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What to do during the home buying process.

What to do during The home buying process

Buying a new home in Las Vegas, whether it's for the first time or not, it's an exciting and a big commitment, and you are better off with the help of a professional real estate agent.
There are a couple things you need to do before engaging into any purchase agreements with a Real Estate Agent.

Check Your Credit Score

First, start by checking your credit score. Your credit score is an indicator of your financial situation, how it has been in past years and how currently is, If it's good, you should be able to get financing without a problem; if it's bad, you could have a tough time getting a mortgage at all. A good score is considered from 700 to 759; a fair score is from 650 to 699, but usually, a minimum Credit Score of 665 or above can satisfy most Lenders.


Depending on how the condition of your credit score  is, that's going to determine how the conditions of your interest rate and your potential
loan amount would be.
Meet with your loan officer and express your wish of getting financing for buying a new home.
Once your Loan officer has you "pre-approved" for a specific loan amount, you can start looking for your future home within that budget.

2) Research the Real Estate Market

By researching the real estate market, you will become more knowledgeable about the types of properties  that are available on the market and  how much house you can afford.

There are plenty of real estate websites and applications that offer directories of real estate listings for free. Sites such as and are some of the best available and by  searching this sites you can get an idea of what's on the market and sometimes you could  even score a good property finding by looking  into this platforms.

3) Hire a Real Estate Agent

Once you have an idea of what your financial situation is and how the Real Estate Market really looks like, it's time for you to meet with a real estate professional.

Meeting up with a professional Real Estate agent will definitely take  your real estate business to the next level. A Real Estate agent would help you by putting within your reach all  the resources that you need such as Loan officers, accuracy in finding the right priced property of your dreams and helping you in making the right decisions during the transactions.

When it comes down to finding your dream home, and getting an exact and accurate Real estate market information, nothing beats the knowledge, the skill and the resources of an experienced Realtor.

Once you have signed a representation agreement with your real estate agent, he will be able to help you in showing you the properties that fit your needs and budget and in the transaction process as well.

4) Applying for a Mortgage

Applying for a mortgage and getting qualified as an "able buyer" is a very straight forward process, if you are prepared before hand with all the information and documentation that is required by your potential lenders, this stage of the buying process can be completed very fast if you are ready with all the requirements.

Will I Need a Down Payment?
While it is possible to buy a home without a down payment, it's a good idea to approach lenders with a down payment in hand. One of the mortgage requirements that determines your eligibility in addition to the minimum credit score for mortgage loans is your loan-to-value ratio (LTV). The more favorable the ratio of how much the property is worth to the amount you're borrowing, more qualified you become.
Best case scenario, you want to have a maximum LTV of 80 percent (or a 20 percent down payment). Lower LTVs are better and can help you qualify for a better interest rate. If you're not able to save up enough of a down payment to keep your LTV below 80 percent, you could be required to purchase private mortgage insurance even if you're not using an FHA home loan for the purchase.

Documents required for most Lenders:

If you are an employee or a self-employee individual, this are the documents required for you to bring along with your Loan application:

• Signed loan application
• Latest 2 years tax returns and/or pay stubs

• Latest 2 months bank statements, Verification of Deposit (VOD), or other acceptable asset reserves

• CPA letter and/or business license if self-employed stating 2+ years employment in same job or field.

• The bank or lender will call your employer if you are W-2 and do a verification of employment.

• Gift letter for down payment (if applicable)

• Rental history (typically 12 months of canceled rent checks) if currently renting or VOR
Electronic Appraisal

• Preliminary Title Report

• Proof of insurance (Hazard, Flood, etc.)

• Signed Disclosures

• Letter of Explanation(s) (for any issues that need clarification)

In the process of looking for a new home, having a reliable and committed real estate agent it's going to make a big difference in the results you obtain.

Once loan documents are signed, “prior to funding”, conditions will need to be met to ensure the loan actually funds and records. These are usually sent back along with the loan documents from title/escrow.

5) The Real Estate Escrow Process begins

Once the offer has been submitted by the buyer and accepted  by the seller, the "Escrow process" its initiated.

"Escrow" is an account held by a third party on behalf of two parties in a transaction and it's a time sensitive contractual arrangement stage of the home buying process where a closing date is set during the negotiation phase, and it has usually a duration of  several weeks after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer.

During Escrow there are several things that need to be taking care of within the time frame previously established.

Lenders providing a mortgage loan will often require title service, including title search and title insurance, appraisal of the property, inspection of the Property, taking care of repairings (If any are needed), land survey, and attorneys might be involved.

nevada real estate escrow process

Once all this conditions are satisfied within the timeframe of escrow, the closing date comes and the transfer of the property to the buyer is offers you the tools you need in finding the right property with exact accuracy on the real estate market.As a Real Estate Agent and a Realtor I'm always looking forward to help people in getting their real estate business expectations meet.If you have any questions or inquiries about finding a new home in Las Vegas please feel free to contact us at any time.

Information Disclaimer

The information provided using this web site is only intended to be general summary information to the public.
It is not intended to take the place of either a Licensed professional in specific fields of expertise, the written law or regulations.

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