Get Pre-approved

Home Loans Made Simple!

Home loans, preapproval letters, types of loans, interest rates and credit scores; Made simple!

Feeling overwhelmed at the prospect of beginning the home loan process? Apprehensive? Or maybe even a little scared of the unknown? You’re perfect! We’ve got great news for you. Here at Hampson & Roland Properties, we are not overwhelmed! Nor are we apprehensive! And, we are definitely not scared!

In fact, we are fearless, homebuyer real estate experts. As seasoned REALTORS, we agree for your benefit, there’s nothing more rewarding for us, than to look into the smiling faces of our homebuyer clients, as we hand them their new house keys!

Although we are not Lenders ourselves, we have comprehensive professional knowledge of every nuance of the home loan process, and it’s dance with our specialty – the home buying process. You can relax and trust us because we’ve cultivated very powerful relationships with some outstanding home Mortgage Loan Originators, whom we are excited to introduce you to as well.

So, what are we saying? All of us Realtors here at Hampson & Roland Properties are sold out for you, and your home buying success. We are 100% committed to guiding you through your entire home buying process. We are passionate about holding your hand, never letting you down, as we guide you through each step.

Why is Getting Pre-Approved for a Home Loan Important?

Most obviously, getting pre-approved for a home loan is your first step in being able to make your Houston area homeownership dream – a reality!! Additionally, it gives you a huge advantage over other homebuyers out there who have not yet been formally preapproved. Some buyers have been pre-qualified; a more superficial analysis of a person’s ability to buy a home – and this is a good thing. However, prequalification is not taken as seriously by home sellers as becoming preapproved is, which requires actual evidentiary paperwork to back things up (your taxes, paystubs, bank statements, etc.).

Home Buyer Tip:

Home sellers prefer to open conversations with homebuyers who have proven themselves to be ready, willing and able homebuyers! Pre-approval makes this evident and puts you in a winning position.

Knowing how much you are preapproved for dictates which homes to include (or exclude) in your home search! This makes life a whole lot easier. Here’s a word to the wise: Don’t buckle yourself into that searching for homes before knowing how much I qualify for a rollercoaster seat unless you are ready for the emotional rollercoaster ride of your life. Falling in love with a home that you’re not qualified to buy is certain to disappoint! Tears to follow…

Why is Getting Pre-Approved for a Home Loan Important?

So…How Do I Get Pre-Approved?

Start By Finding A great, Trusted Mortgage Loan Originator to work with.

Mortgage Loan Originators have a working knowledge of the many different loan programs available to you. They have the answers you need to start your house hunt! (Scroll to the bottom for a list of the lenders we use most often)

Here’s a really great lender website illustrating how Mortgage Loan Originators can help and what their role is in the process. Learn more about the life of the loan and what you can expect from CMG Financial here:

Next, Give your Mortgage Loan Originator permission to review (pull) your credit report(s).

This will get things moving in the right direction, giving some preliminary insight as to your qualification status, what types of loan programs are available to you, interest rate range, etc.

How Do I Get Pre-Approved?

Why is my Credit Score Important?

A credit score uses various statistics to measure how risky or conservative your financial habits are.

And… Your score helps to determine which loan program, and what interest rate you’ll be eligible for. Generally, the higher your credit score is, the better your loan will be! The majority of loan programs have specific credit score ranges required in order to meet the qualifications for any given loan program.

Mortgage industry experts say a score between 620-679 is average. Meanwhile a credit score between about 680-699 is deemed to be “good.” And shades of “excellent” are in the 700-850 range.

You can check your own credit score(s) with Credit Karma

Lastly, Gather and provide the key paperwork needed to your chosen Loan Officer… we’ll show you how you can start getting prepared next.

Why is my Credit Score Important?

What Paperwork Do I Need to Gather in Order to Get Pre-Approved?

The paperwork / documents you’ll be asked to provide is not limited to the list below, especially if you are self-employed. However the list below names the most common documents you’ll be required to give, and we recommend preparing them upfront.

  • 2 years of Tax Returns
  • 2 years of W2’s / 1099’s
  • 2 months of bank statements
  • 1 month of past paystubs
  • Copy of Drivers License / Passport
  • Copy of Social Security Card

Learn more about what paperwork you need to submit to your Mortgage Loan Originator by checking out Mortgage 101 from HomeBridge Financial https://www.homebridge.com/resources/mortgage-101/

What Paperwork Do I Need to Gather in Order to Get Pre-Approved?

What is an Interest Rate, and why is it important?

The interest rate is the rate at which you’re charged, to borrow money. In other words, it’s the cost of the loaned monies to buy the house.

Tip:

Make sure to stay informed about what the current rate is, what rates your credit score(s) qualify you to receive, and when the interest rate(s) might go up! Pay very close attention to this! A percentage rate may seem like an insignificant number, but just a quarter of a percent can change your monthly payment by quite a bit!

After you give all your paperwork to your Mortgage Loan Originator, and you’re credit scores have been reviewed, you’re off to the races! They will need anywhere from a couple days to a couple weeks (depending on how popular they are), to process your documents, and come back to you with a preapproval loan amount that you qualify for, and give you a formal pre-approval letter for your REALTOR to use to make offers on home(s) you’d like to buy. Very exciting time!!

What is an Interest Rate, and why is it important?

What Different Loan Programs Are Available to Choose From?

FHA Loan

2
  • Less than perfect credit
  • Credit score can be low, with increased down payment
  • 3.5% – 5% Down Payment – that’s low!
  • Private Mortgage Insurance (PMI)
  • Mortgage Insurance Premium (MIP)
  • Backed by Government Agency

VA Loan

3
  • Must be active military / military veteran or Surviving Spouse
  • Zero Down Payment (100% Financing)
  • Federally guaranteed loan
  • No monthly PMI (but there is still the up-front premium)
  • Requires a Certificate of Eligibility

** Want to get all your Lender fees wiped away?? Click below https://www.homewaymortgage.com/

USDA Guaranteed Loan

(For Qualified, Moderate-Income / Low-Income Homebuyers)

4
  • Credit score required by most Lenders is 640
  • Zero Down Payment (100% Financing)
  • Non-subsidized loan
  • Government guarantee’s the loan
  • USDA is not the actual lender
  • Loan Applicant applies through a Mortgage Lender

For more specific info on FHA and USDA Loans and home loans in general, Click below https://cmgfi.com/agents/doug-luza/consumer/fhausda

USDA Direct 502 Loan

(For Qualified, Low-Income/ Very Low-Income Homebuyers)

5

What are the costs of the loan itself?

  • Loan origination fee: anywhere from zero to 1% of the loan amount
  • Processing / Underwriting / Admin fee: anywhere from $500 – $1,000
  • Appraisal fee: anywhere from $350-$450
  • Credit report/ miscellaneous fees: $500-$1,000
  • Prepaid property taxes – split into 12 payments and included in mortgage payment
  • Prepaid homeowners insurance – split into 12 payments and included in mortgage payment

We can’t wait to help you buy your next Houston area home! Congratulations in advance. We’re ready to hit the ground running. Let us know how we can help!

What are the costs of the loan itself?

For more info contact any of these preferred Morgage Lending Experts

You’ll be glad you did!

Get a FREE First-Time Home Buyers Guide

From one of our trusted preferred Mortgage Loan Originators. Click here!

** We are not lenders, we are your Realtors! Just here to help simplify and make your lending choices easier to understand before we go house shopping!
What are the costs of the loan itself?
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    When are you looking to purchase?
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    Need assistance with financing?
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    Need to also sell your property?