Current Home Lending Info Blog for Southern Nevada

Over the past two years, you have seen some extraordinary circumstances arise that has caused many Americans to hold on with a death grip to any bit of money that they have, in fear of the fact that large institutions were shutting down left and right, and their homes were depreciating 20, 30, 50%!  In fact, the nervousness of the average American caused such a dramatic situation, that they were pulling money out of their banks, in fear that the banks would go under, and the FDIC would not be there to make sure that their money stayed safe.  This drastic change in the American's trust of the financial institutions of this country caused them to pull their funds out, which resulted in the banks becoming depleted of liquid funds that they may use to counteract the foreclosures of some of the riskier loans they had taken on.

After the dust has settled, we are now sitting here in Las Vegas, Nevada and looking at a desert...  Tumbleweeds still roll by, some neighboorhoods look like a ghost town, even though they are a couple of years old... Entire 20 story condominium buildings sit vacant with nothing but expensive carpeting and built in espresso machines covering the grounds and walls. 

And yet, I see opportunity.  By utilizing the resources that this fine country has given us, we have the opportunity of a lifetime.  While many people have come head on with the storm that has them either "Married to Their Home" right now, where they are barely making their mortgage payments only by stripping themselves of any type of extracurricular activity that costs money and buying Ramen Noodles in bulk, the government and non-profit groups are doing what they can to help out those that have stuck with their homes, scraped together the money to make their payments, and hopefully soon they will be able to sleep comfortably again at night. 

But, with so many homeowners each month taking everything not cemented down and letting their homes foreclose, those that stood by four to five years ago and either weren't in a position to buy, or chose not to and were kicking themselves at the time, can come in and pick the same homes they had wanted to buy five years ago but maybe stopped to think that they couldn't afford that house at that time!

So, to those of you now, who are still in apartments and rented homes and townhomes, it is time for you to come out and take part in the NUMEROUS benefits that buying a home today offers. 

Many are aware of the $8,000 tax credit that they have as first time homebuyers from the IRS, but keep in mind...You only have another 5 months or so to make your purchases.  Also, most homebuyers today are finding out that they are making payments on their mortgage that are about the same, EVEN cheaper than what they are currently renting for.  Add in the mortgage interest, Property tax, and mortgage insurance write-offs, and you are actually making more money per year than you would be renting.

The loan programs that benefited the banks and brokers of the world have been almost completely cleared up, and you can secure rates in the fours on a fixed loan with no penalty for selling or refinancing anytime you want.

Not to mention, if put in an FHA program (as most first time homebuyers I work with are put into), you can rest assured that if the rates decide to drop dramatically after you have purchased, you can do a streamline refinance, that costs a very small percentage of what a normal refinance or purchase would, and be able to take advantage of what the current rates stand at without having  to prove your income, assets, and value of the home again!  It's almost as easy as ordering a pizza.

I am attaching a link to a document, rentvbuycomparisonchart.pdf, that shows you a real life current example of woman who was renting, and was deciding to purchase.  You can see from this link that now may be the time to reach out to your mortgage broker, run some numbers, and see if homeownership is right for you, right now.

Best Regards,

David J. Schwartz

David@HomeLoansOfNevada.com

702-370-2116