Rey Gallegos FHA, VA, Home Loans Las Vegas, NV

The Value of a Loan Pre-Approval for your Las Vegas Home Shopping

Pre-Approval vs. Pre-Qualification: What is the difference?

For many new Las Vegas homebuyers and their Real Estate Agents, the terms pre-qualification and pre-approval seem interchangeable. But they are not — and the distinction is an important one.

When a homebuyer is pre-qualified, the lender performs a quick check to determine generally how large a home loan the buyer can afford. Essentially, when a buyer is pre-qualified, the lender is saying it would most likely approve the buyer for "x" amount.

Pre-approval goes much deeper. In order to issue a pre-approval, your Las Vegas lender examines and verifies the borrower's debt, income, savings, assets and credit report to ensure the borrower can repay the loan amount. Where pre-qualification is a sort of educated guesstimate of the buyer's purchasing power, pre-approval says the prospective lender would most likely be able to approve the buyer for the loan.

This is particularly useful when home shopping for multiple reasons. To begin with, pre-approval instantly lets you know what your actual budget is. Knowing what you can afford from the outset will help you and your Las Vegas real estate agent better focus your efforts.

Being pre-approved also provides you with an advantageous position over other buyers, because pre-approval assures the seller that you have access to the loan necessary to back your offer. Your Las Vegas lender will provide you with a letter or certificate demonstrating that you are pre-approved for a certain amount of money, which you can provide as part of your offer.

Would you, a relative, a friend or a client like to learn more or get pre-approved for a home loan at no cost? Please contact me using the information provided below and I would be happy to help you.

How Do I Dispute My Las Vegas, NV (Clark County) Property Taxes?*

Dec. 15th to Jan. 15th is the time of the year that Las Vegas (Clark County) homeowners can contest their assessed property value and in turn possibly lower their annual property taxes. So, technically, you are not disputing your Las Vegas property taxes, you are disputing the assessed value; but the end result is the same.

We all know that Las Vegas-area property values are not what they used to be. It is typical that our property value assessments lag behind true market value. So in a declining market environment it is possible to be paying higher property taxes and in an appreciating market paying lower property taxes.

What should you do if you feel like your Las Vegas (Clark County) property assessed value is too high? You have an option.

While there are no guarantees, many Clark County property owners have followed the simple process below and have been successful in getting their assessed value reduced and in turn reduced their annual property tax as well.

Good luck, Happy holidays and here is the process, simplified.

1. Notice of Property Value cards were sent from the Clark County assessor on 12/12/11 to the mailing address of the property owner.
2. Check your mail and review the property value stated on the card.
3. If you did not receive a card, call the Assessor at 702-455-3882 and request another.
4. If you agree with the assessed value, then nothing else needs to be done.
5. If you disagree with the assessed property value, contact the Assessor at 702-455-3882 and let them know you would like to start the appeal process.
6. They will send you a form in the mail. Keep an eye out for this form, because it has a serial number on it that ties to your appeal.
7. Fill out the form. Ask your friendly, neighborhood real estate agent to provide some comps of like properties so that you have support for your claim that the value is too high.
8. Send back your dispute.
9. Typically, they will call you to inform you that you will need to go to a meeting to discuss the appeal. Even if you agree to go, they do not always require the live meeting. Many times they will do it over the phone.
10. If you agree to the meeting and they ask you to go, take your comps with you.
11. If they do not require you to attend a meeting, you will get a notice by phone or mail that your appeal has been processed. Hopefully the notification is with the good news that they agree with your value appeal and in turn your taxes have been reduced!

Good luck, and let me know if you need assistance!

P.S. I went through this process last year and was successful in reducing my assessed value by 22%, which reduced my taxes accordingly.

* WJB is not a tax advisory firm. The information contained in this article is for informational purposes only and may not reflect current tax year rules and regulations. Consult your tax advisor or the IRS for current tax year rules, restrictions and regulations.

When is an ARM a Good Choice for your Las Vegas Home Financing?

What is Fannie Mae HomePath® Financing? Should I use it for my Las Vegas purchase?

Fannie Mae HomePath® Financing is a program that could help more Las Vegas, NV homeshoppers become home owners.

With the HomePath mortgage program on your Las Vegas property, more people looking for a new home may be able to make a purchase and become Las Vegas home owners! Fannie Mae, a government-sponsored enterprise that helps increase the availability of homeownership to low- and moderate income buyers, owns properties that may be designated as eligible for a HomePath mortgage. Only Fannie Mae-owned properties are eligible for this special financing!

Benefits of the program include:

• 15- and 30-year fixed-rate options and 5/1 and 7/1 LIBOR ARM options
• Primary residences, second homes and investment properties are eligible
• Up to 97% financing on a primary residence
• Up to 90% financing on a second home
• Up to 85% financing on an investment property
• No appraisal required
• No condo or PUD warranty required
• All loans are run through DU with an Approve Eligible
• Up to 6% seller contributions permitted on primary residence and second home
• Minimum FICO 620
• Gift funds can be used for entire down payment in some circumstances
• No PMI required

Does this sound like the program that could help turn your goal of Las Vegas homeownership into a reality? Contact me today to learn more about HomePath financing and how I can help you become a home owner!