Haitham al Mhana

Refinancing your mortgage loan can help lower your monthly bill. After all, that’s the whole point of refinancing! As a homeowner, it is important for you to understand how and when you will start realizing these savings. Once you learn how the new closing costs, loan terms, and interest rates influence your break-even point, you can make an informed decision that maximizes your savings and gets you a step closer to reaching your financial goals.

For more than a year, the Las Vegas property prices have been soaring. This raised some important questions for renters and homeowners alike. The former are asking themselves whether they should purchase a house soon (before prices go up even more) or wait for the market to slow down. The current property values also make it more expensive for renters to save money for a down payment. Existing homeowners, meanwhile, are wondering if selling their properties at a relatively infated price is a fnancially wise investment. The lack of inventory creates hesitancy because sellers cannot easily fnd a desirable new home to move into. Although these problems are common across the country, the Las Vegas housing market is in a unique position due to the rapid growth of rent-to-own homes. These types of properties may solve many of the challenges that Las Vegas renters and owners face. Amongst them are time fexibility and affordability.

During the last decade and a half, homeownership in the US steadily declined. In fact, from 2014 onwards, the percentage of Americans who own a house remained at its lowest levels since 1995. Because of this, many people are considering a first-time home buyer loan.

Are you thinking about refinancing? Although there are many pre-built calculators out there, they don’t give you a full picture of what your new loan terms will be. How much of a difference would a 1% interest rate reduction make? Which loan term should you choose? Also, does your home’s price impact your mortgage refinance calculation? To fully understand how a refinance will impact your monthly bill, follow these steps to find your new payment and loan terms.