In order to obtain a home loan, a borrower is usually required to have a homeowner’s insurance policy in place. Experts agree that the most important question homeowners should ask when shopping for a plan is the A.M. Best rating of each company. New companies pop up all the time, and homeownersneed to be informed [...]

Lock durations can vary for mortgage financing, but most lenders lock in the interest rate for 60 days from the date the loan application is submitted. As long as the loan is closed within that lock-in period, the lender honors the agreed upon interest rate. Some consumers are misled by advertising that quotes unrealistically low [...]

Pros and Cons of a Bi-Weekly Mortgage Program When borrowers enter into a contract to make bi-weekly payments on their mortgage, the amortization schedule is accelerated. For example, with a 30-year amortization schedule, the borrower makes 12 payments per year. In a bi-weekly arrangement, the borrower makes 26 ‘half’ payments, which allows the loan to [...]

Private Mortgage Insurance (PMI) is required by most lenders when a borrower puts less than 20% down on a purchase loan. Paid for by the borrower, PMI not only protects the lender from foreclosure, it also enables many buyers to qualify for loans and purchase real estate when they couldn’t have otherwise. On January 1, [...]

A prepayment penalty is a fee charged to borrowers that make full payment on their mortgage, or pay off a substantial portion (generally anything exceeding 20% of the total loan amount), ahead of schedule. This is a clause written into some contracts to protect the lender’s book of business in exchange for providing a lower [...]

Choosing the Right Loan Program Those who take property ownership seriously often look for options to build equity at a faster pace. An aggressive approach is to select a 15-year loan program over a 30-year mortgage. A 15-year loan works well for home buyers budgeting time and money, those who are possibly looking forward to [...]

A Step-By-Step Walkthrough 1. Loan Search – Buyers should seek the advice of an experienced mortgage professional, someone who will help determine which financing options best suit their needs today and in the future. 2. Loan Application – It’s crucial that consumers supply the lender with as much information as possible, as accurately as possible. [...]

Guiding the US Economy President Woodrow Wilson signed into law the Federal Reserve Act in 1913, creating the Federal Reserve, the nation’s central banking system. The Federal Reserve, or Fed, has also been called “the gatekeeper of the US economy” because of its unique power to influence US financial and credit markets. Comprised of seven [...]

We are here to help you with your first step of obtaining a financing in Austin, TX. Use our Monthly housing payment calculator to find out what your monthly payment will be. We have experience with all types of property in Austin and are able to help you with different strategies to finance your property. [...]

Buying a home can be a complex process, but it doesn’t have to be. With a little preparation, you can save a lot of time and hassle by having all of your documents ready when your mortgage professional needs them. To start with, the lender will need personal information to verify employment for you and [...]