With national inventories up, more homes are available for first-time home buyers. However, there are still more buyers than sellers, making the market a bit challenging to navigate. In Las Vegas, Blackmon Home Loans can facilitate buying with pre-approval letters and flexible lending policies. Follow the tips below to make the home-buying experience a little easier.
Follow A Few Essential Homebuying Tips
These tips can help a first-time home buyer navigate the market, whether you’re looking to improve your credit score and get competitive rates or seek a pre-approval letter to speed up the buying process.
- Set your budget.
- Check and strengthen your credit.
- Get a pre-approval letter.
Set Your Budget
Figure out how much you can afford to spend on a house before you start hunting. Set a price range based on a few critical factors that can influence your purchasing power.
- Your income
- Down payment
- Loan pre-approval amount
- Debt
- Credit score
- Intended neighborhood
Check And Strengthen Your Credit
Your credit score will decide whether you are eligible for a mortgage and help lenders determine what interest rate to give you. The higher your credit score, the lower the interest rate you get. To strengthen your credit, pay all your bills as they become due and maintain the lowest possible credit card balance.
Join First-Time Home Buyer Assistance Programs
First-time home buyer programs are available in most states, cities, and counties. The programs often include low-interest mortgages, tax credits, down payment assistance, and closing cost aid. Speak with one of our knowledgeable bankers to find out which programs you’re eligible for.
Obtain A Pre-Approval Letter
A mortgage pre-approval is an offer from a lender to loan you money under specific terms. A pre-approval letter gives you an advantage over other home buyers who haven’t taken this step. In addition, it indicates you’re a serious buyer to property sellers and real estate agents.
The Pre-Approval Process Has Several Benefits
It is advisable to seek advice from one of our helpful financial advisors to have your loan preapproved before diving into the search for your new home. There are many benefits to obtaining a pre-approval letter.
It Allows You To Act Faster
Preapproval allows you to speed up the home-buying process as you can submit an offer on a property quicker, keeping your dream home out of the hands of another buyer.
It Provides You With The Peace Of Mind
A pre-approved loan indicates that a large part of the application process has already been completed. As a result, you will have fewer worries, speeding up the settlement process.
There Are Loans Options For First-Time Home Buyers
There are several mortgages available with various eligibility and down payment criteria.
- Conventional home loans: A conventional home loan for first-time homebuyers may only require a 3% down payment. However, these loans aren’t insured or guaranteed by the government.
- The Federal Housing Administration insures FHA loans, and you may qualify with a low down payment of 3.5%.
- VA Loan: Current and past military service members are eligible for VA loans, which usually require no down payment.
Steps To Buying A House For The First Time
You’ll want to follow a few common steps when preparing to buy your first property or residence, including taking an in-depth look at your credit score and working with a licensed, qualified broker.
- Check your credit score.
- Know how much you can afford.
- Choose a mortgage company and get preapproved for a mortgage.
- Find a real estate agent.
- Start the house-hunting process.
- Make an offer.
- Get a home inspection and appraisal.
- Purchase homeowner insurance.
- Do a final examination.
- Close on your new home.
Work With The Top Lenders in Las Vegas
Are you looking for knowledgeable, committed lenders with the right mortgage and pre-approval products? We have helped many first-time homebuyers surf through the home purchasing process and would be glad to assist you on your journey.
Contact Blackmon Home Loans for assistance financing your first home purchase.