Nebraska is another one of the great states that are located in the middle of the heartland of America. It is home to many financial institutions, great universities, and a burgeoning music scene in the Omaha area that has been predicted to explode in the coming years. All of these factors make for a marked demand for housing in the state of Nebraska, which drives up the cost of the average home. For many Nebraska residents, this is troubling since they are already paying inflated prices each month for their mortgages. The ever-pervasive trend of living from paycheck-to-paycheck has caused so many people to fall into debt, or it renders them unable to make any long-term investments like college education. For these individuals, it may be beneficial to consider refinancing their current mortgage. Refinancing allows individuals the opportunity to lower their monthly payments, and it frees some of that much-needed equity from their homes. This process offers financial relief to millions of Americans each year.
Quick Nebraska Housing Facts:
- Percent of homeowners in Nebraska: 67.4%
- Percent of renters in Nebraska: 32.6%
- Median annual income in Nebraska: $43,875
- Average credit score in Nebraska: 695
- Best Nebraska city to live in: Pampillion, NE
- Median Nebraska home value: $88,000
When to Refinance in Nebraska
The purpose of refinancing is to save money. This purpose, however, can be made much more difficult if potential refinancing candidates neglect to engage in a bit of research. Ignorance about penalties and fees associated with paying your current mortgage early, high closing costs and charges, and/or refinancing when the rates are not optimal can all end up costing you more than staying with your initial mortgage. Therefore, it is important to understand that rates must remain consistently below 1.5% of what you are currently paying in order to save money through refinancing. In addition, you must check to see if there are high closing costs associated with the refinancing package in which you are interested. Otherwise, you could end up choosing a refinancing package that will cost you a large chunk of change. Finally, be sure that you do not have penalties associated with paying your current mortgage off early. These fees can end up costing you thousands of dollars, which is contrary to the entire process of refinancing.
How much house can I afford in Nebraska
One of the biggest problems facing Nebraska’s homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget.
Other factors lenders in Nebraska might look at when determining how much to loan you include:
- The size of your down payment
- Your credit score
- Your Debt to Income Ratio
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.