Making Your First Real Estate Purchase In San Antonio

A few tips to smooth out the real estate buying process.

Get pre-qualified

If possible, get pre-qualified or even pre-approved for a loan before you start looking for real estate.  The closer you are to having the money in your hands, the more bargaining power you have with potential real estate sellers in San Antonio. You’ll also eliminate much of the stress if you come to the realtor with a plan of exactly how much you can afford to buy, and don’t stray from that target.  If you haven't visited a mortgage professional a good realtor can point you in the right direction.

How much can you afford?

The housing crisis of 2007 was caused by lenders being too lenient, so how much can you really afford. This is the age-old question to which the answer is “less than you qualified for”.   When buying a house, you need to consider your down-payment along with taxes and escrow, and possibly PMI (private mortgage insurance). PMI is extra insurance that lenders require from most home buyers who obtain loans that are more than 80 percent of their new home's value. If you need to finance more than 80% of the house, then you’ll either need to account for PMI in your monthly payment, or take a second mortgage to cover the 80% minus your down payment. 

Find a realtor who understands Real Estate in San Antonio.

What does this really mean? When buying real estate use an experienced “buyer’s agent". San Antonio has very diverse neighborhoods and remember real estate is all about location, location, location. The real estate industry here can be challenging at times, you need real estate agents who know San Antonio and stay ahead of the competition. Choose the wrong agent and it will cost you either the house you wanted to buy or thousands of dollars.

The Diane Craig Real Estate Team of San Antonio is made up of experienced real estate professionals with years of buying and selling San Antonio properties. We can help you to find your perfect dream home or investment property. If you have questions about this article, or wish to ask a question please call us at 210-408-2000 or contact us today. No question is ever too insignificant or unimportant.