When people think of Nevada many think of Las Vegas. Nevada, however, has substantially more to offer than simply gambling and a place to indulge. Nevada is home to the Hoover Dam, and it is one of the very few states that do not have state income taxes (as a result of all of the money generated from Las Vegas tourism). Few people take the affordable real estate market and great climate in consideration. Current Nevada residents, however, have been paying a bit too much for real estate in the last few decades, which means that they may need to consider refinancing their current mortgages so that they can begin to take advantage of all of the great and exciting loan options that have been made available in recent years. Refinancing also affords homeowners the opportunity to gain access to equity in their homes for major investments like having a child or paying for their children’s college education.
Quick Nevada Housing Facts:
- Percent of homeowners in Nevada: 60.9%
- Percent of renters in Nevada: 39.1%
- Median annual income in Nevada: $45,586
- Average credit score in Nevada: 655
- Best Nevada city to live in: Gardnerville, NV
- Median Nevada home value: $142,000
When to Refinance in Nevada
Refinancing can be a very helpful and money-saving process as long as you do your homework. Start by making sure that there are not any charges or penalties associated with paying your current mortgage early. Oftentimes, these penalties can cost thousands of dollars, which can offset the money that you would have otherwise saved by refinancing. In addition, it is imperative that you research the terms and conditions of several loans you are considering. This will give you an idea of how much you will be looking at paying in closing costs and other charges, which can also be very expensive. Finally, it is crucial that you decide to refinance at the right time. Take some time to observe the current trends of the real estate marketplace. If rates are at least 1.5% below what you are currently paying, then you should probably refinance; otherwise, you may want to wait for a bit longer before you commit to a refinancing program. In either case, be sure that you remember that the goal of refinancing is to save you money, and you should not have to pay inflated charges and penalties in the process.
How much Nevada house can I afford?
One of the biggest problems facing Nevada’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. Don’t forget there are many other home options out there specifically for Nevada’s residences.
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