We have over 500 videos and advice columns related to these 9 categories:

Business

Training

Rental

Transportation

Health

Personal

Home

Recreation

Non Profit

Tips About Austin Mortgages

Watch this video to get good tips and advice from an Austin Loan officer.

Buying a home can be one of the most stressful events in one's life, and the part everyone usually worries about the most, expectedly, is the financing. Taking out a mortgage is a big step, and one that needs a lot of careful planning and know-how.

One of the best things you can do to make the process of getting a mortgage in Austin easier is hiring a good mortgage broker. When looking for a lender, make sure you find someone who is actually listening to your needs and wants. Pay attention to the dialogue between you and the loan officer- they should be concerned with what makes you feel comfortable, not specifics, such as the downpayment, appraisal, etc.

Be prepared! If a loan officer is continually asking about the size of your downpayment, or the value of the appraisal, this should be a red flag telling you they are not really listening to you, your wants and needs, but rather concerned with the financial details, that will, in the end, shape their own compensation.

Typically, people will want to "shop around" when looking for the best mortgage lender in Austin for their needs. Naturally, like when choosing a real estate agent you want to find someone you are comfortable with, keep in mind there are other factors to consider when choosing a mortgage broker.

First, you are not actually working with that person face to face. Working with a real estate agent that has a personality and style that works well with yours is not the case with a mortgage specialist. These professionals work behind the scenes to get you the best possible financing for your new home.

Secondly, "shopping around" impacts your credit score. Every time you request a GFE, or Good Faith Estimate from a loan officer, your credit report must be reviewed. Because of this, it is recommended to get no more than three Good Faith Estimates.

Money Savers Tip: GFEs differ for many reasons, one reason being that loan officers earn their commission from the mortgage. The way in which the commission works can vary,but you can always see how the commission is paid by looking at the HUD statement.

There are several things you can do to make sure you are prepared to qualify for the best possible mortgage.

First, pay ALL of your revolving credit on time, even if it's minimum payments. Lenders don't like to see borrowers being late on revolving lines of credit. Also, make sure you have no late payments on your current mortgage for at least 12 months. Lastly, one year before you want to apply for a home loan, get your credit score from all three bureaus. Equifirst, TransUnion and Experian. See what the differences are if any and what needs/can be disputed. You want your credit to be as good as it can be in order to get the best rate possible for you and your family.

Back to Home Services Main Page

So...did you get the information you needed? Our goal is to get more and better information out to Austin residents everyday. We can't improve without your help....Please let us know what you like, dislike and what we could be doing better. Email at feedback@austinsmartconsumer.com