Looking to Buy? Here's Your First Step

January 15, 2019


In many markets, the number of buyers overwhelms the number of homes available for sale. This trend creates a competitive market in which buyers need to stand out from the crowd. The best way to show sellers that you are serious is to get pre-approved for a mortgage prior to starting your home search. 


Whether or not your market is competitive, a pre-approval is beneficial for understanding which homes are within your reach. In a competitive market, a pre-approval will show how much home you are able to afford, help you move quickly and with confidence. 


There are many advantages of working with a real estate professional. The agents at PorchLight have great connections with lenders who will guide you through the entire process. The lender will have you fill out their loan application and also ask for your credit history, work history, down payment and residential history. 


There are four "Cs" that will determine how much you qualify to borrow:


1) Capacity: Your current and future ability to make your home payments. 

2) Capital and Cash reserves: The money, savings, and investments that can be quickly and easily turned into cash. 

3) Collateral: The home that you plan to purchase

4) Credit: The history of paying bills and debts on time. 


Getting pre-approved is one of the most important steps to show sellers that you are serious and will speed up the process of buying. You may be surprised at your ability to buy and qualify for a mortgage. 

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PorchLight SoCal

Cal BRE #01953760

4612 Park Blvd

San Diego, CA 92116

Broker: eXp Realty

Cal BRE #01878277

2603 Camino Ramon, Suite 200

San Ramon, CA 94583

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