The majority of clients who work with us also work with a lender to assist in financing their home. Getting pre-approved is an important step if you are considering purchasing real estate. Finding a good lender is one of the keys to a smooth transaction. Most of our clients have a lot of questions, so here are the basics for understanding what it takes to secure financing for your home. We encourage our clients to contact one of the lenders on our team when they are ready to get pre-approved. These lenders have 2+ years experience with Austin Rising Real Estate and dedicate themselves to providing a smooth and on time closing.
What is the Difference Between Pre-Qualifying and Pre-Approval? Most people who are in the early stages of looking for a home get pre-qualified. You provide the lender with your income, debt and how much you would like to put down. The lender will then give you an idea of how much home you can afford. This does not guarantee you will get approved for the loan, but allows you to start your initial search to find homes in your price range. Pre-approval means the lender has looked at your paperwork, has approved you for the loan and gives you the exact amount of what you are approved for. When it comes time to start touring homes with your agent and submitting offers, it is important you have been pre-approved and are ready to go. Learn More
Where Can I Get Pre-Approved Online? Austin Rising has established relationships with three lenders. Click on the lender’s name to view their online loan application.
Amy Krause, Mortgages Direct
Matt Dean, Security National Mortgage
Melanie Taliaferro, United Lending
Already Have a Property in Mind? Calculate the mortgage on the property. Mortgage Calculator
How Much Can I Afford? There are three key factors to consider when calculating how much you can afford: the down payment, your ability to qualify for a mortgage (income, debt, loan to value, your credit), and the closing costs associated with your transaction. Learn More
Want to Learn About Credit or View Your Credit Report? Click Here
What are the Down Payment Requirements? Most loans today require a down payment between 3.5% and 5% depending on the type and terms of the loan. If you are able to come up with a 20-25% down payment, you may be eligible to take advantage of more desirable terms and eliminate mortgage insurance.
What Type of Loan Should We Use? Most of our clients use an FHA loan or a conventional (fixed rate) loan to purchase their primary residence. There’s a wide range of loans available, so it is important to talk with a lender to see which one is right for you. Learn more
What Should I Expect to Pay in Closing Costs? Closing costs typically run 2-5% of the loan amount. These fees must be paid in full at closing, unless you are able to include them in your loan. Learn More
Speak with a lender today and get started on your pre-approval.
“I wanted to thank you for helping correct the mistakes that happened on my mortgage/lending end. I appreciate you guys working this out professionally and taking care of a problem before it became a bigger issue. I was going to see how this was played out and this was going to be one of the determining factors on whether or not I used your company or the lender again in the future, not to mention my friend who is also looking to purchase a home. Thank you for acting in good faith and resolving the issue.” ~Steve W.
