What’s the difference between a prequalification and pre-approval?

So what’s the difference between a prequalification and pre-approval? When applying for a new home loan, knowing the difference between these two terms will save you time, headaches and help your realtor determine if you’re ready to look at houses. A prequalification is an unofficial estimate of how much house you can afford. A loan officer will make an educated guess about your ability to buy a home based on your verbal or written submissions of income, finances, and credit history. Lenders will not generally pull your credit report during this evaluation. They will calculate your debt-to-income ratio and write you a letter of prequalification stating how much you should be able to borrow. This process is usually free, but it does not give you any real credibility with lenders or making an offer on your new home. The prequalification is based on vague figures and does not take into account all your financial factors. Future home owners fall into this category if they are just wanting to gather information about projected payments, costs, possibility of approval, it holds no weight for the lender to actually issue a real “pre-approval letter”. The main benefit of prequalification is getting a general idea of how much you can afford. Pre-approval on the other hand is what your realtor wants to have in hand before showing you houses and making offers. The approval consists of the lender reviewing documents such as tax returns, bank statements, and business financials for self-employed borrowers. Lenders will analyze these and other information gained by reviewing employment history, and reviewing your credit report. After an evaluation of this information the lender is able to then produce a pre-approval letter that certifies that you have the resources, capital, and income to afford to buy a home for a certain amount. Sellers will 100% require an approval letter from buyers who are pre-approved because they have proof that the buyers have financial backing and are prepared to pay the required amount. In a hot market like The Woodlands, Conroe, and Woodforest, most sellers won’t even consider offers from buyers without pre-approval letters. A pre-approval does not guarantee loan approval or funding. It simply means that the lender has reviewed the information and to the best of their professional knowledge and information provided the likelihood of approval is likely. Any information the borrower fails to communicate or the lender isn’t made aware of can alter the pre-approval during the underwriting process. Call Steve Head “Mortgage Expert” with Texas Premier Mortgage to discuss your questions and application at 281-907-6401 x100, steve@txpremiermortgage.com

The Woodlands Mortgage / Texas Premier Mortgage

The Woodlands, Texas Mortgage Company Getting the best mortgage or home loan rate can save you thousands over the course of your loan. If you are looking to refinance your existing mortgage loan or are looking for a new home mortgage loan, we will provide you a variety of terms and products to review. The rates fluctuate from day to day depending on the market conditions so its important we discuss the checklist of items needed to lock in your rate. Its also important we discuss your time frame on closing the loan to ensure your lock period is sufficient enough for us to process and close your loan. We have an industry exclusive option to also explore a float down on your rate if the market conditions improve. Upon your final approval we will check with our lock desk if any rate float downs can be applied to your loan. This is a courtesy to you and costs you no additional fees. Its our commitment to you as our borrower that we will give you the best service, most competitive rates, and fees available. Call Steve Head the "Mortgage Expert" at 281-907-6401 to get a live quote or you can fill in the quick quote on the right side of this page. We look forward to speaking with you.

Woodforest Builders in Montgomery, Texas

Texas Premier Mortgage is here to help guide you through the process and answer any questions you have about the Woodforest Community. Call Steve Head "Mortgage Expert" at 281-907-6401 x100 or email direct at steve@txpremiermortgage.com Woodforest Builders Top National List: Builder magazine has released its annual tally of the nation’s best-performing home builders and — not surprisingly — Woodforest builders make the list again and again. In fact, eight of the community’s production builders are on the Builder 100 list — four of which are ranked in the top 10. Making the list — which the magazine says “belies the work, the cleverness and creativity, the skills, the boldness, and the sheer force of will and resilience among the teams of people behind the titles of the companies in our survey universe” are: • D.R. Horton, ranked No. 1 for 2013 closings • Lennar Corp, No. 2 • The Ryland Group, No. 6 • Taylor Morrison (which also owns Darling Homes), No. 8 • Highland Homes, No. 21 • Perry Homes, No. 22 • McGuyer Homebuilders, Inc., (parent company of Coventry Homes), No. 26 • Newmark Homes, No. 95 http://www.woodforesttx.com/news/1764/woodforest-builders-top-national-list

Steve Head - Mortgage Expert

What Happened Today: Mortgage Rates pull back - U.S. stocks fell sharply on Tuesday, with the Dow Jones Industrial Average dropping to a five-week low to 16,390, after a Federal Reserve official said rate hikes might come sooner than later and other retailers offered disappointing quarterly results with lower guidance.

The Woodlands Texas Real Estate Update

So what happened today? The market is confused! Mortgage Rates continue to pull back on more confusing economic data with data suggesting a slowing of manufacturing to unemployment figures getting better, to Wal-Mart sales weaker than projected. The economy is still moving at a snails pace that's a fact but, with some good news then bad news the day traders ultimately control the market. What does this mean if you're in the market to purchase? There is still time to take advantage of purchasing a new home and taking advantage of the low interest rates in 2014. If you own a home we need to discuss your options with a qualified realtor to determine how much your home is worth and how much you can expect to profit after closing. From that point its the mortgage professionals job to determine your budget with down payment, monthly payment, debt ratio, and loan terms. Remember while your home continues to increase in value so is the home you are wanting to upgrade to! Steve Head "Mortgage Expert" 281-907-6401 x100 - txpremiermortgage.com

Exxon Mobile Relocation The Woodlands TX Real Estate

Exxon Mobile Relocation The Woodlands TX Real Estate Welcome to the Woodlands Area and thank you for visiting our website! Deb Hall Homes of Gary Greene and Texas Premier Mortgage are located just minutes from the new Exxon Mobil campus. Our expertise will help you find an existing home that exceeds your expectations. You can also explore the numerous builders for a unique touch of custom options available. We will provide all the information you need, excellent communication, and local knowledge to make a smooth relocation. Call The Deb Hall Team to start exploring the different Villages of The Woodlands at 281-210-1673, or Steve Head your local “Mortgage Expert” with Texas Premier Mortgage for your financing pre-approval at 281-907-6401 x100 / www.txpremiermortgage.com. Let us help you today to find the home of your dreams for tomorrow!

The Woodlands Waterway Square and Texas Premier Mortgage

If you're looking for something to do this evening Texas Premier Mortgage would like to invite you to The Woodlands Waterway Square "Live at Night 6:00 - 8:00..(behind Crush Wine Bar).The event is free and provides music and family fun....It is truly an awesome event to relax and enjoy the outdoor weather...Many residents bring their own bottle of wine/chair/blanket and enjoy good conversation with family and friends....As a sponsor, The TXPM Team will be passing out our "neon green" balloons and treats for the kids...

The Woodlands Mortgage Company

What happened today?? Mortgage Expert: Non-Farm Payrolls 288K vs est 210K, plus the prior 2 months were revised upward by +36K. The Unemployment Rate hit 6.3% vs est 6.6%....So why was the market down on such "good news"??? Ukraine popped up again as well as the underlying theme the economy is improving but at a very-very slow rate...The 6.3% is also said to be skewed by the participation rate itself ...Rates spiked hard this morning with the 10 year bond reaching 2.66 then retreating to 2.59 early in the afternoon. Texas Premier Mortgage / Steve Head 281-907-6401 x100