How to Compete for a House in a Seller's Market
If you're looking for a home in Las Vegas, you're joining the top real estate market in America, according to Realtor.com. You'll find a growing economy and affordable home prices with low mortgage interest rates. As a result, houses are being bought almost as soon as they're put up for sale. In order to give yourself the best chance of getting your dream home before someone else does, here are some proactive steps you can take.
Tips to Help You Compete in a Seller's Market
Monitor Debt and Credit
Monitor your spending and don't take on any new debt. Try to decrease the debt you already have and check your credit reports to make sure they're accurate. Correct any issues and, if your score needs improving, focus on making each of your bill payments on time, every time. The better your credit score, the easier it will be to get approved for a mortgage loan and qualify for lower interest rates.
Talk to a Loan Officer
Even before you talk to a realtor and start looking for homes, talk to a mortgage loan officer to find out how much of a mortgage you'll qualify for. A loan officer can also let you know about special programs, such as FHA and VA loans, and provide you with helpful information on specific circumstances, like being a first-time homebuyer or someone who's had a foreclosure in the past.
Plan Your Budget
Determine the maximum amount you want to spend, so you don't waste time looking at homes you can't afford. Saving for a down payment will show you're a serious buyer. A down payment also helps reduce the size of the mortgage loan you'll need, and as a result, you'll have a lower mortgage payment each month with less interest.
Get Pre-approved for Your Home Loan
Talk to your loan officer about getting pre-qualified for a home loan. This allows the lender to verify your information and documentation to determine exactly how much the institution is willing to loan you. A pre-approval puts you in a more powerful position with home sellers since they know you're a serious buyer, and the deal won't fall through because you already qualify for the mortgage.
For more information on how to set yourself up for success when buying a home, contact Clark County Credit Union today at 702-228-2228, option 1, to learn about our various mortgage loan options.