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The Do’s and Don’ts of Las Vegas Mortgages

When entering into the mortgage process, knowledge is one of the most valuable assets to have at your disposal. This way, you can find the best Las Vegas mortgages for your needs without falling prey to many of this process’ pitfalls. Continue reading and see which do’s and don’ts of the mortgage process we have chosen to highlight to help every homeowner navigate the mortgage minefield.

DON’T Start House Shopping Until You Know What You Can Afford

Our Las Vegas loan officers suggest waiting until getting prequalified for your mortgage before going home shopping. When you start shopping with your mortgage already in mind, then you can restrict your search to homes that fit your price range. As such, you will also know which costly homes to avoid – no matter how lavish they look. Plus, once you are ready to make an offer on a home, having your mortgage prequalified enables you to provide a more competitive offer.

DO Work with Professionals

Sifting through Las Vegas home loans and home listings is not something we recommend doing on your own. Instead, choose home buying professionals that you trust to help with every phase of the process and lean on them for help when you need it. Every professional has their own unique skill set and experience to contribute to your efforts. For example, Las Vegas loan officers can broker a deal for your mortgage and real estate agents can help you find homes within your budget. You don’t need to have the knowledge of mortgage lenders in Las Vegas as long as you work with experienced professionals.

DON’T Open or Close Credit Lines Without Professional Supervision

Your credit score and financial standing all contribute to your ability to qualify for home loans. It is crucial to stay on top of your credit and know where things stand before, during, and after the mortgage process. All three major credit reporting bureaus offer free credit reports so consider acquiring yours and reviewing it for any inaccuracies. If you find any issues, resolve them immediately by calling the credit agency. Furthermore, try to avoid opening and closing credit lines, co-signing on loans, or making major credit purchases throughout the loan process.

DO Communicate with Your Loan Team

Many Las Vegas loan officers, mortgage lenders, and other professionals will communicate with clients early and often throughout the process. Similarly, it is up to you to keep all lines of communication with your team open so that you never miss out on important updates. Loan officers will keep you up to date on your mortgage and provide clear communication every step of the way. Also, they may need to request additional documentation to expedite the process. Stay communicative and always answer when called on.

DON’T Make Major Job Changes

Stability is the key driving force behind the loan process. No matter where you’re at along the timeline, it is important to maintain your current employment and income. Major employment changes can alter the loan process in significant ways, such as by requiring a new loan approval or even denying your mortgage status. Beneficial changes like pay raises and promotions are okay. However, anything that puts your income flow at risk is a major red flag to mortgage lenders in Las Vegas.

There are key takeaways to learn from this list, such as communication is key and small changes can have big consequences. However, there are still many more things to learn about the mortgage process, which is why it is so important to work with loan officers who always put your best interest first. At Motto Mortgage Absolute, we do just that. Contact us to learn more about the loan process and see how we can streamline the process for you from start to finish.

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