Read this on our conventional site: conventionalhomeloans.services →
Shopping without pre-approval is like going to a car lot without knowing your budget. Sellers ignore offers without a pre-approval letter. Get pre-approved before you start looking — it takes 24 hours.
The first lender you call is almost never the cheapest. Rates vary by 0.25-0.50% between lenders on the same conventional loan. That is $100-$200/month. Valley West shops 50+ lenders so you do not have to.
Conventional charges 1.75% PMI plus 0.55% annual PMI for the life of the loan. On a $400K loan, that is $183/month. Factor this into your budget. Plan to refinance to conventional at 20% equity to drop it.
Just because you qualify for $532,900 does not mean you should spend that much. Leave room for maintenance ($300-$500/month), furniture, and life. Buy 10-15% below your max.
Do not buy a car, furniture, or anything on credit between pre-approval and closing. New debt changes your DTI and can kill your approval. Wait until after you have the keys.
Conventional appraisals check safety but are not full inspections. Always pay for a separate home inspection ($300-$500). It can save you from $10,000+ surprises.
Nevada Housing Division offers up to 5% down payment assistance. Clark County has HOME grants. Many first-time buyers qualify but never ask. See all conventional down payment options →
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