Texas Real Estate
Hottest Markets in Texas
Texas is a large state with many vibrant real estate markets but here is a list of the top 5 cities to buy property:
- Austin: Austin has been one of the fastest-growing cities in the U.S. for several years now. The city's strong job market, vibrant culture and beautiful natural surroundings make it an attractive place to live, which has driven up demand for housing.
- Dallas-Fort Worth: Dallas and Fort Worth have strong economies with many job opportunities, which has attracted a lot of people to the area. The housing market in Dallas-Fort Worth has been booming, with home values rising rapidly in recent years.
- Houston: Houston is the fourth-largest city in the U.S. and has a diversified economy that includes energy, healthcare, and aerospace industries. The city's large population and strong job market have driven up demand for housing.
- San Antonio: San Antonio has a rich history and culture, along with a thriving economy. The city's job market is strong, and the cost of living is relatively low, which has made it an attractive place for many people to call home.
- El Paso: El Paso is the sixth-largest city in Texas and has a strong economy with a focus on manufacturing and military industries. The city's affordable cost of living and proximity to the U.S.-Mexico border have made it an attractive option for many home buyers.
Overall, these markets have been hot due to a combination of factors such as a strong job market, affordable cost of living, diverse and growing economies, and desirable living conditions.
Residential Mortgage Laws in Texas
What Residential Mortgage Laws are Different in Texas than other States?
- Homestead protections: Texas has strong homestead protections that limit the ability of creditors to foreclose on a primary residence. Under the Texas Constitution, a homestead property is protected from forced sale by creditors, except in certain circumstances, such as unpaid property taxes, home equity loans, and certain mortgages.
- Cash-out refinance restrictions: Texas has strict rules regarding cash-out refinances, which allow homeowners to refinance their mortgage and take out cash from their home's equity. In Texas, cash-out refinances are limited to 80% of the home's value, and there are restrictions on how the cash can be used.
- Reverse mortgage protections: Texas has unique protections for seniors who take out reverse mortgages. Texas law requires that borrowers receive counseling before taking out a reverse mortgage and limits the fees that can be charged.
- Non-judicial foreclosure: Texas is one of a handful of states that allows non-judicial foreclosure, which means that a lender can foreclose on a property without going to court. Non-judicial foreclosure can happen much faster than judicial foreclosure, which can be an advantage for lenders, but can be a disadvantage for borrowers who have less time to respond.
- Community property states: Texas is one of a few community property states, which means that assets acquired during marriage are generally considered community property and are owned equally by both spouses. This can impact how a mortgage is structured and how it is handled in the event of a divorce.
It's important to note that mortgage laws can change over time, always check with Your Mortgage Advisor to get the most up-to-date information.
