What Is A Pre-Approval?

A pre-approval is a written, conditional commitment from a bank or a mortgage lender that says you are pre-approved for the mortgage financing in question.

It comes only after filling out a loan application, supplying verified income, asset, and employment documentation (assuming these items are necessary), running credit, and underwriting the loan file.

Acquiring a pre-approval shows the interested parties (sellers, agents) that you’re a committed buyer, boosting your chances of sealing the deal at the price you want. It will also show you how much house you can afford, not just an estimate.

Pre-Approval Requirements:

• Credit report
• Bank statements
• Pay stubs
• Tax returns

Once you provide all the required documentation and get the pre-approval letter from a bank or lender, it is typically valid for 60-90 days. Just note that things can change during that time, such as your credit score, so it’s not 100% guaranteed.

As you can see, being pre-approved and pre-qualified are not the same thing, so make sure you know the difference before shopping for a home.

For more information about this subject and about loan questions please contact Frank Marta Texas Home Loan Specialist. Info@nuhomegroup.com or give us a call (713) 373-0345

NuHome Group 713-373-0345

1445 North Loop West Suite 105 Houston, TX 77008

Frank Marta NMLS# 245813/835196

Things to check when buying a home.

Tip #1

When you’re thinking about buying a home, the first thing to do would be to sit down with a qualified lender.  Your lender will be able to check your credit score and your financial information to give you a solid feel of what your options are and how much money you could really spend to purchase a home, without putting yourself in the position where the home owns you instead you owning it.

Tip #2

The very next important thing to do is plan. You should evaluate what you want and what you need. A good way to do that is to get a piece of paper and write your wants and needs.

Tip #3

You would need to pick the right Realtor that’s going to look out for your best interests, who’s going to be asking the right questions for you and your family, who’s going to help you walk away from a house that you are getting too excited about and need to get away from. You do not want a Realtor who is all about sells because they will just put you in a house to get a quick commission. So if you feel that your Realtor is more of a sales man and all the Realtor wants to do is sell, sell, sell then you've got with the wrong Realtor. Get a new one.

Tip #4

Do your homework. Make sure your home is inspected by a qualified inspector, make sure that the termite inspection is done and drive through the neighborhood on the weekend to check it out yourself. You’d want to check the neighborhood to check whether or not the environment is right for you and your family.

Tip #5

Manage your expectations. Realize that some things are going to have hiccups and are going to have peaks to a home.

For more information about this subject and about loan questions please contact Frank Marta Texas Home Loan Specialist. Info@nuhomegroup.com or give us a call (713) 373-0345


NuHome Group 713-373-0345
1445 North Loop West Suite 105 Houston, TX 77008
Frank Marta NMLS# 245813/835196

How the sudden increase in property values will help you and your mortgage.

You can wave the mortgage insurance from your current monthly payment. You can have it taken off by:

1. Refinancing your current mortgage: as long as you have 20% equity in your property.

- I.e.: If you would make 20% profit on the sale of your home today, you do have enough equity to qualify.



2. Not refinancing: Call your current mortgage provider if you feel like you would make 20% profit on the sale of your home property, you do have enough equity to qualify. Simply call them and pay for an appraisal and if you have the proper equity we will take it off.



If you don’t know if your home has enough equity then you should call a professional loan officer to help decide what the best option for you is. For more information about this subject and/or about loan questions please contact Frank Marta Texas Home Loan Specialist at Info@nuhomegroup.com


NuHome Group 713-373-0345
1445 North Loop West Suite 105 Houston, TX 77008

Frank Marta NMLS# 245813/835196