VIRGIL E. EAVES JR., BROKER TREC LIC#0234039

Licensed to do business in Texas and nowhere else.

FINANCING SOURCES AND MORAL SUPPORT

Scroll down near the bottom to use our mortgage calculator and find out about The Genesis Program (Zero down payment).

The proven approach to the home buying effort is to first get pre-approved for the mortgage loan. This gives you confidence and leverage in your negotiations. If you want to save lots of time later on, go ahead and view our list of lenders in the Bastrop/Austin area. Meanwhile, check out a neat site we found where you can do your own "pre-qualification" at: http://www.bankrate.com If your self pre-qualification depresses you, don't worry, let the people who work miracles help you out. Here are a few:

MORTGAGE LOANS:

WE DO NOT RECOMMEND COUNTRYWIDE MORTGAGE DUE TO THIER AGGRESSIVE FORECLOSURE POLICIES AND LACK OF ACCURACY IN ALMOST ALL COMMUNICATIONS WE HAVE HAD WITH THEM.

Here are some other experienced reputable lenders:

Bastrop Mortgage Associates serves the area and has helped many, many folks get the financing they were looking for.  Rick and Lisa St. Cin are really nice folks who keep up on all the latest trends, changes, etc.  We've worked with Rick and Lisa on a number of transactions and found sailing smooth and seamless.  They also have a brick and mortar office where you can visit with them about your financing needs at 702 Chestnut St. in Bastrop.  You can give them a call at (512)303-9718, visit their website or send Rick an email at rickstcin@austin.rr.com .

LOCALLY OWNED BANKS:

The largest locally owned bank in Bastrop County with branch banks in Bastrop, Elgin and Smithville (FNB acquired Community Bank of Smithville recently).  Shop here for your real estate and virtually any other type loan.  These nice folks can really help.  Shoot them an E or give them a call at (512)321-2651.  Here are four of the loan officers' email:

SOUTHEAST TEXAS FEDERAL LAND BANK ASSOCIATION: Tim Knesek, Vice President, 252 N. Main St., P.O. Box 459, La Grange, TX 78945-0459 (877)688-5500, (979)968-6976 for calls or (979)968-5750 FAX.    You just can't beat Tim on a long term land or land/home loan.  The terms are great and he can get that long term fixed rate.

 E-mail to: tknesek@farmcreditbank.com

MORTGAGE LOAN MAY BE WORTH THE EFFORT

BY: Virgil E. Eaves Jr., Broker/REALTOR

Published May 3, 1997 as a special to The Bastrop Advertiser

NOTE: There have been many exciting innovations in financing since this article was written. Processing time is much faster, ratios more lenient and credit scoring is vastly improved. Contact a professional lender for more up to date info. I'll be working on revisions to this article as time permits. Virgil

If you are like most people, you will have to borrow money to buy a home. Most sellers know this and are hesitant to enter into a contract with you before you are at least pre-qualified by a lender to borrow the money. "Pre-qualified" usually means that you have given a lender the basic information about your finances and, based upon that information, the loan representative feels that you are likely to be approved for a loan if all the information can be verified. Once the information is studied and verified by the lender, you may be given "pre-approval". Pre-approval means that you personally are approved for the loan if all aspects of the property meet the lender requirements. Those requirements may include things like the appraised value, boundary survey, condition of the title, etc.

Getting a mortgage loan can test anyone's patience. You may have heard a friend grumbling about how they applied for a mortgage loan and gave the lender more information than they would have ever given their mother. Weeks after the loan application, the lender may have asked for more information, a letter to explain some item in question, and maybe copies of more records. Your friend may have become upset that the information was not asked for in the beginning.

Before this happens to you, read on and take heart.

It is important to understand that, when doing business with a mortgage lender, your loan officer is usually not the person who can approve your loan. There are several important steps to your loan process. Efficient, experienced lenders can make things go smoother. Different mortgage lenders may have variations in the way they process loans, but here is how the typical mortgage process works: The loan officer or "loan originator" takes your application and initial information required. This information and application are then turned over to the processor. The processor is the person that does the nitty gritty work of checking references, verifying bank accounts, income, credit history and many other items. The processor's goal is to anticipate, collect and verify all the items necessary to support your case for getting the loan. All this information is put together into a "loan package". This can be a hard job. We all know that no two people are alike and the same is true in your financial life. It is very difficult for the loan officer and processor to anticipate all the documentation that will be necessary to gain approval for your loan. When the processor is comfortable that the loan package is complete, it is submitted to the UNDERWRITER. The underwriter is the person who actually makes decisions to approve or deny loans. The underwriter seldom sees your file until well into the loan process. Many times the underwriter is inclined to approve the loan but wants to know more about an item that is unclear or appears to be a negative factor. The underwriter may feel that you might be able to explain such an item to her or his satisfaction. This is when you get a call wanting more information. The loan officer may say you have "conditional approval" or something similar. Don't take it personal. There is a better than average chance you'll get the loan if you made it this far. Once you have dug up that last bit of information or written that last letter to explain something, the underwriter can make a decision to approve or deny the loan.

When you get final approval, your package is given to the loan closer. The loan closer is the person who coordinates with the title company or attorney's office exactly how, when and under what conditions your loan is to be funded. The actual funding may not take place until after the lender has reviewed all the closing papers for accuracy and completeness. This means that sellers may have to wait a day or so after the closing to receive their money.

If this sounds like too much trouble, remember that you are getting a loan with a low down payment and low monthly payments spread over 30 years with taxes and insurance paid along with your monthly payments.

A mortgage lender is only one of many avenues of financing a home purchase. Depending upon your needs, the type property, and available resources, you may want to consider your local bank, saving & loan, credit bureau, the seller, and others. In general, loans with down payments of 20% or more will carry less closing costs and easier qualifying requirements. A 20 or 15 year note may save you thousands of dollars in interest with a moderately higher payment than the 30 year note.

A good rule of thumb for getting a mortgage loan or just going to work every day is if you need to get there quick, start out early. Smart buyers have loan pre-approval before offering to buy a home. It can make the difference in getting the home of first choice...or settling for second fiddle.

A local REALTOR can provide general information on what type of lenders and loan programs are suitable to your particular goals. A REALTOR can refer you to lenders with a reputation for customer satisfaction and assist you throughout the home buying experience.

You can view your own credit report and "FICO" score at Equifax credit bureau's website for a fee.

Phone (512)321-7117 or (512)303-2112 Metro & Fax

Phone (512)321-7117 or (512)303-2112 Metro

(512)303-9902 FAX

Map to our office

Email Us Now

or Browse Listings