First Time Home Buyer Las Vegas Tips: Episode #330

First Time Home Buyer Las Vegas

Todd and Oana’s tips for first time home buyer Las Vegas.

Todd: Hello. Welcome to Todd Miller TV. Joined here today with Oana. Today’s topic is “first time home buyer Las Vegas”. It’s for those people who are first time home buyers here in the Las Vegas real estate market. So I asked Oana to give some tips to people that are thinking about buying in Las Vegas if you’re a first time buyer.

Oana: OK. So when you’re a first time buyer in Las Vegas, first of all welcome and I’m glad you’re adventurous and you’re going to buy a home in Las Vegas. Second part is like with any big purchase, please do your homework and be patient.

Todd: OK.

Oana: So your number one homework is patience. Please be patient. We have very little inventory and a lot of competition. So this is going to take a little bit of time.

The second part is get pre-approved for a loan. That means go and meet with the lender. That means eyeball to eyeball. That means that you bring in your last two years of tax returns, your bank statements, your paycheck stubs, all that good stuff and you actually get pre-approved for a loan. Now pre-approved means that all you need to do is find a home and then your loan process can move forward. That way you know exactly what you’re going to be able to get qualified for and also the types of loan programs that you can get qualified for.

Todd: Pre-approved not, pre-qualified.

Oana: Exactly.

Todd: OK, there’s a difference. If you don’t understand, a lender can explain it to a first time home buyer Las Vegas.

Oana: Right. So pre-approved is like having the loan already ready to go. All you need to do is find a house. Find a house. Get the appraisal and you’re good to go.

The nice thing about preapproval is you can also choose loan programs, which is very important in the Las Vegas market because a lot of homes are Fannie Mae homes and Fannie Mae homes have a mortgage product called HomePath Financing and that could be very advantageous when you’re making an offer on a Fannie Mae home.

Then the last thing is something that you’re probably doing already which is your list of wants and needs for your home. Figure out what you really, really want in your home versus what you need in your home because sometimes our wants might be a little bit above our budget but our needs are things that we absolutely need to have in that home. You may have to compromise on your wants but you should never compromise on your needs.

Todd: Perfect. I like that. So be patient. Get an approval from a lender.

Oana: Yes.

Todd: And then when you come to your appointment, the very first one with the agent that you’re going to work with, makes you have a list of everything you have to have to have and then things that are bonus if you can get them. If not first time home buyer Las Vegas

Oana: Right.

Todd: Perfect. Awesome. So I just wanted to share that with you if you’re a first time homebuyer Las Vegas. That’s going to be good advice and of course you can always give us a call and we can help you out. Our phone number here is 702-218-2819. That is my update for today and hope to see you on another first time home buyer Las Vegas video. Thanks.