10 - You don't want the big let down if you can't get approved after you got your heart set on purchasing a property

9 - If there are errors on your credit report you will have time to get it fixed

8 - You will save energy, time and money

7 - Your odds of working with a great Realtor are better (many Realtors don't even show without a Pre-Approval!)

6 - You will be looking at homes in the right price range

5 - You will have a good understanding of current market rates and a monthly payment when your lender gives you a GFE (good faith estimate)

4 - You will know how much money you need to come up with for a down payment

3 - You will know where your comfort zone is and feel confident when you submit your offer

2 - Many REO (bank owned, foreclosure) sellers will not even accept an offer without a pre-approval letter (most the time from a direct lender)

1 - The Seller will look at your offer to see that it is strong so odds of approval are higher

Underwriting guidelines have changed majorly over the last two years.  Many cannot qualify.  Lots can qualify and they don't even realize it.  It never hurts to see if you can qualify for a home.

Condos have become pretty much unfinanceable due to recent underwriting guideline changes.  Underwriters are not only looking at litigation but they are looking at investor concentration in the subdivision and HOA defaults within the subdivision after they order something called a "condo certification."  A condo certification is basically a questionnaire so the lender can balance risk.

If you are a lender in the Las Vegas area and have successfully closed more than 5 VERIFIABLE transactions since March 1, 2009, near conforming rates and closing fees:  feel free to call or email me for an interview!