Bedrock Lending

Bedrock Lending Spotlight: Shayna Murphy

Name: Shayna Murphy

Position: Operations Manager/Processing Dept-for all locations

How long have you been with Bedrock Lending?: Four years

What do you love most about Austin/Denver/Dallas?:

• Austin- unpretentious and laid back vibe;
• Denver- the beautiful landscape;
• Dallas- great shopping and nightlife

On a Saturday night I can be found...: On my couch, in sweats, watching a good movie, hoping the kids are really in bed and staying there.

Favorite Book/Movie:

• Book- House of Sand and Fog and The Power of Now
• Movie: Shawshank Redemption and Terms of Endearment

Favorite Band/Artist: Jason Aldean and Coldplay

What's your favorite Ice Cream?: Batter Up Ice Cream at Amy's  with lots of Caramel, Strawberries and Whipped Cream

Where would your dream home be? On the water, maybe cliffside in Costa Rica 

Bedrock Lending Spotlight: Sean Condon

Name:  Sean Condon

Position:  Austin Sales Manager/ Mortgage Banker

How long have you been with Bedrock Lending?:3 years (in September)

What do you love most about Austin?: Lakes, The Hike and Bike, Nearby Hunting and Fishing

On a Saturday night I can be found..: 2nd Street District or South Congress

Favorite Book/Movie: The Girl With The Dragon Tattoo (book)

Favorite Band/Artist: Willie Nelson

What's your favorite Ice Cream?: Anything from Amy’s

Where would your dream home be?: Lake Austin

Steps to Take When Applying for a Mortgage

The process of applying for a home loan requires preparation on your part and can take up to a month from start to finish. By preparing ahead of time and understanding the process, you can ensure that the process goes as smoothly as possible.

Preparation

Before you apply for a mortgage loan, you should get your finances in order and get an idea of how much of a mortgage payment you can afford. Also, check your credit report and resolve any outstanding issues before applying for a loan. Finally, you’ll need to gather the necessary paperwork. Most lenders will want to see:

• The most recent month’s pay stubs.
• The previous month’s full bank statement.
• Any 401(K) or investment statements.
• Two years of tax forms.
• Annuity, pension, or retirement income award letters.
• Current homeowner’s insurance statement and property tax bill, if applicable.

Application

• Once you’ve prepared for a home loan, you’ll need to select a lender and apply for your mortgage loan. The lender will ask you to fill out paperwork and present financial information, and on occasion the application process may include an interview.

Processing

• After applying for a home loan, the mortgage professional will check the application for completeness and the necessary documents and submit it to the lender for underwriting. At this time, you will receive a Good Faith Estimate of the loan offer which will show your rate, mortgage payment, and any costs associated with the loan.

Underwriting

• Next, the lender will review your application, documents, credit report, and employment and have the property appraised. The lender will determine if you qualify for the loan as it is written, if it needs changes, or if you may not qualify for a loan.

Closing

• When the lender has approved you for the loan, you will need to sign the loan documents. Compare the Good Faith Estimate with the term of the loan before you sign. After signing the mortgage loan paperwork, your loan will fund.

If you’re interested in obtaining a home loan, including an FHA loan, or would like to understand current Texas mortgage rates, call on the professionals of Bedrock Lending. Learn about the difference Bedrock Lending you can offer by calling (512) 968-9966.

Easily Determine How Much House You Can Afford with this App

Whether you’re a real estate professional or a consumer in the market for a new home, Home Buying Power app is an essential tool. With this application, you can determine how much home you, or your client, can afford. In addition, you can find out if you can afford the monthly payment with the amount you’ll be putting down on the purchase of a new home. This application also includes a home mortgage payment calculator. In addition, you are able to make notes about each specific property, including the MLS number and the home’s address.

If you’ve found your Texas dream home and are looking for a home loan, turn to the experienced direct lenders at Bedrock Lending. We can provide you with Texas mortgage rates and also offer refinance mortgages and FHA loans. Call Bedrock Lending today to speak with one of our lending agents at (512) 968-9966.

5 Common Questions About Mortgages, Answered

Applying for a home loan is the first exciting step towards owning your own home. When you’re applying for a home mortgage, it is of the utmost importance that you fully understand all aspects of the mortgage loan before proceeding. Take the time to understand these common questions about mortgages: 

1.What are My Mortgage Rate Options?

Home loans are available with fixed or adjustable interest rates. Fixed rate mortgages have a set rate that will remain the same throughout the term of the loan. Fixed rate mortgages will not change. An adjustable rate mortgage typically begins with a lower rate than a fixed rate mortgage, however the interest rate of the loan can fluctuate with the market.

2.What is a Mortgage Term?

The term of a home loan is how long you will need to make payments in order to pay off the home loan. Typically mortgage loans are offered in 15- and 30-year terms. 15-year mortgages will require you to make larger monthly payments, but you’ll pay less over the life of the loan. 30-year home loans lower your monthly payments, but you’ll end up paying more overall.

3.What are Mortgage Points?

Mortgage points may be required by a lender in order to secure a home loan; they are essentially up-front interest. In addition, you may be able to pay points in order to bring down your interest rate.

4.Why Should I Lock in My Interest Rate?

Between the time that you are approved for a home loan and the time that you close on the loan, interest rates may change. At some point during this time, you’ll want to lock in your interest rate so that the final interest rate on your loan doesn’t go up with the market.

5.How Do I Compare Home Loans?

When comparing loan offers, focus on the annual percentage rate. But don’t ignore closing costs and any points you’ll be required to pay. Without looking at all aspects of the loan, you may not be comparing loans on a even playing field.

To learn more about mortgage loans, FHA loans, refinance mortgages, or Texas mortgage rates, turn to Bedrock Lending, a full-service mortgage bank. To see how we can help you, please call us in Austin at (512) 968-9966.