Killeen Fort Hood Real Estate

Know your House Payment Comfort Zone - Fort Hood Real Estate
#2 of the Seven Things you Should Do Before Buying Fort Hood Real Estate

It's exciting news when your lender tells you that you qualify for a much larger and more expensive home than you ever dreamed, but the reality is that lenders don't know how you live and how you like to spend your disposable income.

There's nothing worse than buying too much house, so before you sign on the dotted line to buy your piece of Fort Hood real estate,  spend some time working on a realistic budget that includes the expenses involved in owning a home.

You'll find as you work on your budget that expenses can be classified as either fixed or variable.

Your monthly house payment is a fixed expense, usually structured to cover the principle, interest, taxes and insurance for one month.   More fixed expenses of owning Fort Hood real estate include utilities (water, electricity, gas, trash and sewer).  Some variable costs associated with home ownership would be maintenance costs such as yard care and home repairs.

An example of other fixed expenses are car payments, credit card payments and bills for cable TV, internet services, telephone,  student loan payments and other regularly recurring bills.  

Variable expenses are the expenses you can usually control, like groceries, gas, recreation, entertainment, interior decorating, clothing and pocket money .  If you like to indulge in eating out, going out for entertainment or if you have a hobby you like to spend money on, a big house payment can really cut into your "fun budget!"

Try keeping your income and expenses on an electronic budget worksheet for a couple of months.   This analysis will give you a good insight into how much Fort Hood real estate you can comfortably afford based on your actual spending habits.

You'll be glad you know your comfort zone for a house payment BEFORE you sign on the dotted line!

How do I prequalify for a loan to buy Fort Hood Real Estate?
#1 of The Seven Things You Should Do Before Buying Fort Hood Real Estate

First time buyers who are looking at Fort Hood real estate want to know how to be prequalified, what it means and how it works.  

And I always tell them that the three best things about getting prequalified is that it's FREE, it's SIMPLE and then it's DONE!  

Where to Begin:

Just call a mortgage lender and ask to be prequalified for a home loan.  If you are eligible for a VA loan, be sure to let the lender know.  Not all lenders are approved to originate  VA or other government insured loans.

How it Works:

The lender will ask for your name, date of birth, social security number, your work history, your address history, info about how many in your family, your pay and information about your bank accounts or other assets.  Once the lender has this info, your credit will be checked and your ratio of debt to income will be calculated.   Based on all the information collected and then analyzed, the lender will determine if you qualify to buy a home.

It's Done!

This sounds like a lot of work, but the prequalification often takes less than twenty minutes!  Once you are prequalified, you are ready to get out there and shop for your Fort Hood real estate.  Knowing that you CAN definately purchase a home gives you a lot of power and confidence out there in the market!

Finding a Lender:

If you don't already have a lender in mind, there are many good local lenders in the Fort Hood area.  They charge low closing costs and offer VA, FHA and conventional loans at excellent interest rates.   Let me know if you need a list of lenders so you can be prequalified before you arrive at Fort Hood.



 

UPDATE:   The shooter is paralyzed and is at Brooke Army Medical Center in San Antonio where he has been charged with 13 specifications of premeditated murder.  He is also charged with 32 counts of attempted premeditated murder.

Local news is reporting that the main shooter, a US Soldier, is dead and 12 others are dead also.  31 wounded are reported at this time, and two other suspects are in custody.

Please keep all our Fort Hood families in your thoughts and prayers over the next few days.    This is a stunning tragedy for everyone in the area and in the nation.

Buying Fort Hood Real Estate can be a wonderful experience!  But buyers do worry that since Fort Hood is such a big place, they won't be able to make a good decision as to where they should live.   And, since it's so easy to get around the Fort Hood area, we can see a lot of homes in a short time, which means being prepared is very important!

Take the stress out of your trip to buy Fort Hood Real Estate by taking these steps before you arrive in Central Texas:

• Prequalify with a mortgage lender
  
• Discover your house payment comfort zone
  
• Investigate the area by calling local police departments
  
• Check schools at the Texas Education Agency Website
  
• Drive the area to determine Fort Hood commute times
  
• Consider lifestyle - do you prefer city living or a slower pace
  
• Arrange travel and lodging - Especially if you travel with a pet
  

Armed with a prequalification letter, a firm budget in mind, and the information gained by checking out different areas and schools, you will be very prepared to look at Fort Hood Real Estate and to buy your home with confidence.  

You'll find more info on each step in my Killeen Fort Hood Real Estate blog over the next few weeks, so get your checklist planned out.  You'll be well prepared for your homebuying trip to Fort Hood!