Buying a House? Get Pre-Approved for a Mortgage First

Get Pre-Approved Before BuyingI’ve written before about the home buying process and the steps buyers need to take to become home owners. Yet I still see and speak with many buyers that do not have their pre-approval letter or have not spoken with a lender. In a buyer’s market (more listings for sale than buyers) or a “normal” market where not every listing goes under-agreement after the first open house, I could understand moving at a slower pace. Now is not that market. Now you are running with the bulls. If you do not want to get trampled, first – don’t wear red, and second – speak with a lender and get pre-approved.

This is not just in my corner of the real estate world. This is true all over the nation (with few exceptions). Last year sales of occupied homes were the highest they have been in five years, however the inventory is at a 13 year low. Which is prompting a need for construction of new homes and condo buildings. August saw the lowest supply of new construction homes on the market since 1963 at 143,000 units. Last month it rose to 150,000. At this rate, it would take a little over four months to exhaust all the supply of new construction off the market.

The lenders we work with are professional, responsive, and in some cases, superheros. It takes little to no time at all to get a pre-approval letter. In this market, if you want a chance to buy a home you want, have a pre-approval letter before you see it. If you find a home first and then try to get everything in order, you can lose out. If you plan to get a mortgage and do not submit a pre-approval letter, sellers will consider your application incomplete. And if multiple offers are submitted, your offer will end up at the bottom of the pile, behind those with a pre-approval letter and buyers paying cash.

We want to help you put the strongest offer forward, so you can secure the property. If you need the recommendation of lenders to speak with, we would be happy to provide the names of those lenders we feel are the best in the business.

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