 65 percent of Texas homebuyers financed between 90-100 percent of their home. (2)
- In Texas, the median percentage of mortgage down payment was 10 percent. (2)
- Forty-three percent of Texas homebuyers spent six to 12 months saving for a down payment, while 21 percent spent two to five years doing so. (2)
- 38% of Texans got their downpayment funds via gifts from family or friends. (2)
- Among the 11% of Texas homebuyers who said saving for a down payment was difficult, student loan debt and credit card debt were the top two reasons cited for the difficulty. (2)
- Despite having only one income, single adults were more likely to finance less of their home. (2)