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By: Josie Lynn
While the price of homes varies widely between zip codes in Nevada, the average price of a home in Nevada is $90,000. Average interest rates in Nevada are below the national average, and average job growth rates are below the national average. Additionally, appreciation rates are so high on homes in Nevada that, in the last three years, home prices in Nevada have almost doubled. Getting the Best Nevada Interest Rates is important. Because homes in Nevada are pricey, it is important to get the best interest rate possible on your mortgage. This article discusses three ways you can ensure that you\’re getting the best Nevada home mortgage loan interest rate and Nevada FHA loans.
The median price of a home in Nevada is $142,000. Recently, homes in Nevada have been appreciating at rates more than double that of the national average. Additionally, the rate of job growth in Nevada is the highest in the nation. However, income levels in many parts of Nevada are too low to purchase a median-priced home with a conventional loan.
On the other hand, Nevada has one of the lowest past-due loan levels in the nation. Additionally, current average interest rates in Nevada are below the national average. The problems with high home-price-to-income ratios may stem from the variability of median home prices between Nevada zip codes. For example, in the summer of 2005, the median price of a home in Las Vegas, Nevada, was $265,000; however, at the same time, the median price of a home in Reno, Nevada, was $340,000, and the median price of a home in Lake Las Vegas, Nevada, was $900,000.Nevada law does allow the disbursement of home equity lines of credit. Although Nevada does not have an income tax, all property is subject to taxation. Additionally, Nevada law limits the amount of investment property sole to out-of-state residents.
The most important factor affecting your loan rate is your credit score. For that reason, make sure you pay your bills on time, especially in the months leading up to applying for a mortgage. The difference between a prime interest rate and a sub-prime interest rate is phenomenal, and you\’ll thank yourself for paying your bills on time later when you\’re saving hundreds of dollars a month on your mortgage payment.
Before taking out a Nevada home equity loan, you\’ll want to make sure that you have insurance on either yourself or the loan. When getting quotes for a Nevada home equity loan, you\’ll want to make sure that you look over the terms carefully. Hidden fees, like prepayment penalties and credit insurance, can cause serious problems later on. You will also want to make sure you are not lured in by quotes for low monthly payments. Always look for hidden balloons and rate increases. One of the most common mistakes that borrowers make when taking out a Nevada home equity loan is borrowing too much. It can be very tempting to accept a lender\’s offer to loan you 125 percent of the value of your home, but it may not be the smartest move for you financially. By the time you pay that money back with interest, you could be chucking out more than your Nevada home is worth. Check out Nevada FHA loans today.
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