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Types of Las Vegas Mortgage Loans

There are a lot of different types of loan programs, which means that just about anybody can get in on one.

Fixed-Rate Loans

A fixed-rate loan offers a set interest rate, and a monthly principal and interest payment throughout the entire life of the loan. You can choose a variety of terms, with 15 and 30 years being the most common. The fixed-rate mortgage loan is the most conservative, traditional choice and is still the most popular because it offers stability and predictable monthly payments.

Adjustable-Rate Loans (ARMs)

Adjustable-rate mortgages feature an initial interest rate (also called start rate) that is set for a period of time then adjusts with the current market rates after that set period is over. ARMs are appealing because they offer lower start rates than those of fixed rate home loans, giving you lower monthly payments and allowing you to qualify for larger loan amounts. The most common set terms for initial interest rates on ARMs are 1, 3, 5, 7, and 10 years.

Example: A 5yr ARM would have a initial interest rate set for 5 years. After the 5th year, the initial interest rate would adjust with the current market rate.

Federal Housing Administration (FHA) Loans

FHA mortgages help low-to-moderate-income homebuyers purchase homes with low down payments and flexible qualifying guidelines. These loans are insured by the Federal Housing Administration (FHA), which sets loan limits that vary by area. With an FHA mortgage, you can use a gift or unsecured loan for down payment and closing costs. Interest rates for FHA loans can be fixed or adjustable.

Department of Veterans' Affairs (VA) Loans

VA loans are available only to eligible veterans (or veteran’s spouse). This loan has a remarkable feature in that no out-of-pocket expenses may be required. VA loans do not require a down payment and have flexible qualification guidelines.

Jumbo/Non-Conforming Loans

If you are looking to borrow more than $415,000, you may consider a jumbo loan. A jumbo loan is also called a non-conforming loan because it does not conform to the loan limits set by The Federal National Mortgage Association (also called Fannie Mae) or by The Federal Home Loan Mortgage Corporation (also called Freddie Mac). These are the two government-sponsored enterprises that help facilitate the availability of home loans by investing throughout the country. Non-conforming loans typically have higher interest rates and different down payment requirements.

Home Equity Loans & Second Mortgages

Home equity lines of credit (HELOC) and second mortgages, provide a way for homeowners to finance just about anything, from kitchen remodeling to college tuitions by converting the equity in your home into cash. These loans are popular because the interest charges are tax-deductible, just as interest is deductible on first mortgages. Traditionally, HELOCs do not have a fixed rate, and the payment is based solely on the amount that has been used, not the maximum draw allowed. Payments can be either principal and interest or interest only.

Second mortgages are slightly different than a home equity line of credit in that the rate is fixed, with a principal and interest payment and you cannot draw from it as you would a HELOC. The equity would come to you in one lump sum in the form of cash instead of drawing from it a little at a time.

Common Misconception: Interest rates and loan programs for HELOCs and second mortgages are the same as those used for first mortgages. HELOCS and second mortgages are higher risk, therefore they will have higher rates and extremely limited loan programs.

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Real Estate Blog
December 7, 2011, 11:44 am
December is for the Holidays.
The WHN Blog Team is taking the month of December off for the holidays. Were still as busy as the elves in the the office but its time to clear our heads of all this content and ready up for the upcoming new year. Happy Holidays to all of you See you in 2012.
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November 18, 2011, 11:32 am
About Assembly Bill 284 (AB 284 NV)
Real estate agents in Las Vegas are in tuned to the recently passed AB 284 that went into effect October 1 2011 but those outside of the Las Vegas real estate market arent too up to date. To sum it all up AB 284 will delay the foreclosure process. How? By increasing the requirements necessary for lenders to foreclose. In light of all the robosigning and the increased investigations of 14 major lenders for foreclosure fraud this Bill is meant to be one of the solutions to this ridiculous problem. While this most likely will expose fraud and give homeowners the ability now to obtain information on who is holding their mortgage increasing paperwork and having it recorded through the county clerk is simply going to create a huge back up in the system. With various budget cuts its unlikely that the clerks office is going on a hiring frenzy to keep up with all the work. The number of foreclosure filings for Clark County have already significantly dropped in the past month since the bill went into effect literally from once were thousands of filings a month now down to hundreds. Again this will reduce fraud and expose fraud allowing those involved to be prosecuted andor fined accordingly which overall is in the best interest of all homeowners however the back up in the system is going to be disastrous. The market is already slow its only going to slow down further. Tweet
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November 4, 2011, 10:40 am
Las Vegas Foreclosures and Robo-Signing
In most recent news it has been announced that an independent group of consultants along with federal bank regulators will be looking into homes that were foreclosed upon by 14 major lenders between January 1 2009 and December 31 2010. Anyone keeping up with the real estate market knows that Las Vegas foreclosures were numerous during that specific timeframe. After various complaints and suspicions further investigations decided to be conducted to uncover any foul play by the lenders and their employees. Many of these corporations are being accused of robosigning the illegal processing and obtaining of signatures on foreclosure documents quickly without going through the proper procedures. If after thorough review of these foreclosures the lender is found to have repossessed a home without going through the proper channels former homeowners may be entitled to compensation. Homeowners who lost their homes between the dates of January 1 2009 and December 31 2010 with 1 of the 14 listed lenders being investigated who believe that their primary residence was unfairly foreclosed upon can call 18889529105 and request a form to fill out and return no later than April 30 2012. If the complain meets the requirements more action will be taken to determine compensation. For additional information such as the list of lenders and call center hours head to independentforeclosurereview.com. Tweet
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