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Don't let these common errors derail your Nevada home purchase. Learn from the mistakes others make and ensure a smooth path to homeownership.
One of the most common and costly mistakes is making significant financial moves after getting pre-approved but before closing. Lenders verify your finances right before closing, and any changes can derail your loan.
Real Example:
A Nevada couple was days from closing when they financed a $35,000 truck to "be ready to move." Their debt-to-income ratio spiked, and the lender had to cancel the loan. They lost their earnest money and the house.
Many Nevada buyers confuse pre-qualification with pre-approval, or skip this step entirely. This leads to wasted time, disappointment, and missed opportunities in competitive markets like Las Vegas and Henderson.
Many first-time buyers focus solely on the monthly mortgage payment and forget about the many other costs that come with owning a home in Nevada.
Budget 1-2% of your home's value annually for maintenance. On a $400,000 Nevada home, that's $4,000-$8,000/year or $330-$665/month.
Smart tip: Use our affordability calculator which factors in ALL costs, not just the mortgage payment. This gives you a realistic budget.
In Nevada's hot real estate market, some buyers waive inspections to make their offers more attractive. This is extremely risky and can cost you tens of thousands in unexpected repairs.
✓ Get the inspection but offer to cap your repair requests at $X (e.g., $5,000)
✓ Do a pre-offer inspection if the market is ultra-competitive
✓ Shorten the inspection period (5 days instead of 10)
✓ Offer an "inspection for information only" clause (review but don't renegotiate)
"We saved $400 by skipping the inspection. Then we found out the HVAC system was shot – $8,000 to replace. Worst decision we made."
— First-time buyer, Henderson, NV
Many buyers accept the first loan offer they receive, costing them thousands over the life of their mortgage. Even a 0.25% difference in rate can mean significant savings.
| Loan Amount | 6.5% Rate | 6.75% Rate | You Overpay |
|---|---|---|---|
| $300,000 | $1,896/mo | $1,946/mo | $18,000 over 30 years |
| $400,000 | $2,528/mo | $2,595/mo | $24,120 over 30 years |
| $500,000 | $3,160/mo | $3,244/mo | $30,240 over 30 years |
*Based on 30-year fixed-rate mortgage. Just 0.25% rate difference shown.
Tip: Get at least 3 quotes within a 14-day window – they'll count as one credit inquiry.
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Get Your Free Rate QuoteThe best way to avoid these mistakes? Partner with an experienced Nevada mortgage lender who will guide you through every step and warn you before you make costly errors.
We know Nevada's market, programs, and common pitfalls specific to Las Vegas, Henderson, and Reno buyers.
We'll tell you exactly what to do (and what NOT to do) from pre-approval through closing.
We catch issues before they become problems, saving you time, money, and stress.
Get pre-approved with confidence. Our Nevada mortgage experts will ensure you avoid these mistakes and make smart decisions every step of the way.
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Valley West Mortgage - NMLS #65506
Nevada Mortgage Lender License
Licensed to conduct business in Nevada
NMLS Consumer Access: www.nmlsconsumeraccess.org
We are an Equal Housing Lender. We do business in accordance with the Federal Fair Housing Law and Equal Credit Opportunity Act. This company does not discriminate on the basis of race, color, religion, national origin, sex, marital status, age, or handicap.
This is not a commitment to lend. All loans subject to credit approval. Rates, terms, and conditions are subject to change without notice. Not all applicants will qualify. Additional restrictions may apply. Property insurance required. Flood insurance may be required. This website is for informational purposes only and does not constitute financial advice. Consult with a licensed loan officer for personalized guidance.