Before you begin your search for a new home in Las Vegas, you want to know how much you can afford, right?
There are two ways to do this: with a mortgage pre-qualification or a mortgage pre-approval. As a home buyer, the pre-approval is more valuable to you during your home search.
One of the biggest differences between mortgage pre-qualification and mortgage pre-approval is how the lender gives you the mortgage amount.
To get pre-qualified, you give the mortgage lender your general financial history (including debts and income), and the lender gives you a mortgage estimate. For pre-approval, the lender digs deep into your credit report and gives you the exact loan amount.
When choosing between getting pre-qualified for a home mortgage and getting pre-approved, choose to get pre-approved. Here are the top three reasons why:
When it comes to pre-approval, there are no estimates. The lender has looked into your credit history and you’ve given the required documentation to go through with the pre-approval process.
A mortgage pre-approval is not a commitment to the loan, but it paves the way to transition into applying for a specific property — your Las Vegas dream home in your desired price range.
When you’re pre-approved, you’ll know exactly what you can afford, refining your home search around the mortgage amount. Now you can easily search through the listings with confidence and renewed energy.
Home sellers in Las Vegas like to see that you’re pre-approved — it lets them know that you’re serious about buying their home.
When you’re competing with other home buyers to make the best offer on your dream home, being pre-approved will give you the competitive edge over buyers who are not.
If you want more information about the mortgage pre-approval process or about finding the perfect home in Las Vegas that fits your lifestyle, contact 21 Vegas today and we can get started. We’d be happy to answer any questions you have about the home-buying process.
21 Vegas Agents are available 24/7 to answer questions, comments and concerns about the home buying or selling experience in Las Vegas, NV. Call 702.256.8888 & we’ll answer!