Start Your Home Search by Getting Pre-Approved


Getting Pre-Qualified and Pre-Approved to Avoid Disappointment is highly recommended in our present hot market in San Antonio.

It never fails. I continue to run into buyers, who have not been Pre-Qualified or Pre-Approved for a loan. Nothing hurts more than missing out on an opportunity because you failed to be prepared, and take those necessary steps to be in position to buy that Dream Home when you see it.

That’s the first thing I bring up to all my buyer clients, after they have committed to hiring me as their professional representative to be their voice by signing off on the Buyer's Representation Agreement. I quickly stress the importance of at least getting Pre-Qualified before we go looking at any homes. I let them know that many listing agents will require a statement or letter from their lending institution about their ability to buy a home. Even if they were paying in cash, those same agents will ask for a proof of funds statement from their banks.

Whenever buyers start to ask questions about, "How Much is Their Monthly Payment", or "How Much is Their Down Payment'? I know right off the bat they haven't taken the time to speak with a mortgage broker or a lending institution. Thank goodness the Consumer Financial Protection Bureau came up with the "Know Before You Owe Policy". Buyers are encouraged to get all the facts about any loans before they ever have to sign any home purchase documents.

I also from time to time run into those buyers, who have previously bought homes, but it has been more than 5 years ago. The financial and lending requirement have been changing frequently over the last few years. What some buyers think they can buy, they can't qualify by today's standards. It's not always about how much you make, but how much you owe. There's that debt to income ratio that disqualifies many buyers.

Why is this important in a hot market where the inventory of homes is low, and buyers find themselves in bidding wars? Sellers are not willing to wait if buyers are not ready and pre-approved. Homes are going under contract in a very few days in some areas, and the normal days on market for the whole city is around 60 days now. It's possible for a home to go on the market on a Friday afternoon, and be under contract by Monday morning. It’s better to avoid any disappointment by being prepared before you go shopping for any homes.

If you are looking to buy any homes in the San Antonio area, please Contact Your Local San Antonio Area Professional at 210-789-4216, who will not only help you find that Dream Home, but will help you find the financing and get you Pre-Qualified and Pre-Approved for your loans. Or visit my website at San Antonio Real Estate to get your home search started.