Home Financing

What Documents Do You Need When Applying For a Mortgage?

What Documents Do You Need to Apply for a Mortgage?While it has gotten "easier" for Round Rock home buyers to apply for a mortgage during the past couple years, don't be mislead - it's still an arduous process, as many of our clients will tell you. Thus, it truly pays to be to be fully prepared before seriously looking for a home, as knowing what's ahead can save a home buyer thousands of dollars long-term.

For informational...

How to Use the 203k Loan to Your Advantage

What to Know About Getting a 203k Home LoanA 203k loan is a way for home buyers to both buy a home and fix it up without being subjected to outrageous interest rates. This is a specific type of FHA loan created to stimulate homeownership rates and bring attention to some of the nation's more decrepit neighborhoods. It takes a lot of gumption to buy a home in need of repairs, and the government would like to see more of that go-getter attitude. See how to use the 203k loan to your advantage, so you can end up in the home (and the block) of your dreams.

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Buy vs. Rent: Are You Prepared to Buy a Home or Should You Rent?

Buy vs Rent for HomeownershipA lot of renters set their sights on homeownership. In fact, it's said that 80% of millennial renters in the United States plan to own a home someday. People who have always rented often have a hard time judging when it's time to buy. Purchasing property takes time, commitment and most of all, money. Knowing what's needed can help renters determine when they're ready to buy a house.

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FHA Home Loan Basics: What Homebuyers Should Know About the FHA Loan

What to Know About Getting an FHA LoanIt can be hard to come up with a 20 percent down payment. However, this does not mean that prospective homeowners need to delay getting into a first home. Lenders do prefer a larger down payment but will approve a home mortgage with a smaller down payment.

Homeowners can put as little as 3.5 percent and step into their first home. Learn more about FHA home loans and how you may qualify today.

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Applying for a Mortgage: Top Ten Tips for Home Buyers

Applying for a mortgage to purchase a new home in Georgetown TX these days, while not nearly as difficult in the past few years, still has challenges. While lending standards have loosened up a bit, the housing market has become more difficult for home buyers, with limited inventory and multiple offer situations. As a result, home buyers quickly discover they MUST be fully prepared when they commit to searching for their next home.

What can you do to ensure your offer will be considered, while also receiving the lowest cost mortgage with best terms? Below are Top 10 Tips to consider when applying for a mortgage, to help make your next home buying experience more enjoyable - and hopefully result in a winning offer.

applying for a mortgage...

Understanding VA Loans: A Guide to Alternative Home Financing for Military and Veterans

What to Know About Military Home LoansVA loans are perfect for those in the US military who want to purchase a home without breaking the bank. These loans don't require the potential home buyer to make a major down payment, which is usually the biggest hurdle in purchasing a home. VA loans may be made through private lenders, but they're backed (up to a certain amount) by the VA, provided the applicant meet all of the requirements.

For informational purposes only. Always consult with a licensed mortgage or home...

Keep Your FICO Score High For Best Mortgage Rates

How to Improve Your FICO Score Before Buying a HomeThinking of buying a home in Austin soon? For today's home buyers, the value of "good credit" has never been higher. Virtually all Mortgage loan approvals will depend on your FICO score, as does your final mortgage rate, which varies depending on what range your FICO score falls into.

If you're shopping for a home or contemplating a refinance, be aware of how credit behaviors can affect your FICO score. Even small events can make a big impact. For example, we often work with clients who's score is only off by a couple points from...

Mortgage Mistakes: What NOT To Do Before Applying for a Mortgage

You often read about what to do before applying for a mortgage to buy a home. However, despite all the attention paid to the housing market and restrictive lending standards over the past few years, it is still quite common for home-buyers to be unaware of what "NOT" to do before, or during their application for a mortgage.

In this post, we'll discuss some of the potentially costly mistakes home buyers make when applying for a mortgage to buy a home.

Don't Change Your Job or Career

It's surprising how often we encounter real...

What is a Financing Contingency?

financing contingenciesA Financing Contingency, in basic terms, is a clause in the home Purchase & Sale Agreement which allows a homebuyer the time necessary to apply for, and obtain financing for a new home purchase.

Not all home financing contingencies are created equal however. Depending on the region and local real estate customs, such contingencies can vary greatly, particularly when non-MLS forms or addenda are used, or other local or state promulgated forms are not used - for example, when an attorney creates the contract, or when a home builder's purchase and sale contract is utilized instead.

Thus, it is critical for a home buyer to understand the precise meaning of the financing contingency, how it relates to ...

Paying Credit Card Balances Before the Statement Date - Applying for a Mortgage

credit cards and mortgagesBuying a new home and applying for a mortgage? For the next 2-3 months, you should consider paying off your credit card balances in full just prior to the "statement date."

Why???

Yes... yes... I know, you proudly pay all your balances in full, and you carry no debt. So what's the problem? Why on earth would you want to pay your balance before the statement date?

Because if you don't, your credit card charges and balance as of the statement date will be reported to the credit bureaus. Thus, even if you always pay your statements in full, carry no revolving credit card debt, and never pay any interest, as far as the credit bureaus (and potential creditors) are concerned, it "looks like" you are carrying balances...

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