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Today's Mortgage Rates in Nevada

Today’s mortgage and refinance rates plus current home buying and refinance advice for Nevada residents

Buying a home in Nevada

Nevada has been home to a spike in mortgage fraud cases involving "straw buyer schemes" in recent years. Straw buyer mortgage fraud is a scheme in which a party buys a home through deceit. These schemes are not prohibited by any specific federal law, therefore the U.S. Attorney's Office may choose to prosecute suspected straw buyers by indicting them on an array of fraud charges. Fines for participating in such a scheme can be in the millions, and the participants can find themselves behind bars for decades. If you think a rogue seller, real estate agent, mortgage broker, or loan officer is trying to entangle you in this sort of criminal enterprise — run. Most state law concerning real estate concerns the protection of tenants. So home buyers have little to worry about. You can expect a disclosure document from the seller covering a range of local factors as well as those concerning the home itself. Be aware that such disclosure documents can only cover things about which the seller has knowledge. It’s for you to uncover information on defects about which he or she is ignorant.

Refinancing in Nevada

Just like most American homeowners, Nevadans tend to want to refinance their mortgages for one or more of these four reasons. To:
  1. Get cash out. A cash-out refinance lets you reclaim some of the ownership value you’ve built up in your home
  2. Get a lower mortgage rate. For more than a decade after the Great recession, those rates have been ultra-low, but the only way to benefit is to refinance
  3. Get a lower monthly payment. If your household finances are tight, refinancing can reduce your payments. You may also be able to eliminate mortgage insurance payments
  4. Reduce the lifespan of your mortgage. If you have plenty of money left over at the end of each month, you may be able to afford the higher monthly payments that come with shorter mortgages. And you stand to save a bundle
Read on for more details on each reason to refinance.

Cash-out refinance

Your monthly payments steadily reduce the amount you owe on your mortgage. And, unless you’re unlucky enough to live somewhere with flat or falling home prices, rising property values will help increase your "equity." That’s the amount by which your home’s market value exceeds your mortgage balance. If you need cash, you can, through a cash-out refinance, access some of that equity in the form of a check. However, be aware that most lenders like the total borrowing secured on your home [your new, refinanced mortgage plus any home equity loans or home equity lines of credit (HELOCs)] not to exceed 80% of your home’s appraised value. You can hunt around for a more generous lender. But be aware that only VA loans typically allow you to access all your equity.

Lower mortgage rate

This is an easy one. A lower mortgage rate is almost always a good idea, providing the reduction is enough to easily cover your refinancing costs. Some types of mortgage (VA, FHA, USDA) let you undertake a "streamline refinance." One of those cuts down significantly on paperwork and costs. And you may not even need a credit check or appraisal. There is a downside to these, which we’ll cover in the following section.

Lower monthly payment

Yes, there is a downside to having a lower monthly payment and mortgage rate. And that’s that you’re resetting the clock on your mortgage. Imagine you’ve had a 30-year mortgage for a decade. And suppose you now refinance to a new 30-year mortgage. You’ll be spreading your borrowing cost over 40 years instead of 30 years. Just for ease of math, let’s say you got your original mortgage in 2010 and it’s now 2020. With a new 30-year loan, you won’t be mortgage-free until 2050. Worse, you’ll be paying interest over those four decades, which is much more expensive than borrowing over three. If you have an FHA loan, you’ve another consideration. Providing you leave at least 80% of your equity in your home, switching to a different type of mortgage should see you eliminating your monthly mortgage insurance premiums. And that can be a very worthwhile savings. Of course, if you’re desperate to reduce your monthly outgoings, you probably won’t care. But, if you’re not, it’s something to bear in mind.

Reduce the lifespan of your mortgage

Just as extending the life of your mortgage (resetting the clock on it) brings lower monthly payments, reducing that life brings higher ones. That’s because you’re spreading your payments over a shorter time so each must be bigger. But, if you can afford to do so, enduring those higher payments will save you money over time. Because you’ll be borrowing — and paying interest — for a briefer period. Many lenders offer refinances to 10-, 15- or 20-year terms. Some are even more flexible.

Mortgage calculator: Nevada

Calculate your mortgage payment for a home in Nevada. Start by finding your current mortgage rate using the filters above. Then enter your rate, home price, down payment, and loan term into the mortgage calculator below to estimate your monthly payment.

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