Buying a home in Austin is unlike buying a home in any other city. And if you’ve already completed a home search here, you understand a few things about the market that home buyers in other markets don’t get. If this is your first search, you might be looking for some insight. Our 5 Things Only Austin Home Buyers Understand will share insights from seasoned Austin home buyers to help with your search.
Let us tell you a story of simpler times. Before 2008, aka the mortgage meltdown, the lending process was pretty easy. You answered a few questions, provided a limited amount of backup documentation and viola! – you had a loan.
But if you’ve tried to buy a home recently, you know that this is no longer the case. Not only do lenders ask more questions, but they require detailed documentation to back those answers up. And we’re not just talking about the big stuff either… If you make a $30 deposit, prepare to write a letter as to where that money came from and provide proof. And if you have a large deposit, you might not be able to use that money to qualify if you can’t explain where it came from.
The easiest way to navigate the new world of mortgages is with a local mortgage professional who you can visit in-person if needed. (We recommend our clients avoid call centers.) An experienced lender, who understands the process and what the underwriter will ask for, will ask for a long list of information upfront. This will give you the time to find everything needed without being under the gun to provide it.
Inexperienced lenders will ask for items one at a time, and often need them right away, so your days will be spent chasing down the next item on the list.
Bottom line: accept that the same amount of information is required by 99.9% of lenders and work with a professional who can help you gather it all upfront.
Thinking of Buying a Home in Austin in 2018? Start Your Search Now
Our team of buyer’s agents has a combined 58+ years of experience representing buyers. We can help you avoid all of the mistakes and negotiate a great deal on your behalf. We believe home buying should be about counseling you to find the right house for you and your family, not hard selling you the most expensive house you can afford. To learn more about our team, check out our Austin Home Buyers page. Then, fill out our Buyer Survey, email us at mailto:info@11OaksRealty.com or call us at (512) 827-8323 to schedule a no obligation consultation. Remember, hiring a Buyer’s Agent costs you nothing!