What we at Las Vegas Homes, Condominiums, Land and Commercial Real Estate have done to help Las Vegas real estate investors with financing their mortgage?

December 1st, 2008 · No Comments

We have provided Las Vegas real estate buyers with tons of expert Mortgage Articles and Advice to help buyers become familiar with the process of financing their investment, such as

How Much House or Condo Can You Afford?

Documenting Your Assets and Verifying Your Down Payment,

Things to Have Ready When You Apply For a Loan so you can have a Quick Easy Loan Approval, etc.

Those Las Vegas property buyers that may need help with their credit score can find useful information such as

Addresses and phone numbers of the three major credit bureaus

Cleaning up Your Credit

How FICO score effects your home loan, etc

Mortgage applications forms and the process of obtaining a home loan are famous for their heavy use of semi-English words that laymen are not familiar with such as convertible ARM, credit repository, cost of funds index (COFI) and mortgage insurance premium (MPI). We have also provided you with Real Estate and Mortgage Glossary & Definitions to help you find the definition for mortgage and real estate terms.

What we at Lasvegas4us.com do for our clients to obtain a home or condominium financing:

Getting a good deal for financing your mortgage is just as important as getting a great deal for your home or condo because any savings that is gained through buying a residence at a great price could be wiped out by an expensive mortgage.

The other point is that a winning Las Vegas real estate deal requires a close partnership between the real estate agent or Realtor, mortgage officer and the buyer. We have to know how the mortgage process is progressing in order to get the offer accepted and close escrow successfully. The problem is that not all mortgage professionals are equal, nor all of them have their customer’s interest at heart. The proof is the recent foreclosure problems and economic meltdown that banks and mortgage lenders are directly responsible for.

We have worked with many loan officers and have picked a couple of them that have excelled consistently, so we will be happy to put you in touch with them. We also always recommend that all Las Vegas real estate buyers contact at least two more lenders so he/she can compare the terms of the mortgages and pick the best.

When our clients become pre-approved then we will show them homes or condominiums that match their price range.

Below is an example of how paying one extra percent of interest for a $200,000 mortgage can wipe out any savings that the buyer gets by buying a home or condo at a great price.

Any savings on the price of a residence can be reduced by paying higher interest rates for a mortgage loan. For example the monthly payment of principal plus interest for a 200,000 dollar loan at 6% interest rate is about $1,200, at 6.5% is $1,264 and at 7% is $1330. As you can see the difference between the payments for 6% and 7% is about $6,000 over a five year period. I will not even go into origination costs, etc. We always ask our customers to check with at least three mortgage bankers for the best rate and origination costs.

Now that the buyer knows exactly how much property he/she can afford and under what terms, I will discuss the process of finding a good investment property in Las Vegas.