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Think You’re Ready To Buy A Flower Mound Home?

buy a flower mound home

The economy has rebounded from its collapse several years ago, and more homes in North Texas are selling than ever before. Perhaps many of your friends have jumped on the house buying wagon, and you think you’re ready – but are you really? Buying a house is a big decision and an even bigger financial investment. If you think you’re ready to buy a Flower Mound home, take a quick look at these warning signs that may suggest otherwise!

Your income doesn’t support your decision. Have you really taken a close look at your financial situation, and considered all of the costs? Down payment, closing costs, homeowner’s insurance, taxes – and enough to keep it all going months down the road in addition to having an emergency fund. There’s more to it than the monthly mortgage, so be sure you crunch the numbers.

You have substantial debt. If your credit cards are maxed out, you have a car payment, medical bills, and other payments, or you have a tendency to spend on frivolous items, you may not be prepared for home ownership. Even if you earn enough to easily make the monthly payments, keep in mind that lenders generally want to keep the client’s debt load at an amount less than 36% of their gross income – and this number includes the mortgage payment you would have if you purchased the home.

You’re working a relatively new job. Have you been working for the same employer for two years or longer? If not, mortgage lenders may not think you’ve been on the job long enough to qualify for a loan. Long-term employment shows stability; however, frequently changing jobs can indicate you’re a bit insecure when it comes to work. Lenders can get nervous when they’re uncertain whether you can meet your future financial obligations.

Credit – no credit, bad credit. Bad credit is not a good thing if you’re looking to buy a home, but no credit can be just as problematic. When you have bad credit, it indicates that you’ve failed to pay bills in the past, have too much debt for your income level, or have filed bankruptcy. However, having no credit at all (or very little) is also not good, simply because mortgage lenders have no data or history on which to base your ability to pay your mortgage each month. What you want to establish is a year-long period of paying your rent, utilities, cell phone bill, satellite or cable, car insurance, etc. on time.

Are you really ready to purchase a home in North Texas? While it’s the dream of many to buy their ideal home, it’s important to have no doubt that you’re ready and capable of taking on the financial responsibility – and that lenders can see they won’t have anything to be concerned about. At Team Nelson, our Flower Mound real estate agents are dedicated to not only helping you find your dream home, but making sure your dream won’t turn into a nightmare. Contact us today!

What People Are Saying

  • Everyone at Team Nelson is great! Because they don’t charge to sell your house allows you to be more flexible with your pricing which makes it easier to sell your house. Top notch....6 stars if possible.

    R.P. Wilson Avatar
    R.P. Wilson
    12/11/2018

    Your Home Free LLC, - Team Nelson, is just a great group to work with! This is the 3rd home we have listed and sold with them. If we ever decide to sell our current home we will use them again! The incentive to buy your home through them and they sell yours for free, saves you thousands of...

    dzbates Avatar
    dzbates
    9/24/2018

    Really enjoyed working with Team Nelson. They very helpful and knowledgeable through the entire house buying/selling process. They took their time explaining everything to me and ensured I was comfortable at every stage!

    user5457492 Avatar
    user5457492
    1/13/2020
  • The Nelson Team made our most recent move a pleasure by securing a full asking price offer on the home we were selling within a few days, helping us preview a number of potential new residences in a short time period, connecting us with a lender who moved at an incredible rate of speed, and effectively negotiating with the seller to deliver an excellent value on the home we purchased.

    Greg Smith Avatar
    Greg Smith
    12/11/2018

    Yet another great experience with Team Nelson is in the books! I've used them now three times, and would definitely recommend them to anyone. As far as I know, there are still no other realtors out there will to "sell your home free" and still give you the great level of service that you'd expect out of a realtor. Thanks again, guys!!

    Kevin Rollins Avatar
    Kevin Rollins
    3/11/2019

    I bought a house first and then relied on them to sell. Not only did they save me $3800, they did so in a superior manner. You don't get one realtor when you hire them, you get a team. Gene and Andra were nothing short of awesome, very responsive and always representing my interests. Cannot understand why anyone would use anyone else when buying and selling a house.

    Stephen Berger Avatar
    Stephen Berger
    12/11/2017
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