Typically, when a family decides to buy a home in San Diego, the first stop is with a lender to get pre-approved. This is the smart thing to do. However, the lender and home-buyer rarely communicate again until an offer has been accepted and escrow is opened (official beginning of the transaction). With mortgage rates rising more than 1% in the past couple weeks, I am concerned there are home-buyers in San Diego looking at homes they can no longer afford. Of course, their real estate agent or lender should have let them know about the rise in interest rates, but I’m sure plenty have slipped through the cracks.
If you are looking to buy a home in San Diego right now and it’s been more than 10 days since you were pre-approved, you need to get re-approved right away. Chances are, you can afford less home and you’ll need to start looking at a different price range. If not, then no worries, but I don’t want to see you waste time and get your hopes up just due to poor communication from your service-providers.
This tip comes directly from San Diego Mortgage Expert, Jon Jerotz with Guaranteed Rate. He’s been on the show over 2 years and has been top 1% in the nation during that period. A great source for information in my world and one of the best if you need to purchase or refinance in San Diego.