The housing market in Las Vegas has seen a series of Ups and Downs in terms of home values and mortgage rates. Mortgage rates have hit their lowest mark in recent years while Home Property values have continued to rise at a steady pace. The United States has changed the terms and conditions for those interested in buying their first home. The same can be said for those interested in refinancing their existing mortgage loan to a lower rate. While it's still just as easy as before, there are just a few additional requirements that need to be met.

Our team at Valley West Mortgage wants to help you understand the process of buying a home in Las Vegas or refinancing your existing loan. Our Loan Mortgage Specialists are here to answer any questions that you may have about the recent changes through out the years.Simply fill out the form below and one of our Loan Mortgage Specialists will contact you to discuss the options that you may have right now.

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When it comes to financing any kind of loan or mortgage, it’s only natural that people should want to find the best bang for their buck and the lowest rates possible. When you go to make a deal, you might not get the best rate you could have over the life of the mortgage, which varies depending on one’s income, work history, assets, time of year, and more. If you find yourself making a deal on an interest rate that you would like to lower, one option is to refinance somewhere down the line.

Over the life of the loan, interest rates will fluctuate within the market based on the same variety of factors that inspired the initial rate to begin with. Between 2008 and 2012, 30-year fixed rates fell from about 6 percent to 3.5 percent, according to US News and Money. This decline was jumpstarted by the United States Government, by pumping money into the economy in 2008 through a process called quantitative easing – a buy-back in mortgage backed securities from lenders. The low interest rates we see today can be attributed to this as well as a weak global economy, says US News and Money.

There is obviously a lot of appeal in refinancing when the prospect of locking in a significantly lower fixed rate is the main attraction. However it is important to consider many factors. In 2012, more than 80 percent of mortgage applications were refinancing ones, but that doesn’t mean you’re escaping a higher interest rate. However, many people would rather pay more up front and save in the long run.

There’s also the appeal of extending your loan period when you refinance. A lower fixed rate could be accompanied by this and is attractive to many borrowers. In addition to this bonus, is important to remember that with a longer loan period comes a bigger annual tax deduction. One could also have the option to merge loans when refinancing, such as fusing a second mortgage and home equity together. All of these things could result in cash in pocket, lower 30-year fixed rates, and extended periods.

But not everyone may qualify for a refinancing, with those being at a credit score of 720 or higher and having a good work history being most likely, according to The Fiscal Times. You will also encounter less mobility should you want to leave your home. Refinancing locks in a lot of the banks power, something to consider when considering this as an option. Not to mention the time consuming amount of paperwork and fees that will come along with the whole process.

If you are considering refinancing your current mortgage, please contact Valley West Mortgage for more information on how we can help.

In the next 30 years, the United States Census Bureau predicts a stark rise in the population of elderly persons in the United States. Up to 2050, the Bureau predicts that persons aged 60 and older will increase, with the overall number of persons over 90 by the year 2015 being well into the millions.

In comparison to the 7.1 billion people that inhabit planet Earth as of 2013, that number seems small. However, in the decade, the United States has done a considerable amount to recognize this growing population more in a number of ways. One of the many ways and benefits available to all persons 62 years of age or older lies in what’s called a reverse mortgage.

A reverse mortgage is exactly what it sounds like: rather than the borrower making a monthly payment to the lender, the lender instead makes a monthly cash payment to the borrower. This is a concept that began in Portland, Maine in 1961, according to Reverse Mortgage Info. The reverse mortgage was made to Nellie Young by Nelson Haynes of Deering Savings and Loan in an attempt to help her maintain her home after her husband’s death.

This is the entire concept behind reverse mortgages. After the first one was issued, the 1970s and 1980s saw an even more increased need to help elderly persons maintain their home and cover their personal expenditures after retirement. President Reagan officially signed the FHA insurance bill for reverse mortgages in February of 1988, according to reverse mortgage info, allowing senior citizens to use the equity of their home as a cash subsidiary toward them from the lender, without ever making a payment.

Because many older citizens choose to retire from work, their pocket books could be severely affected, finding a necessity to fain an income through more ways than just a personal savings. Reverse mortgages offer this, and remain popular today as the social security system seems to become less reliable. However, a reverse mortgage does not come without risks.

First, it’s important to remember that a reverse mortgage is STILL a loan. As long as the borrower lives in the house and stays up to date on home owners insurance and taxes, they will not have to make payments. Eventually, though, somebody will, and the fees associated are often high, as well as the interest rates that come along with it (which aren’t based off of your income). You’ll also still be responsible for house maintenance while you live in the home. Most concerning, should the home owner die while still living in the home, there is no guarantee that the family will get the property. Because the loan will have to be paid, the home will have to be sold, or the family can pay off the reverse mortgage.

Like all mortgages and financing, it’s important for elderly persons to consider all risks and benefits of a reverse mortgage before choosing to engage in a contract for one.

Can you remember the last time you had a roommate? Let me guess, during or right after your college years. Am I right? Well, it may surprise you to know that some of your fellow millennials are going down roomie road once again. According to Zillow and CNN, as of 2012 the amount of adults living with someone other than a spouse or domestic partner was up to 32%. That was two years ago. With all of the changes that have taken place in the economy since then, imagine how many adults are living with roommates now.

Let’s face it, the prices for rents are rising higher and higher. So one of the more convenient financial decisions for a host of people who have the desire to own has been to buy a home with a roommate. A party that this idea may be beneficial to is single moms. Two single mothers with children close to the same age may find that living together helps to provide a more secure family structure in the absence of a male figure.

Couples even could benefit from this type of living arrangement. Imagine two young couples, friends of course, who want to experience living on their own but still would like to save money. These couples could move into a home with a duplex that would allow them to each have their privacy as a couple while still being able to save for their dream home.

Or, think about this option for yourself as you get into your senior years. Your grandkids are grown, your kids have been grown, and you’re living all alone. Bypass the elderly homes and move in to your last house with your best friend Elma who is the same age as you and in the same predicament. Now neither of you have to be alone and your kids will be happy knowing that you’ve got someone there with you in case of an emergency.
The financial possibilities that come along with rooming with someone are almost too good to pass up. It’s a trend that seems to be catching on. Think on it.

For more information and resources, check out this post on The Zillow Blog. It's very insightful and they always have helpful information.