Northeastern Tarrant County is a part of Texas that lies just northeast of Ft. Worth. The area is booming! Businesses are being created, and the economy is strong. It is one of the best places to live and work in the country. The region of Texas is just minutes away from the Ft. Worth Stockyards, the Texas Motor Speedway, the famous Ft. Worth Zoo, and Six Flags over Texas. Sports teams such as the Texas Rangers and Dallas Cowboys are nearby. Many people are moving to the area; therefore, many people will need to obtain a mortgage loan.
Demographics and Median Income of Northeastern Tarrant County
The population of northeastern Tarrant County stands at 562,.257. The median age is 41.1, which is just above the state and national average. The median household income is $73,271, which is a little higher that the state’s and national average. The poverty rate is 7.9%. 8.9% of the people are veterans.
Median Home Prices of Northeastern Tarrant County
The median price of a home in northeastern Tarrant county stands at $239,500. You can find numerous homes available in northeastern Tarrant County. The real estate market is considered very healthy. The unemployment rate is 3.7%. There are numerous Fortune 500 companies in the area.
Crime Rate of Northeastern Tarrant County
Crime rates in the area are just above the nation’s average; however, it is still considered one of the safest cities in Texas. There are about 30,000 crimes reported each year.
Schools in Northeastern Tarrant County
The average test scores in northeastern Tarrant County stand at 82%. This is way above the national average. Education in the area is strong. More than 96% of the population has a high school degree. 37% of the people have a college diploma. There are numerous colleges in the area, including Tarrant County College, which can be found at https://www.tccd.edu/about/research/institutional-intelligence-and-research/reports/internal/demographic-data/.
Mortgage Loan Options in Northeastern Tarrant County
Mortgage rates in Texas are among the lowest in the country. When choosing a mortgage, you need to decide if you prefer a fixed-rate or an adjustable-rate loan. A fixed-rate loan is a loan in which your interest rate will stay the same throughout the life of the loan. The most popular type of loan is a 30-year term. With this fixed rate, your monthly payments will be the same, so you will always pay the same in principal. You can also get a 20, 15, or 10-year term. The shorter the term, the more money you will save over the course of the loan.
An adjustable-rate loan offers a rate that will fluctuate throughout the mortgage. You will start out with a fixed-rate for a few years. After the introductory period expires, that rate could increase or decrease depending on the market. This might be a good choice if you plan to stay in your home short-term or if you obtain a higher interest rate.
There are several types of loan options available. Some of these choices include:
- VA loans: Texas loves their veterans. Ft. Worth is home to a reserve base, so there are numerous people in the area who have served in the military. A VA loan is insured by the Federal Government and is for military personnel and veterans. The VA will provide 100% of the financing. No down-payment is required, and there are no minimum credit score requirements.
- FHA loans: With these loans, backed by the Federal Housing Administration, you will pay a low down-payment with lenient credit and income requirements. Many 1st time homebuyers choose this type of loan.
- USDA loans: These loans, backed by the US Department of Agriculture, offers 100% financing to people who live in rural areas.
- Conventional loans: This loan is not insured by the government. The credit requirements are higher; however, they might not take as long to process.
Northeastern Tarrant County is a family-friendly and fun part of Texas. The economy is thriving, the schools are excellent, and you will receive qualify healthcare. If you are moving to the area, you will not be disappointed. Lenders are waiting to help you obtain a mortgage loan, so you can move into the home of your dreams.