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Austin Mortgage banker weighs in on housing market

Dorothy Erminger, a loan officer with Capstar Lending says the Austin housing market has been good for a long time, but not this good. “I’ve been doing this for almost 22 years and I’ve never seen it like this…never.”
Erminger says increased market activity hasn't really changed how Capstar operates, but she has noticed something different about the flurry of home-buying. “We seem to have a lot more borrowers these days that are low on cash, so they want low down payment options and we still have those, but they seem to be more frequent than six months ago, a year ago.”
Erminger says the biggest issue for their customers is multiple offers on a home. As a result she says they pre-qualify people to get their supporting documentation ahead of time, “so that when they make an offer on a property, they’re ready to close almost”. She says because the housing market is tight, it may take them months to be able to find a house.

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