Home Loans in Killeen, Texas

Welcome to Capital Home Mortgage Killeen. Killeen is a city in central Texas known for the Fort Hood military base. The 21st most populous city in Texas and the largest of the three principal cities of Bell County. Killeen’s housing market continues to be a desirable location for prospective home buyers. 

Purchasing a home is one of the most costly investments you will make during your lifetime. Having said that, it is only prudent to take your time and gain as much knowledge and insight as possible before signing on the dotted line.

Prior to beginning the house-hunting process, it is wise to determine your housing affordability. By planning, you save time in the long run and avoid the risk of being turned down for loans and bidding on properties that are way beyond your budget. It also helps to know which banks are the best for your situation before looking for a home.

How to Qualify for a Home Loan in Killeen, TX

Here are three steps you should take to increase your chances of qualifying for a mortgage and acquiring a new home in Killeen, TX:

Determine Your Financial Capacity

Historically, the formula for determining how much a borrower could afford was approximately three times the borrower’s gross annual income, which is not very reliable. It is safer and more realistic to examine your budget and determine how much money is available for a new house’s down payment and monthly payments. You should also consider additional expenses such as taxes, maintenance, insurance, and other costs of owning a home.

Generally, lenders do not want borrowers to have monthly payments that exceed 36% of their monthly income. However, they may allow considerations for those with excellent credit.

Using a mortgage calculator can assist you in determining your monthly mortgage payment.

Examine Your Credit Report

Lenders investigate credit histories via a request to credit bureaus for access to the borrower’s credit file. This enables the lender to make a more informed loan prequalification decision. 

The credit report contains your  FICO score, a statistical summary of your credit information. It reflects your debt payment history and the amount of your outstanding debt in relation to your income.

Your credit score affects your ability to obtain a loan or pre-qualify for a mortgage. If you often pay your bills late, you can expect a lower credit score. A low credit score may cause the lender to reject your application, require significant down payment, or charge a high-interest rate to mitigate the risk they are taking on your mortgage.

Pre-Qualify and Get Pre-Approved for a Mortgage

After performing basic calculations and compiling a financial statement, you can prequalify for a home loan. Prequalifying gives you an estimate of how much you can borrow and the amount required for the down payment.

Most of the time, however, prequalifying won’t be enough. You need to get preapproved for a specific loan amount. Preapproval lets the seller know that the lender will lend you the money following an appraisal of the property and preparing a purchase contract and title report.

Mortgage Lender in Killeen, TX

Are you planning to relocate and buy a new home in Killeen, TX?  Choose an experienced Killeen mortgage lender who can guide you through the process and help you make the right choice.

As one of the leading mortgage lenders in Texas,  Capital Home Mortgage has the advantage of offering our clients a flexible underwriting policy. We carry a variety of home loan programs to suit every buyer’s needs and take pride in offering our customers low fees, competitive interest rates, and superior service.

Apply For A Killeen Home Loan Today!

Capital Home Mortgage can assist you in realizing your dream of owning a home in Killeen! We have the technology and resources necessary to expedite the loan application, underwriting, and funding processes. You can rely on us to expeditiously and smoothly complete the application process and close your mortgage on time.

Whether you are a first-time homebuyer, active duty or retired veteran, or a seasoned buyer we are here to help.

Thank you again for your interest in our services and we look forward to providing you next Killeen Home Loan.