A New Year Means New Home Financing Options

Mortgage & New Home Financing Considerations

Are you considering a move, or new home purchase in Las Vegas? If you're a new home owner, or looking to sell an existing house, unless you will be paying cash, you'll be looking at getting a new mortgage.

Before you do anything, make an appointment with the mortgage representative at your bank, or with a recommended mortgage broker, or advisor. They'll be able to help you get the answers you need.

Here are some tips, just to get you thinking of the types of questions to ask, or options to consider:

1. Get Your Rate Quote in Person

There are so many websites that allow you to research mortgage rates online and give what they promise is the best rate quote. Mortgage pricing is based on several factors that rely on your individual situation, so you're best to go through this exercise with your broker to get the most up to date and accurate information.

2. There May be Perks to a Longer Amortization

You may want to choose a 30-year amortization mortgage if you have over 20% equity. Although there may be a slight rate premium, there are several benefits that can offset this, such as more cash flow due to lower payments, easier qualifying and more purchasing power. A variable-rate mortgage may also assist with qualification, allowing you to lock in at a later date.

3. Mortgage Insurance Might be Good Option

Although this doesn't seem logical, lenders often offer better rates to borrowers with less than 20% down, who require mortgage insurance. In some cases, even if you have a larger downpayment, it might be worth taking mortgage insurance to get a better rate and more favorable renewal options (lenders love insured mortgages). Your broker can run the numbers to see what would make sense in your individual case.

4. Self-Employed Applicants Need to Jump Through More Hoops

Anyone with their own business, or self-employed will need to provide more detailed information. Contact your broker prior to your meeting to get a list of all the required documentation you'll need to bring with you.

5. Increase Your Cash Flow

If you have cash flow issues because of a large credit card balance or loan, your advisor may suggest other financing options to make this easier to manage.

6. Practice Good Credit Habits

The better your credit habits are, the easier it will be when you apply for that mortgage. Good practices include:

• pay bills by the due date
• don't let your debt exceed more than 50% of your limit
• don't get in the habit of applying for store credit cards just to save on your purchase that day

7. A Casita Makes a Great Little Mortgage Helper

A casita or inlaw suite can go a long way to paying down your mortgage, or just give you that extra cash flow. There are dozens of options for Las Vegas homes with a casita available on the market.

8. A New Year Means New Goals

Maybe your goals have changed, you want to pay off your your mortgage earlier, or have a renovation in mind. Sit down annually with your advisor and they'll let you know what options are available to get that extra cash you need to make your dreams a reality.

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