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Mortgage Refinancing in Las Vegas: Has Lady Luck Left the Building?

By Gabriel Traverso
Local Lender Columnist
Jul 9, 2007
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Las Vegas is one of the hardest hit housing markets right now and many homeowners are struggling to make their mortgage payments. Last year in Clark County, where Las Vegas is located, the foreclosure process was started on one out of every thirty homes.

Mortgage Refinancing in Las Vegas

Right now is the best time to be considering a mortgage refinance for your Las Vegas home--especially if you think it's going to be harder to make those mortgage payments. It seems the bubble has burst for Las Vegas and Fiserv is predicting prices to drop by as much as 8.9% in the next twelve months. This is the worst price drop in the 100 markets Fiserv measured in its April prediction. On top of this, Freddie Mac is predicting the 30-year fixed-rate to go up to 6.5% by 4th quarter next year.

Refinance According to Your Needs

A few years ago many homeowners were counting on steady home appreciation to fuel an increasingly comfortable lifestyle through regular refinancing. Now that home appreciation has either tapered off or tipped the other way. If your current mortgage doesn't fit your financial needs then it's time to start shopping around for mortgage refinancing.

To get the best deal on your refinancing it is important to check with several lenders. To help you out, keep some of the following questions in mind.
  • Can any of the closing costs or fees be waived?
  • Is there a prepayment penalty for the refinance?
  • Are extra principal payments ok?
  • Can you get a lock-in agreement?
  • Will mortgage insurance be required?
Remember that you need to compare apples to apples. As you shop for your refinance ask the same questions of each lender and get offers on the same type of loan.

Sources
The Wall Street Journal: Flipping Down, Foreclosures Up; Housing Slump Spurs Job Losses
CNN Money: Forecast: 100 Biggest Markets

About the Author
Gabriel Traverso is a freelance writer, professional musician, and an artist. He resides with his family in Reno, NV.