Mortgage interest rates are trending up nationwide, and it is no exception in Las Vegas. We strongly urge you not to let slightly unfavorable conditions discourage you from becoming a homeowner in Nevada. The personal and financial benefits outweigh concerns such as high interest rates for most people. Besides, we can offer you lots of help in the Las Vegas housing market. Keep reading to find out more.
Quick Las Vegas Housing Facts
Percent of Homeowners in Las Vegas: 60.9%
Percent of Renters in Las Vegas: 39.1%
Median Las Vegas Household Income: $44,581
Average Las Vegas Credit Score: 656
Median Las Vegas Home Value: $142,000
How much Real Estate Can I Afford In Las Vegas?
Buying a home can be a stressful and exciting time. If it is your first time entering the Nevada housing industry, or even if it has just been awhile, then you might need some help understanding how you fit into the market. Luckily, we are here to help. First, take a minute to answer the following questions.
- How much am I willing to spend on monthly mortgage payments? If you currently rent, keep in mind that mortgage payments will probably be a little more than rent payments.
- What kind of payment plan will work well for me? Fixed Rate and Adjustable Rate programs are very popular, so you may want to consider those first.
- What are the property taxes like in Las Vegas?
- What are the interest rates in the area of Las Vegas I want to live in?
Next, check out our online mortgage calculators. We have a wide selection to choose from, and people find them very helpful. After you’ve taken a little time to do the activities we’ve suggested here, we’re confident that you will be ready to take your next step.
Refinancing In Las Vegas
Refinancing is an extremely helpful mortgage tool. A refinance is a brand new mortgage that pays off your existing mortgage. The purpose of refinancing is to get a lower interest rate. Not only does a lower interest rate lower your monthly payments, but it allows you to pay more on your principal and less on interest. You build equity more quickly, and equity is pretty much the whole point of owning a home, at least from a financial perspective. So if the current interest rate in your area is 2% less than the one you are paying, then it’s time to refinance. Talk to your mortgage broker right away.
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