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The answer is that it’s different for everyone. And that’s because a variety of factors influence the decision. But there are really only two routes you can do down, fixed-rate mortgages and adjustable-rate mortgages.

Fixed-rate mortgages are loans that have, you guessed it, a fixed-rate of interest. But who are they right for and when are they the best idea? I’ll give you three factors:

1. You don’t plan on moving. If you plan on staying in the home a long time, then this loan can save you money if interest rates go up, which leads us to the second factor.

2. Interest rates are going up. Getting a fixed-rate can protect you from inflation.

3. You want a financial routine. Paying the same monthly amount can help you plan and budget around your mortgage.

So what if none of these factors apply to you? You may be better off getting an adjustable-rate or variable-rate mortgage. This kind of mortgage is a little more complicated because there are several kinds, but the basic idea is that your monthly payment will increase or decrease based on the change in your interest rate. Here’s a few reasons why this can be a good idea for some people:

1. Your income is going up. This mortgage can allow for the home-owner to pay less now and make up for it later. Receiving an initial low interest rate may help you qualify for a loan that you would not have otherwise been able to.

2. Rates are steady or declining. If the market is stable or if interest rates are going down, your mortgage rate probably won’t go up drastically.

3. You don’t plan on being in the home forever or may want to refinance down the road. If the home isn’t a long-term investment for you, you might save more money this way.

Deciding which type of mortgage is appropriate for you is a big decision. A bad mortgage can lead to  financial problems and even, as was the case for many, foreclosure. Make sure to consult with an expert and do as much research as possible.


Considering buying a home?  Search all Las Vegas Homes for Sale using our free, interactive map-based search. Or call Kathryn Bovard direct at 702-348-7191 so she can assist and navigate you through the entire process.

Categories : Las Vegas Mortgages
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VA loans and Las Vegas Real EstateWhat do veterans and Las Vegas short sales have to do with each other? You’re about to find out. This post comes to you from James Kelley, an author of vabenefitblog.com and law school student at the University of Missouri.

“Las Vegas, world renowned for its wildness, is actually a home to a growing population of families and retirees looking to enjoy the amenities of the “Entertainment Capital of the World.” In fact, many veterans and active-duty service members are finding out that it’s worthwhile to shop for a home in the Las Vegas area. As an option designed expressly for military homebuyers, the VA Home Loan program couples financial benefits with other services to make for a great way to finance that home. Combined with a short sale, a Nevada VA loan can help get military homebuyers the house they always wanted at a great price.

A VA loan in Nevada can finance 100 percent of a home’s value. The VA loan limit in Nevada is $417,000, and qualified borrowers will pay 0 percent down even when earning this maximum loan. This no-money-down possibility separates the VA loan program from traditional home financing options, which often come with down payments as high as 20 percent.

For all Las Vegas homebuyers, it’s never a bad idea to look for short sales on homes. Properties that are sold short are different than those that are foreclosed, but will likely be below market value since a bank or lender agreed to take a moderate loss in the sale. Using a Nevada VA loan for a short-sale home means the homebuyer will save even more money.
An additional perk of living in Las Vegas is the close proximity to Nellis Air Force Base. Active-duty personnel can also use a Nevada VA loan to buy a home on the base; veterans who want to be close to military life can use their benefits on a home just down the road.

The down payment feature is one of many upsides to VA loans, which come with negotiable interest rates and no private mortgage insurance. These two features work together to lower monthly payments so military homebuyers can more easily pay for their home. If VA loan borrowers decide to make prepayments on the loan, they will not be penalized for doing so.

To take advantage of a Nevada VA loan’s benefits, complete a Certificate of Eligibility (COE). A COE is a simple form that confirms that you meet the initial requirements for the VA loan program. The COE is available from the VA website or from a VA-approved lender, like VA Mortgage Center or another national lending leader. Despite helping more than 19 million service members buy a home, the program is not available to all veterans and service members. Military members who may qualify tend to be in one of three groups:

-Service members who served for 90 days during wartime or 181 days during peacetime while on active duty.
-Members of the National Guard or Reserves who served for at least six years.
-Spouses of service members who died while serving or due to a service-connected injury.”

If you would like to contact James, go to james@vabenefitblog.com.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

How common are housing bubbles? In a recent article from The New York Times, Robert J. Shiller, professor of economics and finance at Yale, explores the question of how common housing bubbles are, and what’s more, if we should expect another one soon.

Schiller argues that the most recent housing bubble and burst is unlike any other housing cycle in history, nationally or internationally. Prior to our current market, housing bubbles had been smaller and more regional. But by examining past booms and busts in the market, Shiller hopes to give us insight into our present situation as well as guidance for the next decade.

The 1970′s sets itself apart as the only decade in the early 20th century to have a bubble of national significance. The cause? An increasingly growing belief that the earth would not be able to sustain the growing population and in turn land would be in greater demand, thus raising its value. Then the Federal Reserve came down hard on credit in the U.S., bursting the bubble and leading to the recessions of the early 1980′s. Although there were scattered housing bubbles prior to this, they were infrequent, usually decades apart.  The larger bubbles, such as the farmland bubble that Schiller mentions, were also either infrequent or unprecedented, and many of these occurred in times of less regulation aimed at stopping bubbles.  This all  suggests that the current housing bubble will also be rare.

Ultimately Shiller maintains that given the history of land bubbles combined with the new policy restraints, a new housing bubble looks unlikely to happen again anytime soon.  Though it will take some time for the housing market to recover, the ultimate source of bubbles is the way the public thinks about a market.  With bubbles, the culprit is unfounded enthusiasm.  And since most people, Schiller says, view housing as an investment, we won’t likely hear any “pops” in the future.

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options – including a Las Vegas short sale, contact us today for a no obligation short sale consultation.


Las Vegas Short Sale Time Frame

Posted by: Kathryn Bovard | Comments (1)

One of the most often asked question that I get asked from Las Vegas homeowners who are thinking of short selling their home is “How long does it take?”

There are many variables such as condition of the home, pricing and location but once the seller has accepted an offer and that offer has been submitted to the bank for approval, the short sale time frame really depends on two things for the banks response time. Is it a delegated or non-delegated loan?

What this means is if it is a delegated file/loan the the bank has the ability to make a decision on the investor’s behalf without sending the investor a complete package for review. If it is a non-delegated file/loan then the bank cannot make the decision without a complete document review by the investor. The investor makes the decision in a non-delegated arrangement.

So basically the time frame for a short sale usually falls within the following:


Delegated loans:                                                      5 weeks

Non-delegated loans                                            12 weeks

Valuation stage                                                       1-3 weeks

Held stage or negotiations                                   4 weeks


Approval for delegated                                          2 weeks

Approval for Non-delegated                                4 weeks

Your Realtor or short sale negotiator will be able to determine from the bank asset manager what type of loan you have once a file has been opened.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short saleprocess.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Catherine Cortez Masto, the attorney general of Nevada filed a lawsuit against  Bank of America accusing it of engaging in “widespread fraud” by misleading customers with “false promises“.  “Bank of America’s callous disregard for providing timely, correct information to people in ther time of need is truly egregious” stated Ms. Masto.

Former employees said that Bank of America’s modification staff was “chaotic, understaffed and not oriented to customers”, according to a news release. One former employee said, “The main pupose of the training is to teach us how to get customers off the phone in less than 10 minutes”. Another employee said, “When checking on a borrower’s status, I often found that the modification request had not been dealt with or was so old that the request had become inactive. Yet, I was instructed to inform borrowers that they were  ”active and in status”. One time I complained to a supervisor that I felt I was always lying to borrowers”

Will this debacle with their loan modifications allow more short sale approvals from Bank of America-one can only surmise that the continued build up of customers who cannot make their payments will only bring more pressure on a already overtaxed system.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

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