What is Involved In a Las Vegas Home Refinance?
When you initially purchased your home through a mortgage, that mortgage was written based on the interest rates for real estate loans at the time you made the loan, as well as your credit and employment information.
It is possible that interest for home loans is now lower than it was when you bought your house.
You may have gotten a better job, or had household changes that allow extra disposable income. If you have been in your home for over two years, you may be eligible for refinancing your mortgage. There are fees involved in doing so, but if you would like to draw out equity or take advantage of interest rates that are likely lower than when you financed it to start with, refinancing may be a good option for you.
Is a Las Vegas Refinance in Your Future?
Refinancing your home mortgage often results in lower monthly payments, and may even help to pay the mortgage off sooner. Many people look at refinancing as an option when they have an adjustable rate mortgage that is due to reset the interest rate. There are many factors that need reviewed besides a lower interest rate and lower monthly payments when looking at refinancing a mortgage. Most refinancing programs require that you have held the current mortgage for a specific period of time, often two or more years. It also requires that the borrower(s) be able to meet the income and credit requirements currently standard for the new mortgage being requested.
You need to know the initiation fees and closing costs on the new mortgage, and if there are “points” that are added to the new interest rate. Finding out what the fee is to do the refinancing, along with actual costs and potential savings, will let you figure out if refinancing is a good option and will pay off, depending on how long you plan to stay in the home.
Your Mortgage Broker Can Help With Refinance Mortgage Las Vegas NV
A good mortgage broker will be happy to help you calculate your costs and take a serious look at whether or not refinancing is a good idea for you. They will also be able to advise you if you are eligible for a FHA streamline refinance of your Las Vegas mortgage. If it is, they will enjoy working with you to find the best refinancing package available. There is a bit less stress and some time that can be taken during a refinance, since the stringent timelines and deadlines of a purchase loan are not the same when refinancing. They will also know refinance mortgage rates Las Vegas can expect to have available for the next 30-90 days, and what trends are upcoming for mortgage lending.
To Refinance, Las Vegas, Hire a Good Mortgage Broker
Call us or fill out our contact form to set up a consultation with our experienced mortgage brokerage staff to see how we can help you figure out if refinancing is a good option for you. We will be happy to share our knowledge and provide whatever information we can to make your refinancing as smooth as possible.
Ready to Get Started?
Call now and let’s get started on finding funding that works with your needs so you can start looking for your new home.