One of the contributing factors found to have led to the collapse of the housing market, was that nationally, many homeowners were placed into mortgages — some subprime loans — that they could not afford. When these loans went into default by the thousands, it precipitated a banking crisis that still cripples the American economy more than two years later. While experts say that Texas fared better than most states during the foreclosure crisis, the impact of even a single family losing their home to foreclosure is not to be underestimated.
During the 81st Legislature we were able to work with the Texas State Affordable Housing Corporation on devising a Mortgage Rate Calculator. Please visit this website at www.tsahc.org and click Home Buyers & Renters tab, then scroll down and click Texas Mortgage Calculator, you will then be able to estimate the rate of interest you should be charged. The site also contains other useful information that can help you in answering the important question, 'Am I ready to buy a house?'
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