With the housing market on the rise again, this is a great time to consider getting out from under the burden of renting a home and purchasing your own. This is, after all, considered to be the American dream. If you are like most prospective home buyers today, you will be looking to take out a mortgage. This is a great time to do so, and there are numerous options available to you in Mesa. Let us now take a cursory look at the types of mortgage loans available in the area, along with a description of the demographics that make Mesa such a great place to live.
Mortgage Options Available in Mesa
There are actually quite a few different options to consider when looking at securing a home loan. The four most commonly used options in the area are fixed rate loans, adjustable rate mortgages, FHA Loans, and VA Government Loans.
If you are on a budget and you want to make sure of your monthly payments for the long term, a fix rate mortgage is a great option. The payments will be the same month one as they are on month one hundred. The interest rate never fluctuates, and there are some great options available on the market right now. This type of loan is generally spread over 20 or 30 years, and most lenders in the Mesa area will provide you with a free pre-approval process that will enable you to shop for homes knowing exactly what you can afford.
Similar to a fixed rate loan is that of the adjustable rate mortgage. The advantage of this is that rates can start out very low, making your monthly payments much more manageable. Just keep in mind that they monthly payments will go up periodically over the course of the loan. Also available are traditional FHA loans, which make it possible to get into a home even if you have less than perfect credit. VA Government loans are also widely offered across the region.
Median Home Values in Mesa
The median home value in this area of the state is gradually on the rise. Currently, the value stands at $217,900 and this is an increase of 7.8 percent over the previous year. Industry estimates have the median home value in Mesa continuing to rise at an annual rate of just under 2 percent per year for the foreseeable future, so this is a great to consider buying a home. You can find a great house for a median price per square foot of only $136, which is nearly $10 lower than the average for the entire Phoenix Metropolitan area.
Median Income in Mesa
With a relatively low median age of only 35, the median household income in Mesa currently stands at $46,786. The population is roughly 29 percent college educated, and 70 percent of the residents are current home owners. The area is family friendly, but is also open to singles. In fact, single residents account for 31 percent of the population of the city.
Parents will be pleased to note that the Mesa Unified School District is one of the leaders in the state in innovation. It is a school district that combines 155 schools spanning all grade levels. There are public, private, and charter schools within the city. The school district itself has won numerous state and national awards through the years.
Crime Rates and Other Pertinent Information
Mesa is a big city approaching 500,000 residents. The current violent crime rate per 1,000 residents is 4.18. That compares to a rate of 4.1 statewide and a national median average of 3.8. This puts Mesa as being safer than 20 percent of the cities its size in America.
The key to owning your home is patience and planning. Find out what you can comfortably afford and then set out to find just the perfect home for you and your situation. Try to save as much as you can for the down payment, locate yourself in the area of the city that you like the best, and then work to secure your mortgage. After that, you will be well on your way to setting a move in date!