Tag: round rock home sales

Loan-to-Value Ratio Explained

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If you’re considering buying a home, there will be a lot of delving into your finances in order to qualify for a mortgage. One of, if not the most, crucial factor to be approved for a mortgage will be your loan-to-value ratio. The loan-to-value ratio is pretty straightforward. It’s simply the amount of money you borrow from your lender, divided by the purchase price of the home in a percentage format.

The loan-to-value ratio is extremely important for lenders as it gives them a better insight into the risk they face loaning money to a prospective homebuyer. The higher your loan-to-value ratio, the higher the risk to the lender, which may play into the mortgage terms and interest rates the lender can offer you. While lenders also look at your credit score, they want to make sure that you have equity in your home and are willing to make a sound investment that you can afford.

Many lenders require that borrowers have a loan-to-value ratio of 80% or lower before they approve a loan, which means that they’re really looking for borrowers to put in 20% for the down payment.

If you’re worried that you could fall under the high loan-to-value client group, there are a few ways to lower your ratio and increase your chances of being approved and getting great terms for your home loan.

One way to lower your loan-to-value ratio is to save up more money in order to have a larger sum to put down for your home. If you can offer up 20% or more of the home’s value, you’ve already lowered the loan-to-value ratio and made yourself less of a risk to the lenders by proving you have a stake in your home. The other way to lower your loan-to-value ratio is to look at more affordable homes. Choose a home that you would need a smaller down payment for, and you’ve immediately taken care of reducing the loan-to-value ratio.

If you ever have questions about your loan-to-value ratio and choosing a property that fits your budget, give our team a call. We’re here to make real estate processes simple and easy to understand for everyone.

Mixed-Use Developments are the City’s New Domain

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If you’ve spent any time in North Austin, we’re sure you’ve been to The Domain. It’s been revered as a success to many in the business community and is even viewed as a development the community has to match. 

But, just like any other story, there’s another side to consider. In fact, many people think the development was a missed opportunity. They believe the area had the potential to be a more walkable and integrated retail and business area.

The Domain has expanded to cover more than 300 acres and holds offices for some of the largest companies and employers in Austin. From Facebook to Indeed, you’ll find many employees driving in for work in this neighborhood. On top of those office spaces, you’ll find thousands of apartments and more than 1.8 million square feet of retail space. With hotels in the neighborhood as well, this mixed-use space has it all.

While The Domain continues to grow, other developers are taking the feedback on how to improve the project to heart and using it for their own designs, including one that’s coming to Round Rock! A developer wants to put in a $200 million mixed-use space near I-35 and State Highway 45 that takes guidance from The Domain.

Developers are calling the project “The District” and hope to give it a 24/7 vibe that appeals to younger demographics and will be minutes from Dell’s headquarters. The project was first proposed in 2017 and plans have started moving forward to get started on the development. It’ll be exciting to see if The District rivals the same success as The Domain and what new retailers, entertainment spots, and offices we’ll be able to find here soon! 

If this new development has made you excited or even curious about Round Rock and the Greater Austin area, give us a call! We’re always happy to talk about neighborhoods and changes to properties throughout the area.

Construction Projects Call Underdeveloped Section of Round Rock Home

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As Austin expands, so does its surrounding neighborhoods. Developers are looking for open spaces they can turn into homes and businesses to keep up with the high demand. Recently, they’ve set their sights on a previously empty corner of Round Rock.

Near the intersection of County Road 110 and University Boulevard, homebuilders are beginning plans to construct 1200 single-family homes. In the same area, another company is petitioning to bring nearly 150 acres of duplexes, multifamily, and single-family homes. A majority of the Round Rock neighborhood is developed land or currently undergoing developments, so it’s no surprise that builders are looking to the northeast as the site of their new projects.

Residences aren’t the only project lined up for the area. Commercial spaces have also been zoned off for the 356-acre plot of land KB Home Lone Star Inc. is using for the massive subdivision. 11 acres along University Boulevard are zoned for retail, office, and other uses with a maximum building height of five stories. The other 345 acres will go to a variety of single-family homes that will appeal to a mix of homeowners.

Across from the KB Homes, a 190-acre plot of land has been zoned for Scott Felder Homes. The residential and commercial development will feature single-family homes, apartments, townhomes, duplexes, and some other commercial buildings that haven’t yet been specified.

University Boulevard will soon be a flurry of hammering, sawing, and other construction noises in order to have enough homes to fill the growing need to live in a suburb that makes it easy to commute to Austin.

If you too are thinking about moving to the outskirts of the city, but aren’t sure where to begin, I’m happy to help you. There are a lot of growing areas that may be exactly what you’re looking for, so give me a call and let’s talk neighborhoods!