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Montgomery is a county situated in the southern portion of Texas near Houston. The southeastern part of the county includes fascinating wildlife, such as squirrels, deer, foxes, bats, rabbits, and raccoon. The state animal, an armadillo, might be sighted as well. The city is rich with history, as the area played a key part in the Civil War and the Revolution of Texas.

Demographics and Median Income of Southeast Montgomery

The median household income of Southeast Montgomery stands at $38,682. This is below the national average. 53.3% are white, 47.6% are Hispanic, and 25.4% are black. 1.8% are Asian. The unemployment rate stands at 7.5%, and the poverty rate is 17.3%

Median Home Prices of Southeast Montgomery

The median price of a home is $108,900. The cost of living in the area is considered low. The average home price in the area is quite a bit below the national average.

Crime Rates in Southeast Montgomery

Crime rate in the area is significantly above the national average. There are about 1,800 crimes reported each year, and 150 of those are violent.

Schools in Southeast Montgomery

Schools in Southeast Montgomery are excellent. The average test scores are 88%, which is slightly about the state’s average but way above the national average.

Mortgage Loan Options in Southeast Montgomery

You can go online to find numerous mortgage lenders in Southeast Montgomery. Many houses are for sale, and you can find the perfect loan in the ideal neighborhood.

Your lender will ask if you want a fixed or an adjustable-rate mortgage. With a fixed-rate loan, the interest rate will not change while you are paying on the loan. The principal amount will not change, so it is easier to plan a budget. People who choose a fixed loan will lock in a good interest rate, and that rate will stay the same throughout the loan. This is the most common type of loan. Many people choose the 30-year term. However, if you want to pay off your loan sooner, you can go with the 20, 15, or 10-year term. This will save you money.

Some people choose an adjustable-rate mortgage. With this loan, you will start off with the same interest rate for a few years. It will then go up or down depending on current rates. If your credit is not great or you get a high interest rate, you might want this option.

You will need to decide the type of loan you would like. Some of these options include:

  • Government-backed loans: The Federal Government insures VA loans, FHA loans, and USDA loans. VA loans are backed by the Veterans Affairs and are for people who have served in the military. The VA finances 100% of the loan. The Federal Housing Administration offers FHA loans. These loans are great for first-time home buyers. Your credit does not have to be perfect, and you need a low down-payment amount. The US Department of Agriculture insures USDA loans for people of low income families who live in rural areas.
  • Conventional loans: Conventional loans require more down payment and a good credit score; however, they might be cheaper because they are less risky for the lender.

Southeast Montgomery Texas is a growing area. The weather is ideal, the schools are excellent, and the cost of living is low. If you are moving to the region, you will enjoy the many things that Southeast Montgomery has to offer residents.