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Pam Roberts Owner | Realtor
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How to get a home loan


WHAT TO KNOW BEFORE YOU APPLY FOR A HOME LOAN…

Knowing the difference between home loan terms such as pre-qualified, pre-approved and loan commitment will give you a quick insight into how smoothly your home buying contract will be initiated. We have included links in each loan type that will connect you directly with some of our preferred local lenders.

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Pre-Qualified

This term is used when you are first inquiring about obtaining a home loan. Being pre-qualified does not approve you for a home loan. Lenders will take a basic and quick look at your financial situations and decide if your are eligible to actually be approved for an official home loan. This process is fairly quick and can often be done online. Being pre-qualified does not approve you for a home loan. Once you feel comfortable with loan prequalification you can then ask a licensed loan officer to review your legal documents and personal information to move to the pre-approval process.

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Pre-Approved

After your preferred mortgage officer runs your credit, reviews your financial situations and confirms that your provided financial data is in good standing they will grant you a pre-approved status at the amount you requested to be borrowed. This status normally will be paired with an official pre-approval letter that you will present to your real estate agent so that he or she can speed up the process of purchasing a home. Being pre-approved for a loan is an important step in buying a home so you will want to make sure you contact your best local loan company for assistance.
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Loan Commitment

Loan Commitment is normally confused with pre-approval because they are very similar in definition. This is the most important step in acquiring a home loan because it gives you the actual commitment stating the exact terms and interest rate details that the pre-approved loan amount is maxed at. You can look at ‘loan commitment’ as a detailed explanation of what your pre-approval confirmation includes. It is important that you understand the terms before signing off on the loan being offered by the qualifying mortgage company you are working with.
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Conventional Loans

Conventional home loans can be used for single person applications even if you are married. This type of loan allows you to keep your significant other’s financial past out of the home loan application process which could be of benefit if your partner has poor credit. Conventional home loans do require a higher credit score for approved home buyers. When making a down payment it is always recommended to have 20 percent down but some situations can allow you to provide a down payment as low as 5%.
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FHA Loans

Are you considering an FHA loan? These loans do allow you to buy a home with less down vs. standard home loans but you need to get all the facts about available FHA loans for your area and find out if your debt to income ratio allows you to qualify for an FHA loan. Often first time home buyers use an FHA loan because it requires a lower credit score and lower down payment.
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VA Loans

VA Loans are perfect for Military both working, previous and retired. Have you served in the United States Armed Forces? San Antonio is home to many war veterans and retired military folk. These individuals might qualify for a VA home loan. This program is great for military families and individuals so be sure to consider a VA loan when applying for home loans.
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USDA Loans

USDA Loans are loans that offer great benefits for individuals looking to move to a rural area where the home has been approved as part of a USDA eligible location program. USDA loans offer grant assistance but you must first apply for this assistance and if approved you may be eligible. Household income must meet certain standards and your area of interest must be under the USDA rural areas eligible for a USDA loan. Google search USDA Loans for more information or contact our preferred lenders for all the details.
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