Austin Archives - Stonebriar Mortgage

Relocating to Austin, Texas

December 2, 2019 by Stonebriar Mortgage

Austin Texas has a booming real estate market, with a vast number of people relocating to the city each year. In fact, some reports show 150 people are moving to Austin on a given day. Austin is the capital city and hosts an array of cultural and economic opportunities. Currently, there is a huge tech start-up scene in the area. If you’re planning to look at new opportunities, the expert team at Stonebriar Mortgage is here to help you learn about relocating to Austin, TX and why it’s a great time to do so.

Researching the Various Neighborhoods of Austin, Texas

There’s a variety of neighborhoods and housing types to choose from in Austin. Each is suited to its own unique personality and lifestyle. Stonebriar Mortgage recommends you visit and spend some time around town before choosing a home. There are over 24 neighborhoods to choose from. We’ll describe just a few options to convey the range of community types.

If you head east of downtown, you’ll find a popular new development area with an eco-conscious community. Mueller has walkable paths, community gardens, local retailers, and very newly built efficient homes.

Heading to southwest Austin, you’ll find a more secluded living set-up with hike or bike trails and a golf course in Circle C Ranch. There’s an appealing array of local schools making it ideal for families. From gated mansions, to single-family homes, there’s a variety of housing for all types.

If you like a city scene, try out downtown Austin, where you’ll find luxury condos with garden or loft-style set-ups. There is a rich culture with arts and live music activities. You can also find a little escape from city life in the local lake and botanical gardens. If you like older style buildings, check out Clarksville’s renovated condos just outside of downtown. You can find an older early 1900s home, and the area is also bordered by the beautiful lake.

Abundant Opportunities in Austin, Texas

Austin has been rated frequently among the top cities for job growth. Though it is increasing, there is still a relatively low cost of living compared to income—making it a popular relocation destination for Californians. Many find the cost of local goods and services to be reasonable, as well. The projected growth of this city also makes it ripe with real estate investment opportunities.

An Inclusive, Eco-conscious Community in Austin, Texas

Austin is ranked the greenest city in Texas and hosts a transit and bike-oriented culture. American Council for an Energy Efficient Economy also ranked it the 6^th most energy efficient in the U.S. Austin also boasts an inclusive community, and is number 5 most inclusive in the U.S. Many businesses market themselves as being welcoming to all, regardless of orientation or identity.

Stonebriar Mortgage is here to help people in the Texas and California markets find the greatest new neighborhoods to live in—contact our staff today!

Homestyle Renovation Loans

November 29, 2019 by Stonebriar Mortgage

Homestyle Renovation refers to a loan that helps upgrade a home while on sale or immediately after purchasing. The program aims at making the cost to purchase and repair a home easier and more bearable. This is because the Homestyle loan can be packaged with the mortgage on the home. Homestyle Renovation Loans make it possible to upgrade that home you want to buy. Stonebriar Mortgage is here to help Dallas, TX and California home buyers understand this great lending program.

Homestyle Renovations Help Increase the Value of Your Home

Did you find a home that you’re dying to own, but finding the cost to repair or to make energy upgrades is holding you back? Homestyle Renovation Loans are here to help! Produced by Fannie Mae, this loan is intended to roll into the existing home mortgage. This means you may do less paperwork and pay less fees. That may mean less fees, less paperwork, and less headaches. You can get approved for a loan that matches the value of your new home after repairs are made.

Qualifying for a Homestyle Renovation Loan

Qualifying for a Homestyle Renovation Loan requires an approval of the home you plan to renovate. Fannie Mae has lists for qualifying contractors and architects with this program, make sure you get a good team, they will review your budgets and plans in detail. Most contractors working with the project may need approval from Fannie Mae. Funders will also look to determine if you stick to milestones in your project. Lenders want to know that the projects can be completed within six months after close, and 100 days with energy upgrades.

Before your loan funding comes, you could be required to have an appraiser review the new value after construction. Only certain homes are eligible for this type of loan. A manufactured or mobile home will not qualify. On the plus side, both businesses and individuals can apply for a Homestyle Renovation Loan.

A Lot of Perks Come with Homestyle Renovation Loans

In addition to raising the value of your home, there are many perks that come with using a Homestyle Renovation Loan. Many people do it to pay for energy upgrades, which helps the environment. It also means there will be more savings on your utility bills. Homestyle renovation s can pay for things beyond just construction. The funds can help cover any of the fees charged for permits or inspections, as well. Roll the Homestyle loan into your existing mortgage and eliminate paying two closing costs! Your home will build equity faster and be more appealing to potential investors after all the upgrades!

Stonebriar Mortgage is here to help Dallas, TX and California home buyers benefit from using a Homestyle Renovation Loan. Contact our various offices for more details today!

How Your Credit Score Affects Your Mortgage Rate

November 26, 2019 by Stonebriar Mortgage

From your income, to your bills, to your lines of credit—many factors influence your credit score. The score follows you through life and impacts numerous things, including your ability to buy a home. Whether your score is high or low will determine the rates and terms of your mortgage. This week, educate yourself about how your credit score impacts your mortgage rates with Stonebriar Mortgage in Dallas, TX and California.

Getting Approved for a Mortgage

The higher your credit score is, the better your chances are for getting approved to hold a mortgage. Your credit score also influences your ability to obtain pre-qualification for a mortgage. If you are considering how your credit score will impact your life, you can always get professional help from a credit counselor. You can also seek advice from the team at Stonebriar Mortgage.

Rating Your Credit Worthiness

If you have a high credit score, and other good traits sought by lenders, then you can get a mortgage approved with a great rate. However, if your score is low, you may consider holding off on a major purchase until the score improves. If the low score is being caused by high debts or late payments, seek out an accredited counselor to guide you in the process of debt consolidation or paying fees off.

Your credit rating is set and highly regulated in this market. There are three different national credit bureaus that calculate your credit score: Experian, Equifax, and TransUnion. Each bureau may have a very slight difference on your score, but the way they calculate it must be consistent.

Mortgage lenders may check your scores and consider your income or other assets. Scores in the 700 and above range are considered good, as you move downwards, you will be seen as a moderate risk by banks (usually around 620 or below) and some may even decline you as you drop below the 600’s. If it does not seem like you will get a good rate for a major purchase, consider changes to improve your score by just 20 to 100 points.

Repairing Your Credit Score

If you have a low credit score, and want to improve it, there are many services available. You should research to ensure that they are valid sources and not scams. The team at Stonebriar Mortgage is here to help you. A simple way to improve your score is to ensure you pay off debts on-time, and before the date that the company reports to the credit bureau. Below are other ways people have been able to repair credit:

Debt consolidation-aim at using this only to consolidate to lower interest rates on outstanding debts and pay things off quickly.
Ensure your current lines of credit are not closed/left unused—it can increase your score by a minor amount to use an older credit card for a small purchase and pay it off immediately.
Calling companies to discuss repair—if you see a blemish on your credit report, try contacting the company to clean it up, especially if it shows there may have been an error or identity theft.

Stonebriar Mortgage is here to help people in the Texas and California markets understand how to get great mortgage rates. Even if you feel your score is low, home ownership may not be as far off as you think!