Financing Your Austin Home
The Mortgage and Loan Process
If you are in need of financing for your new property our team along with our lending partners will help you determine the best financing strategy for you to obtain a mortgage that is easy, prudent, and enhances the joy of owning. Our team of lenders have helped thousands of Buyers finance their purchase and we will stand with you to make sure you receive service that is stellar. The process of obtaining a mortgage may appear daunting at first glance however with our team we will make it simple for you. The typical steps taken to obtain financing include:
Financial Pre-Approval
Understanding your purchasing power and determining a financial strategy will allow us to search for a home for you that makes sense to you. This will also provide leverage for you if we end up in a multiple offer situation. A Pre- approval letter gives you the same standing as a cash buyer and will make our offer superior to an offer without a pre-approval letter.
Application
Once we secure the perfect property for you, a mortgage application will be completed and reviewed by a Loan Processor prior to submission to and underwriter for final approval. The lender will ask for pertinent documentation including bank statements. A verification of employment and a credit check will be authorized as well.
Underwriting
After your loan application has been completed the Loan Processor will compile a package and submit it to an Underwriter for review. Upon preliminary approval by the Underwriter a title review and an appraisal will be ordered by the lender. Upon receipt and a positive review of these items you will have final loan approval and we are off to closing!
Apply for a Mortgage
Our Lending Partners
Keller Williams Mortgage
Michelle Ikonen
Legacy Mutual Mortgage
Contact Swanson Realty for Financing Assistance
Loan Options
More choices of loan programs mean more opportunities to fulfill your dream of homeownership. Your Swanson Realty Group Buyer Specialist, in consultation with your lender, can help you carefully weigh the benefits and risks of each option to help you reach your personal and financial goals.
Choosing the right loan type
CONVENTIONAL, FHA, OR SPECIAL PROGRAMS
Mortgage loans are organized into categories based on the size of the loan and whether they are part of a government program.
- How much you will need for a down payment
- The total cost of your loan, including interest and mortgage insurance
- How much you can borrow, and the house price range you can consider
Each loan type is designed for different situations. Sometimes, only one loan type will fit your situation. If multiple options fit your situation, try out scenarios and ask lenders to provide several quotes so you can see which type offers the best deal overall.
Conventional
- Majority of loans
- Typically cost less than FHA loans but can be harder to get
FHA
- Low down payment
- Available to those with lower credit scores
Special Programs
- VA: For veterans, servicemembers, or surviving spouses
- USDA: For low- to middle-income borrowers in rural areas
- Local: For low- to middle-income borrowers, first-time homebuyers, or public service employees