Find Great Las Vegas Financing

Owning a home is the Americans dream and it is a dream come true for millions. What about you? This article is great for those of you who are buying their first Las Vegas home and are not sure what steps to take to make your dream come true. We understand that much of the home buying process is like a foreign language, very difficult to understand. Don’t worry, it’s not like you buy homes every day, that’s why you have us who buy and sale homes every day. We are going to help you understand the lingo/mortgage jargon, and step you through the mortgage process.

First Things First

Don’t waist your time looking at Las Vegas homes until you know what you can afford. There is nothing more disheartening or discouraging than discovering the perfect home and then finding out you can’t have it. Steer clear of the temptation that many homebuyers succumb to, looking for a home before they have their financing in order. It happens all to often that the perfect home with the just right living room, the nursery or office, the back yard, etc. and you go in to speak with a mortgage lender to realize that reality isn’t as nice as you would like it.

Who Do I Trust?

We all have friend, relatives, professionals, mentors and others that we trust and respect. Chances are they have used a mortgage professional or know of someone who they can direct you to that has used one. It is good to use a mortgage lender that you have received as a referral because that means that someone has been impressed with his or her integrity and effort. It is good to get two or three names and lending institutions. This way you give yourself options; options are always good. To speak with one of our professional loan officers let us know.

Getting The Best Las Vegas Financing

This is where it comes in handy to have a few different names. There are so many different types of loan programs for each individual that it is impossible set a standard on what to expect out of a loan. This is best discussed with your real estate agent. We are not beating around the bush by saying this; it truly depends on what your situation is. A 30yr fixed rate mortgage with a 20% down payment may work for one person where a 5/1 ARM with $0 down works for another. Note that every mortgage, no matter what program works for you, is negotiable. Let us know if you would like to find out what loan program works best for you and your situation.

Negotiations

The extent of how great a deal you get greatly depends on your own negotiating skills, but here are a few pointers.

Get at least three good faith estimates. Look at each of the lenders fees. See what they are charging you for. Some lenders charge for different things and sometimes they are just termed differently. Don’t be afraid to call the Las Vegas lender and ask them what the fees are for. The advantage to have three different good faiths is that you can use lender A’s fees to negotiate with lenders B & C and visa versa.

The 5 Final Factors

Interest rate: Who can ultimately give you the lowest interest rate for your situation. Can they lock you in to that rate? You want to be at the point where all of your lenders are giving you the same low interest rate; if you get here... Good job! That’s what you want.

Closing Cost

These are the lenders, escrow companies, state taxes, inspections, and sometimes real estate costs that a you have to come out of pocket with unless you decide to have the seller pay for your closing cost. Normally these cost are 2 - 2 1/2% of the assumed sold price of the home you are wanting to buy. It is important to get these costs as low as possible. These costs can also affect your monthly mortgage payment.

Monthly Payment

Interest rates and the amount of money placed as a down payment have a large affect on what your monthly mortgage payment looks like. Which lender can get you the lowest payment?

Lender Relationship

It is very important to find a lender who you “get along with.” Sometimes it may even cost a little bit more, but in the end you need to be able to answer the question “Did I get what I wanted?’ “Yes!” The home finding process is usually the easier part of the home buying process. One of the top reasons that a purchase doesn’t make it through escrow is because of the lending. There needs to be an intimate relationship between the buyer and their lender. When there is a strong relationship of trust and loyalty between a lender and buyer there seems to be a little more effort put in to the transaction to make sure everything happens as was planned. You will be working with them very closely to make sure that you can buy the home of your choice. Make sue they are pleasant to work with.

Guarantees

It seems that in every profession there are always going to be those who individuals that are going to tell you what you want to hear but have no intentions of delivering. There is a real easy way to nip this in the bud. Lets say that you have negotiated your way to the lowest interest rate, mortgage payment, and closing cost, which of these Las Vegas lenders that you have been interviewing will be willing to back up what they say with a guarantee. Ask them to put what they say down on paper with a signature. What are they willing to do if when your sitting down to sign your closing documents and your cost are higher than what you were expecting? Are they going to pay anything up and above what they promised? Get these things in writing. Note: be lenient with your lender if you mortgage payment comes out $5 or $10 dollars more or your closing cost are $50 to $100 more.

Hildreth Barnhill has access to some of the best financing in the Las Vegas valley. We are able to work with most types of buyers in many different ranges of credit scores. Contact us to help you get financed.

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