10 Steps to
Las Vegas Home
Ownership
(Page 3)
Nearly all
Las Vegas home
buyers, particularly first-time homeowners, will require
financing in order to purchase their property. Just
about anybody willing to pay above-market interest rates
and fees can get a home loan mortgage, that’s not the
issue. Rather, it is important to find the
Las Vegas home loan
best suited for you, which would be a home loan mortgage
with the lowest rates and the best terms.
To save time and be
efficient in your search for a home, your real estate
professional will advise you to begin the loan process
well in advance of making an offer on a property by
getting “pre-approved” by a lender. By doing so you
will be able to identify the loan structure best suited
for your needs, identify your price range, and gain
credibility with a seller when making your offer on your
new
Las Vegas home.
What Does “Pre-Approval”
Mean?
It is a simple process
that means you have met with a mortgage specialist or
loan officer who has reviewed your credit and borrowing
power. Based on their findings they will issue you with
a letter stating that you have been “pre-approved” for a
Las Vegas home loan
within a certain price range. (You may choose to meet
with several lenders and get several pre-approval
letters, however, it is important to be aware that each
time a credit check is processed it shows up on your
credit report and costs you “points”.)
While not a final loan
commitment, your pre-approval letter will be a useful
tool for showing to listing brokers when bidding on or
making an offer on a
Las Vegas home.
It demonstrates your financial credibility to sellers,
which will be important because they will be reluctant
(or, in most cases, unwilling) to accept an offer from a
buyer that has no evidence of their ability to obtain
financing.
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