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Home Loans In Austin, Texas

Looking to buy a home in Austin? With prices ticking down and rates still low, now would be a good time to start shopping for a new house. 

Homeownership has many life-enhancing benefits – building equity, annual income tax deductions, and – of course – having a home of your own. But since it’s such a huge investment that can have a significant impact on your financial future, you need to think the decision through and weigh all your mortgage options carefully – especially if it’s your first time purchasing a home. 

Tips For First-Time Homebuyers In Austin 

Buying your first home is such an exciting time in your life. However, the sheer number of choices that you will face can be disorienting.

With complete information available on the internet about buying a property, you could easily spend an entire day researching and still wind up thinking, “Where do I even begin?”

Real properties are always a worthwhile investment, but you must ensure that purchasing a new home does not jeopardize your future financial goals.

These tips will help you start your homeownership journey on the right foot:

  • Know What You Can Afford.

Before you become emotionally attached to a lovely home, examine your budget first and then decide the maximum amount you can afford to pay for a property. Make sure that your monthly housing costs (including HOA dues, taxes, and insurance) do not exceed 36% of your monthly gross earnings.

You can use our mortgage calculator to experiment with different mortgage amounts, interest rates, and down payments to determine the best fit for your budget.

  • Secure The Down Payment.

If purchasing the property in cash is not possible, save for a down payment of at least 10%–20% or more. A 20% down payment eliminates the need to pay private mortgage insurance (PMI), which protects the mortgage company in the event you default on your payments and face foreclosure. PMI typically costs 1% of the whole loan amount, and you will be charged that 1% annually, resulting in a significant increase to your monthly mortgage payment.

If you’re in dire need to purchase a home but don’t have enough money saved up for the upfront costs, you may want to check if you qualify for a down payment assistance program or government-backed loans like the VA loan or FHA loan.

FHA loans require a 3.5% down payment, whereas a conventional loan requires a 5% down. VA and USDA loans are the only home loan programs that don’t need a down payment.

  • Save For The Closing Costs.

You’ll also need to pay closing costs in addition to your down payment. Closing expenses typically range between 3 and 4 percent of the purchase price of your home. Your lender will provide you with a specific amount to know how much to bring on closing day. 

The closing costs cover fees that are critical to the home-buying process, including the following: 

  1. Origination Fee
  2. Appraisal Report Fee
  3. Credit Report
  4. Attorney Fees
  5. Document Preparation Fee
  6. Property Survey
  7. Transfer and Recording Fees
  • Get Pre-Approved For A Home Loan.

Once you’ve saved enough money to cover closing costs and a down payment of a new home, you can start getting quotes and talking to mortgage lenders.

We recommend prequalifying for a loan and obtaining a preapproval letter before beginning your house search. A preapproval letter demonstrates to sellers that you are a serious buyer, which is an excellent strategy for first-time homebuyers in a competitive market.

To get pre-approved, you will need to furnish the required financial documents (income documentation, tax returns, etc.) for verification by your lender and submit your loan for preliminary underwriting.

Austin, TX Mortgage Lender

Austin mortgage lenders are bountiful and offer a wide range of home loan programs. Capital Home Mortgage is a full-service mortgage lender that offers a very competitive rate with extremely low fees. We are a full-service mortgage lender offering mortgage products from FHA loans, VA loans, USDA home loans, Conventional-conforming loans, Jumbo loans, to Non-Qualified mortgage loans.

We strive hard to provide an excellent service and a straightforward approach to ensure a seamless home buying experience. Whether you are a first-time home buyer looking for your dream home to raise a family or a seasoned buyer, we have the home loan program that fits your needs and budget.

Ready To Get Started?

If you’re considering purchasing a home in Austin, TX, or refinancing your current mortgage, we’re ready to go to work for you!

Capital Home Mortgage is a full-service Texas mortgage company that offers a comprehensive array of home loan programs, competitive Texas mortgage rates, and low fees – all while providing superior customer service.

We can assist you in evaluating your loan options and selecting the one that is most suitable for you. Get in touch with one of our loan officers today at 512-237-7400.

Why Austin is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Austin Rates / Low Fees

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Austin Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Austin Mortgage Rates

Capital Home Mortgage Austin is dedicated to offering great Austin Mortgage Rates and Low Fees all while providing exceptional customer service.  Our mortgage professionals are focused solely on home mortgage lending to make your experience smooth with an on time closing.  Call today to speak with a mortgage officer or request a no obligation quick rate quote.

Capital Home Mortgage Austin Texas Mortgage Team

Dale Gremillion

NMLS 210325
Managing Director

Kelvin Thompson

NMLS 2050042
Loan Officer

Nick Underwood

NMLS 264147
Loan Officer

Cristina Roca

NMLS 1926089
Loan Officer

Austin Home Loan Programs

Austin Home Purchase

Buying A New Austin Home?

  • Primary, 2nd Home, Investment
  • Low Rates & Low Fees
  • Conventional, FHA, VA, USDA
  • Jumbo, Renovation, Manufactured

Austin Refinance Home Loans

Austin Refinance & Save?

  • Save Money Today
  • Lower Monthly Payments
  • Reduce the Mortgage Term
  • Streamline Options Available

Austin FHA Home Loans

Great for Austin 1st Time Homebuyers

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores – Down to 500

Austin VA Home Loans

100% Financing for Austin Veterans

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Credit Scores Down to 500
  • Manual Underwriting Allowed

Austin Conventional Loans

Easy Qualifying for Austin Buyers

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Austin USDA Home Loans

100% Financing Austin Rural Properties

  • Rural Properties Only
  • Primary Residence Only
  • New Manufactured Homes Allowed
  • Closing Costs Can Be Rolled In

Austin Jumbo Home Loans

Great Austin Rates & Flexible Options

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Austin Reverse Mortgages

Your Austin Home at Work!

  • Primary Residence Only
  • Simple Qualifying – Equity Based
  • Credit Scores Not Applicable
  • Minimum Age 62

Austin Native American Home Loans

Helping Austin Native Americans

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Austin Manufactured Home Loans

Austin Manufactured Homes

  • Existing Purchase or Refinance
  • One Time Close Combo Land & Home
  • Lock Rate Before Completion
  • FHA, VA, USDA, & Native Loans
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