The Current Mortgage Refi Situation for the Las Vegas Area

By Kelly Richardson
Local Lender Columnist
Jan 12, 2007
With the real estate market on the bubble, the value of a mortgage refi for Las Vegas is difficult to predict. But recent indicators, including homeowner attitudes, suggest that now is a good time to refinance. Get the scoop here so that you can make an informed decision!

When discussing the Nevada real estate market, David Lereah, chief economist of the National Association of Realtors, reveals some interesting clues to the factors affecting homeowners' decisions. Surprisingly, they have very little to do with mortgage interest rates or inviting offers from mortgage companies. It's the Las Vegas market demographics that are most compelling. Here are some of the groups having the biggest influences in determining the best time for a mortgage refi in Las Vegas.

Factors Affecting Mortgage Refis

• Baby Boomers. Baby boomers have become retirees and are entering a period of serious earning potential. They're buying properties, entering into mortgage refi deals, and growing the market.
• Immigrants. Las Vegas immigrants are becoming a vital part of the economy. They're earning more and are using that income to buy property or make home improvements.
• Boomer Kids. These first-time buyers are softening the market and driving prices down, making mortgage refis easier for other homeowners.

While these side factors are definitely influencing the Las Vegas real estate, there are more concrete factors indicating it's a great time for area refis.

Las Vegas by the Numbers

• Interest Rates. According to LasVegasNow.com, a production of the local Las Vegas news access, mortgage rates are at 35 year lows. This means reducing rates or shortening borrowing terms via a refi might be right.
• Generous Equity Allowances. Las Vegas mortgage lenders are allowing up to 90 percent of your home's value to be used in refi, which means more money for debt consolidation, home improvement, or that vacation you’ve been putting off.

Mortgage refi in Las Vegas is never a sure thing, but consider at the signs and attitudes of the stakeholders. You decide that it's a pretty safe time to consider making such a move.

Sources
Boom may roll, but bubble won't burst
LasVegasNow.com

About the Author
Kelly Richardson has over 15 years of creative and technical writing experience. He teaches secondary Honors-level English and writes ad copy for a variety of clients in specialized industries such as medicine and technology. Kelly holds Undergraduate and Graduate degrees in English and Education from Georgia State University. He is currently pursuing a Doctorate in Educational Policy & Leadership from Berne University & International Graduate School.