7 Big Mistakes Veterans Make When Buying a Home in Las Vegas
There are 7 big mistakes veterans make when buying a home in Las Vegas. Check out the seven common mistakes that many vets make so you can avoid them.
7 Big Mistakes Veterans Make When Buying a Home in Las Vegas
If you’ve never bought a home before, or if it’s been a while since the last time you did, there are 7 big mistakes veterans make when buying a home in Las Vegas that you should avoid:
- Not working with a REALTOR® who understands veterans benefits
- Not getting preapproved for a mortgage
- Not knowing how much your VA loan can cover
- Not looking into all your housing options
- Not understanding the home-buying process
- Not checking your credit score
- Not getting homeowners insurance
Scroll down for a closer look at each.
Mistake #1 Veterans Make When Buying a Home in Las Vegas: Not Getting a Real Estate Agent Who Understands Veterans Affairs Benefits
When you’re a veteran, you have access to certain benefits that other home buyers don’t. That’s why it’s so important to find a real estate agent who understands how to help you take advantage of those benefits. Otherwise, you could end up paying more for your home than you need to.
Related: 15 tips to help you find the perfect condo for sale
Mistake #2 Veterans Make When Buying a Home in Las Vegas: Not Getting Pre-Approved for a Mortgage
If you’re not pre-approved for a mortgage, you could end up wasting a lot of time looking at homes that you can’t afford. But if you are pre-approved, you’ll know exactly how much you can spend on a home, and you’ll be in a much better position to negotiate a good price.
Related: 7 hot tips for staging your master bathroom
Mistake #3 Veterans Make When Buying a Home in Las Vegas: Not Knowing How Much Their VA Loan Can Cover
VA loans have limits, just like any other type of loan. So it’s important to know how much your loan can cover before you start looking at homes. Otherwise, you might end up falling in love with a home that’s out of your price range.
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Mistake #4 Veterans Make When Buying a Home in Las Vegas: Not Considering All Their Housing Options
When you’re a veteran, you have a few different housing options available to you. So it’s important to consider all of your options before you make a decision. Otherwise, you could end up choosing a home that’s not right for you.
Mistake #5 Veterans Make When Buying a Home in Las Vegas: Not Understanding the Home Buying Process
The home buying process can be complicated, and it’s important to understand all of the steps involved. Otherwise, you could end up making a mistake that could cost you money.
Mistake #6 Veterans Make When Buying a Home in Las Vegas: Not Checking Their Credit Score
Your credit score is one of the most important factors in getting a mortgage. So it’s important to check your credit score before you start looking for a home. Otherwise, you could end up paying more for your mortgage than you need to.
Mistake #7 Veterans Make When Buying a Home in Las Vegas: Not Getting Homeowners Insurance
Homeowners insurance is an important way to protect your investment, so it’s important to get coverage before you close on your home. Otherwise, you could end up paying for damages out of your own pocket.
Related: 5 signs it’s time to move into a condo in Las Vegas
Who is Eligible for a VA Home Loan?
To be eligible for a VA home loan, you must be a current or former member of the U.S. Armed Forces, or the spouse of a service member who has died in service or as a result of a service-related disability. You also must have met certain length-of-service requirements, depending on when and how you served.
How Do You Get a VA Loan?
In order to get a VA loan, you’ll need to contact a VA-approved lender and submit a number of required documents, including proof of your military service. The lender will then work with the VA to determine your eligibility for the loan.
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