As I write this article, I am looking over my shoulder because some people in the Las Vegas, NV Mortgage Industry may take offense to it.  Those are the unscrupulous Loan Officers that give our industry a bad name. 

This is my top 5 list of things to know before you close on your next Las Vegas Home Loan.

1. Get a Good Faith Estimate(GFE).  A GFE is your way of making the Lender put everything out on the table BEFORE you commit to them.  More importantly it is required by law!
2. Ask if your loan has a Pre-Payment Penalty.  This is a fee that it will cost you if you sell or refinance your home within a specified amount of time after you close on your house.
3. Understand your Loan Terms.  Ask, one, ask twice, ask as many times as it takes for you to understand.  If your Loan Officer gets frustrated with you, RUN!  That is not the person that you want to work with!
4. No NEGATIVE AMORTIZATION!  Be sure that your loan has no Negative Amortization option.  This is not the loan for you! 
5. Be careful of the Bait and Switch!  This is an old slimy sales technique that somehow found its way to the Mortgage Industry.  A Loan Officer will propose one type of Home Loan with favorable terms and rates knowing full well they can not deliver that loan.  When the time to close on your loan comes they switch the terms and/or rates.  At this point, you jeopardize your Earnest Money Deposit if you back out.  Yuck!  

Most importantly find an honest, reliable, experienced Loan Officer that is with a reputable Mortgage Broker so that you can avoid these common pitfalls.

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