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Old 05-12-2015, 11:28 PM
 
87 posts, read 81,151 times
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What is the interest rate for buying a house or car now? And I believe Texas doesn't have income tax. No income tax? Can somebody explain pls?
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Old 05-13-2015, 12:23 AM
 
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Depends on your credit and no state income tax.
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Old 05-13-2015, 01:06 AM
 
Location: Tricity, PL
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Interest rate depends on your credit score. Your credit score (300 to 850) is your credit worthiness as a rating, and is based on your credit report with the three credit reporting agencies - Equifax, Experian and TransUnion. A borrower with a high credit score qualifies for a better house/car loan rate than one with a low score.
You can find your own credit score here:
https://www.annualcreditreport.com/index.action

Texas has no state income tax, but there are significant sales and property taxes - a big consideration if you intend to own your house. Its residents pay one of the nation's highest rates when it comes to taxes on real estate.
This year we are paying an average of $3,327 in real estate taxes. It's the 5th highest amount in the United States

Houston:
sales tax rate: 8.25%
property taxes: ~2.8% (lower in Montgomery, Waller and surrounding counties; higher in some neighborhoods like Rock Creek, Bridgeland and Cypress Creek Lake Estate - over 4%)
In Harris County you have three taxes (typically) water, property and school. The better the schools, the higher the tax rate.
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Old 05-13-2015, 01:59 AM
 
87 posts, read 81,151 times
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Thanks Elnina.
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Old 05-13-2015, 08:17 AM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,766,831 times
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Just for an idea I think the average home interest rate is 4.125% right now and car loans vary a lot. Sometimes there are 0% promos on new cars. I often get offers in the 1.5 - 2% range from my bank but I have pretty good credit.
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Old 05-13-2015, 08:22 AM
 
87 posts, read 81,151 times
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Quote:
Originally Posted by chris_ut View Post
Just for an idea I think the average home interest rate is 4.125% right now and car loans vary a lot. Sometimes there are 0% promos on new cars. I often get offers in the 1.5 - 2% range from my bank but I have pretty good credit.
Quite low rates...
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Old 05-13-2015, 09:21 AM
 
Location: Non Extradition Country
2,165 posts, read 3,786,305 times
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3.825% on the house (30 year)
1.9% on my truck
0.9% on both cars
4.125% on the offshore boat

800+ credit score.
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Old 05-13-2015, 09:25 AM
 
1,501 posts, read 1,781,366 times
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Mortgage rates are at a 7 month high right now.
If you have good credit (720 or up) you should be able to get a rate under 4% for a mortgage. I know someone who just got 4 percent and also took the maximum lender credit with a 650 credit score for a 30 year conventional. Just need to shop it a little.
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Old 05-13-2015, 10:32 PM
 
87 posts, read 81,151 times
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I'll have to build up a credit score first...don't know how long that's going to take. Rent first...buy later.
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Old 05-14-2015, 07:05 AM
 
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Buying a home can be a great blessing to you and your family, or it would be an absolute nightmare if you're financially unprepared.

Means paying down and eliminate debt, increase your credit score, save min 10% down payment (20%) ideal, and save 3-6 months of expenses before buying a home.
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