JOINT BASE SAN ANTONIO-RANDOLPH, Texas –
Now that mortgage rates have hit a sweet spot for the budgets of many individuals and families seeking to buy a home, the time is right to become better informed about the home-buying process.
“Home Sweet Home: Home-Buying Strategies,” a virtual class offered from 10-11:30 a.m., July 23, by the Joint Base San Antonio-Randolph Military & Family Readiness Center, will address a variety of topics to help prospective home buyers make the right decisions for themselves and their families.
“Homeownership requires a certain level of financial commitment and responsibility,” said Sarah Henson, JBSA-Randolph M&FRC community readiness consultant. “If you think you’re ready to make this commitment, then this presentation will give you plenty of advice to help you get started on the road to a home sweet home of your own.”
The class, delivered via Zoom by Don Lenmark, JBSA-Randolph M&FRC personal financial counselor, will provide participants with strategies for home buying and resolving mortgage issues, Henson said.
“Topics such as buying versus renting, the home-buying process, choosing a Realtor, the closing process and advice on how to resolve mortgage payment issues will be discussed,” she said. “The presentation will also include a list of home-buying information resources.”
Various mortgage loan and refinancing options – including those that are best for service members – will be addressed along with developing a budget, Henson said.
“Developing a budget is important in general, but is absolutely essential in order to determine how much of your monthly expenses are available to go toward housing costs,” she said. “Participants will also be able to determine their current debt-to-income ratio and understand why that is important for them to know before applying for a home loan.”
The presentation will also address what homeowners should do if they are having trouble paying their mortgage, understanding foreclosure, alternatives to foreclosure and how to avoid becoming a victim of mortgage scams.
The total cost of homeownership is another important topic, Henson said.
“This is something that is often overlooked,” she said. “We will cover many of the possible additional costs to consider beyond your monthly mortgage payment.”
The recent decline in mortgage interest rates offers prospective homeowners a chance to save a lot of money on their monthly payments, Henson said.
“Mortgage rates just hit an all-time record low and continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year,” she said.
Service members, retirees and civilians who wish to take part in the home-buying presentation should send an email to the JBSA-Randolph M&FRC at randolphmfrc@us.af.mil or call 210-652-5321 and leave your name, phone number and email address.