Will Mortgage Rates Drop in 2025? What Experts Predict
With economic uncertainty and inflation concerns dominating headlines, many prospective homebuyers—and even current owners—are asking: “Will mortgage rates drop in 2025?” It’s a smart question, and while nobody can predict the future with complete accuracy, expert forecasts can offer useful direction.
Here’s a clear, accessible look at what leading authorities expect — and how you can prepare, whether rates fall or stay steady.
What Are the Experts Forecasting for Mortgage Rates?
Fannie Mae
Fannie Mae adjusted its outlook recently. It now expects the average 30‑year fixed mortgage rate to finish 2025 at about 6.5%, a slight upward revision from the previous 6.4%, before easing to 6.1% in 2026. MPA Magazine+1
Mortgage Bankers Association & Other Trade Groups
Industry groups like the MBA and others anticipate rates holding mostly steady through the year. For instance, MBA projects rates will average around 6.8% in Q3 2025 and end the year near 6.7%. Forbes
Broader Trend from Multiple Forecasters
Analysts including Fannie Mae, Freddie Mac, the National Association of Realtors, and others forecast that mortgage rates will linger in the mid‑6% range through 2025—declining incrementally but not dramatically. MarketWatch+5Investopedia+5Norada Real Estate+5
Recent Market Data
As of August 2025, the average 30‑year mortgage rate sits at 6.58%, its lowest in nearly ten months. Even so, experts stress that affordability remains a challenge and any rate improvement is expected to be modest. Investopedia+3AP News+3Reuters+3
Why Rates Likely Won’t Fall Sharply — Yet
Fed Rate Cuts ≠ Instant Mortgage Relief
Even if the Federal Reserve lowers benchmark interest rates (which many expect in September), mortgage rates don’t automatically follow. Trends in Treasury yields and bond markets, which mortgage pricing depends on, may not shift quickly enough to trigger dramatic declines. midflorida.com+15Investopedia+15Coosa Valley Credit Union+15
Inflation & the Fed’s Balancing Act
The Fed faces a tightrope: it needs to weigh inflation, jobs, and growth. While markets are hoping for a move in September, sticky inflation may delay or temper rate reductions. PoliticoKiplinger
Bond Market Volatility
Ultimately, mortgage rates track bond yields. Investor reactions to inflation, tariffs, or geopolitical instability can swing those yields—and thus mortgage rates—without direct policy changes. CBS NewsThe Mortgage Reports
What Buyers Can Take Away from These Forecasts
1. Expect Modest Declines Only
If rates do fall, we’re likely looking at a gradual easing into maybe the low‑6% range, rather than a return to the 3–4% era. MarketWatchNorada Real Estate
2. Opportunity to Refinance Later
If you’re buying now, you can always refinance if rates dip meaningfully down the road. In other words: buy the house today, date the rate. Investopedia+2MarketWatch+2
3. Don’t Let Timing Rule You
If you find a home you love and you’re financially prepped, waiting solely for rates may cost you more later—especially if prices keep rising. Investopedia
Final Thoughts
Here's what we can say with some confidence:
| Scenario | Likely Outcome |
| Rates will drop swiftly | Unlikely—experts see only modest movement. |
| Rates will stay in mid-6% range | Most probable—some forecasts expect 6.4–6.5% by year-end. |
| A sharp drop into low-6s or 5s | Possible down the road if inflation cools, but not expected soon. |
If you're ready to explore your options or need help projecting how mortgage rates may affect your buying power, the Derek Parent Team is here for you. We specialize in guiding Las Vegas buyers through uncertain markets, helping you lock in smart financing today with the flexibility to refinance later if needed.
Let’s chat about your situation and run the numbers—because the best decision is always the informed one.
Relocating to Las Vegas: Complete Guide for New Homebuyers
Las Vegas is famous for its nightlife, entertainment, and energy, but it’s also one of the fastest-growing cities in the country for new residents. Every year, thousands of people relocate here for job opportunities, affordable living, and sunshine nearly 300 days a year.
If you’re considering a move to Las Vegas, you’re not alone—and having the right plan will make the transition smoother. In this guide, we’ll cover everything you need to know about relocating to Las Vegas as a new homebuyer.
Why Move to Las Vegas?
People relocate to Las Vegas for many reasons, and it’s not just about the Strip. Here’s why the city has become such a hot spot:
- No State Income Tax: Nevada is one of the most tax-friendly states in the U.S.
- Affordable Housing (Compared to Other Major Cities): While prices have risen, homes in Las Vegas are still more affordable than in Los Angeles, San Francisco, or Phoenix.
- Diverse Job Market: Beyond hospitality, industries like healthcare, tech, and logistics are growing.
- Year-Round Sunshine: With warm weather and outdoor activities, the quality of life is high.
- Variety of Communities: From suburban family-friendly neighborhoods to luxury high-rises on the Strip, there’s something for everyone.
Step 1: Decide Where to Live
Las Vegas isn’t one-size-fits-all. Choosing the right neighborhood will depend on your lifestyle, commute, and budget.
Popular Areas for New Homebuyers
- Summerlin: Master-planned luxury, great schools, and access to Red Rock Canyon.
- Henderson: Family-friendly with parks, schools, and Lake Mead nearby.
- North Las Vegas: Affordable homes and lots of new development.
- Downtown & Arts District: Perfect for professionals and those who love an urban vibe.
- High-Rises on the Strip: Great for investors or buyers seeking resort-style living.
Because each area has its own personality, it’s worth exploring different neighborhoods before deciding where to buy.
Step 2: Understand the Las Vegas Housing Market
The Las Vegas market can move quickly, so being prepared is essential.
- Median Home Prices: They are generally lower than coastal cities, but prices have been rising steadily.
- New Construction: Builders are offering incentives like closing cost credits, especially in Henderson and North Las Vegas.
- High-Rise Condos: These remain popular among investors and second-home buyers.
So whether you’re looking for a starter home, new build, or luxury property, there are options for every budget.
Step 3: Get Pre-Approved Before You Shop
If you’re relocating, one of the smartest moves you can make is getting pre-approved for a mortgage before you start house hunting.
- Why It Matters: Pre-approval shows sellers you’re serious, and it helps you understand your budget.
- Local Expertise: Working with a Las Vegas-based lender like The Derek Parent Team ensures you have someone who understands local market conditions.
- Loan Options: First-time buyers, veterans, and even investors can qualify for loan programs with low down payments or special benefits.
Because the market is competitive, pre-approval can give you an edge when making an offer.
Step 4: Plan for Moving Logistics
Relocating isn’t just about finding the right house—it’s also about making the move smooth.
- Hiring Movers: Decide whether you want a full-service mover or a DIY truck rental.
- Timing Your Move: Avoid peak summer heat if possible; spring and fall are easier months to relocate.
- Utilities and Services: Set up water, power, internet, and trash collection ahead of time so your home is ready when you arrive.
- Driver’s License & Registration: Nevada requires new residents to update their license and car registration within 30 days.
Step 5: Adjusting to Life in Las Vegas
Las Vegas offers more than just nightlife. Here’s what new residents quickly learn:
- Entertainment & Dining: From world-class shows to local food scenes, you’ll never run out of options.
- Outdoor Adventures: Red Rock Canyon, Lake Mead, and Mount Charleston are all within driving distance.
- Community Life: Many neighborhoods host farmers markets, festivals, and fitness events, making it easy to meet people.
- Weather: Summers are hot, but the dry climate and mild winters balance it out.
Because Las Vegas blends city living with outdoor beauty, it’s a place where you can shape the lifestyle you want.
Tips for New Homebuyers Relocating to Las Vegas
- Visit Before You Buy: If possible, spend time exploring neighborhoods to see where you feel most comfortable.
- Work With Local Experts: Realtors and lenders who know the market can save you time and money.
- Think About the Commute: Traffic is lighter than in many cities, but location still matters if you work near the Strip or Downtown.
- Budget for HOAs: Many communities in Las Vegas have homeowners’ associations, so factor those fees into your monthly costs.
- Stay Flexible: The perfect home may not check every box, but focus on your top priorities.
Final Thoughts
Relocating to Las Vegas is exciting because the city offers a mix of affordability, opportunity, and lifestyle you won’t find anywhere else. From Henderson’s family-friendly communities to Summerlin’s master-planned luxury, there’s a neighborhood that will feel like home.
The key is preparation: understanding the market, securing financing, and working with local experts who can guide you every step of the way.
If you’re ready to make Las Vegas your new home, reach out to The Derek Parent Team. With decades of experience in the local mortgage industry, we’ll help you secure the right loan and make your relocation as smooth as possible.
Reverse Mortgages Explained: A Retirement Strategy for Homeowners 62+
For many homeowners, their house is their biggest asset. But when retirement comes around, savings may not stretch as far as expected, and fixed incomes can feel tight. That’s why more and more seniors are exploring reverse mortgages as a retirement strategy.
If you’re 62 or older, a reverse mortgage can allow you to tap into your home equity without selling your home or making monthly mortgage payments. Here’s how it works—and why it could be the financial solution you’ve been looking for.
What Is a Reverse Mortgage?
A reverse mortgage is a special type of loan available to homeowners 62 and older. Instead of you making payments to the lender, the lender pays you.
You can receive funds as:
- A lump sum
- Monthly payments
- A line of credit you draw from when needed
The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is federally insured.
How It Works
With a reverse mortgage:
- You must continue to live in the home as your primary residence.
- You’re still responsible for property taxes, insurance, and maintenance.
- The loan balance grows over time, and is repaid when you sell, move out, or pass away.
Because no monthly mortgage payments are required, it frees up cash flow during retirement.
Benefits of a Reverse Mortgage
- Supplement Retirement Income
Use your home equity to cover living expenses, medical costs, or even travel. - Stay in Your Home
You don’t need to sell or downsize to access your equity—you can stay right where you are. - Flexibility
Choose how you receive the funds—lump sum, line of credit, or monthly income. - Non-Recourse Protection
You or your heirs will never owe more than the home’s value, even if the loan balance grows larger. - No Monthly Mortgage Payments
This can dramatically reduce financial stress in retirement.
Things to Consider
A reverse mortgage isn’t the right fit for everyone. Here are a few important considerations:
- Home Equity Requirements: The more equity you have, the more you can access.
- Costs & Fees: Like any loan, reverse mortgages have upfront costs.
- Impact on Inheritance: Since the loan is repaid when the home is sold, heirs may receive less.
- Staying in the Home: If you plan to move soon, a reverse mortgage may not make sense.
Who Can Benefit Most?
Reverse mortgages work best for:
- Seniors on fixed incomes who want extra financial flexibility
- Homeowners who plan to stay in their home long-term
- Retirees who want to eliminate existing mortgage payments
- Families who want to preserve other retirement assets by leveraging home equity first
Reverse Mortgage in Las Vegas
In Las Vegas, where home values have appreciated significantly, many retirees have built up substantial equity. Instead of selling, a reverse mortgage lets you enjoy the lifestyle you’ve worked hard for—whether that means helping family, traveling, or simply covering monthly expenses comfortably.
Final Thoughts
A reverse mortgage can be a powerful retirement strategy for homeowners 62 and older. It allows you to convert home equity into usable income while staying in your home and eliminating monthly mortgage payments.
Like any financial decision, it’s important to weigh the pros and cons and talk with a trusted advisor.
If you’d like to explore whether a reverse mortgage is right for you, connect with The Derek Parent Team. We’ll walk you through your options and help you decide if this strategy fits your retirement goals.
Is Now the Best Time to Buy a High-Rise in Las Vegas?
Las Vegas is known for its luxury condos, Strip views, and vibrant real estate market—and high-rise living remains one of the most attractive lifestyle and investment choices in the city.
But with interest rates fluctuating, home prices adjusting, and inventory levels shifting, many buyers are asking: “Is now really the best time to buy a high-rise in Las Vegas?”
The answer depends on your goals, but let’s break it down.
Why High-Rises Are So Appealing in Las Vegas
High-rise living isn’t just about having floor-to-ceiling views of the Strip—it’s about lifestyle and long-term value. Buyers and investors are drawn to high-rises because:
- Location: You’re close to world-class dining, entertainment, and business centers.
- Amenities: Pools, gyms, valet, concierge, and 24-hour security make it turnkey living.
- Investment Potential: High-rises attract tourists, executives, and second-home buyers.
- Prestige: Towers like Waldorf Astoria, Veer, and Panorama offer exclusivity you won’t find in traditional neighborhoods.
So whether you’re buying for yourself or as an investment, the appeal is undeniable.
Current Market Conditions
The high-rise market in Las Vegas has its own rhythm compared to traditional single-family homes. Here’s what’s happening now:
- Moderating Prices: Prices have leveled after years of strong appreciation, which can mean opportunity for buyers.
- Stable Demand: Professionals, retirees, and investors still see value in condo living, especially in prime locations.
- Interest Rates: While mortgage rates remain higher than the lows of a few years ago, many experts predict modest declines in 2025 and beyond. That means buying now could let you refinance later.
- Inventory: There are more choices today than during peak demand cycles, giving buyers leverage to negotiate.
The Case for Buying Now
There are several reasons why buying a high-rise today could be a smart move:
- Lock in Today’s Price
If rates drop next year, buyer demand will spike again. More buyers = more competition = higher prices. Acting now can help you secure a unit before that rush. - Refinance Potential
You can always refinance if rates go down, but you can’t go back in time and buy the same condo at a lower price once appreciation kicks in. - Lifestyle Benefits Immediately
Beyond numbers, buying now means you get to enjoy the lifestyle right away—Strip views, concierge service, and lock-and-leave convenience. - Negotiation Leverage
With more inventory, sellers may be more open to concessions like closing cost credits or furniture packages.
The Case for Waiting
To be fair, there are reasons some buyers choose to wait:
- Rates Could Improve: A 0.5–1% drop in interest rates could save you hundreds per month.
- Economic Uncertainty: If the broader economy slows, prices could soften further in some towers.
- HOA Considerations: Some buyers like to take extra time to research HOA reserves, rules, and fees before jumping in.
So if your timeline is flexible and you’re not in a rush, waiting to see how the market unfolds may be worth considering.
What Buyers Should Really Focus On
Instead of just asking “when,” the better question might be: “What am I buying for?”
- If it’s a lifestyle purchase: The sooner you buy, the sooner you enjoy it.
- If it’s an investment: Look at rental demand, HOA fees, and long-term appreciation potential more than short-term rate swings.
- If it’s about timing the market: Remember that perfect timing rarely exists. Most successful buyers focus on the long-term, not chasing the exact bottom.
Expert Tip: Financing High-Rises is Different
Not all lenders are comfortable with condo financing—especially in high-rise towers with stricter guidelines. That’s where experience matters.
At The Derek Parent Team, we’ve specialized in high-rise financing for decades. We were the in-house lender at Veer Towers, and we’ve helped buyers close loans in nearly every luxury tower in Las Vegas. We know which properties qualify for conventional loans, which require jumbo financing, and how to navigate complex HOA requirements.
Final Thoughts
So, is now the best time to buy a high-rise in Las Vegas?
- Yes, if: You want to secure today’s prices, enjoy the lifestyle now, and take advantage of future refinancing opportunities.
- Maybe wait, if: You’re strictly focused on rates and are comfortable delaying your purchase for potential savings.
The truth is, high-rise living in Las Vegas has long-term appeal no matter what rates do in the short term. The key is aligning your purchase with your personal goals, lifestyle, and budget.
If you’re considering a high-rise purchase, let’s talk. The Derek Parent Team can walk you through financing options, tower comparisons, and strategies to make your investment as strong as possible.
First-Time Homebuyer Guide: Buying a Home in Las Vegas
Buying your first home is one of the biggest milestones of your life, and in a city like Las Vegas—where the real estate market moves quickly, neighborhoods each offer a unique lifestyle, and financing options can feel overwhelming—it’s important to have the right guidance.
This guide will walk you through everything you need to know as a first-time homebuyer in Las Vegas. From preparing your finances to choosing the right neighborhood, you’ll see the steps that make your purchase smoother and more successful.
Why Las Vegas is a Great Place for First-Time Buyers
Las Vegas isn’t just the “Entertainment Capital of the World.” Over the last decade, it has grown into a thriving city with family-friendly communities, expanding job opportunities, and a strong real estate market. Here’s why first-time buyers are drawn to Vegas:
- Affordability Compared to Other Major Cities: Prices have risen, but Las Vegas is still more affordable than many coastal markets like Los Angeles or San Francisco.
- No State Income Tax: Nevada has one of the most tax-friendly environments, so homeowners keep more of their income.
- Variety of Communities: You can choose a modern condo on the Strip, a new build in Summerlin, or a quiet neighborhood in Henderson—because the city has something for everyone.
- Strong Job Market: With tourism, technology, and logistics industries growing, the local economy provides stability for homeownership.
Step 1: Prepare Your Finances
Before you start shopping for homes, it’s important to take an honest look at your finances, because being prepared will make the process less stressful.
Check Your Credit Score
Your credit score plays a big role in determining what kind of mortgage you qualify for and the interest rate you’ll receive. Aim for a score of 620 or higher, but some loan programs can work with lower scores.
Save for a Down Payment
Traditionally, buyers put down 20%, but in today’s market, first-time homebuyers have more flexible options:
- FHA loans can require as little as 3.5% down.
- VA loans (for veterans and military families) often require no down payment.
- Conventional loans may allow for 3–5% down.
Get Pre-Approved for a Mortgage
Pre-approval not only shows sellers you’re serious, but it also gives you a clear picture of your budget. A local lender like The Derek Parent Team can walk you through the process and help you choose the right loan for your situation.
Step 2: Understand the Las Vegas Market
The Las Vegas housing market can be competitive, and prices vary depending on location, amenities, and demand.
- Entry-Level Homes: Many first-time buyers start with townhomes or smaller single-family houses.
- New Construction: Builders in Summerlin, North Las Vegas, and Henderson often offer incentives like closing cost assistance, so these can be a great option.
- High-Rise Condos: If you love city living, high-rises near the Strip offer luxury amenities but often come with HOA fees.
Because the market changes quickly, it’s smart to work with a professional who can help you set realistic expectations. You might face multiple-offer situations, so being prepared will give you an advantage.
Step 3: Choose the Right Neighborhood
Las Vegas is made up of diverse communities, and each has its own lifestyle. Here are a few popular areas for first-time buyers:
- Summerlin: Known for its master-planned communities, great schools, and parks. It’s perfect for families and professionals.
- Henderson: Offers a suburban feel with access to Lake Mead, shopping, and family-friendly neighborhoods.
- North Las Vegas: More affordable options with newer builds and expanding amenities, so it’s ideal if you’re looking for value.
- Southwest Las Vegas: Up-and-coming with plenty of new construction and easy access to the Strip.
Think about your lifestyle and priorities. Do you want to be close to work, or do you prefer quiet streets? Do you need great schools, or are amenities more important? Your answers will help narrow your search.
Step 4: Work with the Right Real Estate and Mortgage Professionals
Buying your first home can feel overwhelming, but you don’t have to do it alone. Having a trusted team by your side makes all the difference.
- Realtor: Helps you find properties, negotiate offers, and guide you through closing.
- Mortgage Lender: Assists with financing options, pre-approvals, and making sure your loan closes smoothly.
- Home Inspector: Ensures your home is in good condition before you buy.
At The Derek Parent Team, we specialize in helping first-time buyers navigate financing options in the Las Vegas market. Because we’ve been in the industry for decades, we know how to make the process simple and stress-free.
Step 5: Make an Offer
Once you’ve found the right home, it’s time to make an offer—and strategy is everything.
- Be Competitive: In a hot market, lowball offers often get rejected.
- Include a Strong Pre-Approval Letter: This reassures the seller you’re financially ready.
- Consider Seller Incentives: Builders and sellers sometimes offer credits toward closing costs, so ask your agent to negotiate these for you.
Step 6: Closing the Deal
The closing process typically takes 30–45 days. During this time, you’ll:
- Finalize your mortgage paperwork
- Complete inspections and appraisals
- Sign your closing documents
It can feel like a lot, but once you’re done, you’ll officially get the keys to your new home.
Tips for First-Time Homebuyers in Las Vegas
- Don’t Skip the Inspection: Even if the home looks perfect, inspections can reveal costly issues.
- Know Your Budget Beyond the Mortgage: Property taxes, HOA fees, and utilities all add up, so plan ahead.
- Think Long-Term: Buy a home you can grow into, not just one that works for right now.
- Stay Flexible: The right home might not check every single box, but it should meet your most important needs.
- Leverage First-Time Buyer Programs: Nevada offers down payment assistance and other incentives, so take advantage if you qualify.
Final Thoughts
Buying your first home in Las Vegas is an exciting step, and with the right preparation, it doesn’t have to feel overwhelming. The city has a strong economy, a wide range of neighborhoods, and flexible financing options—so there’s truly something for every type of buyer.
The key is preparation: understanding your finances, working with trusted professionals, and knowing what to expect in the market.
If you’re ready to take the next step, connect with The Derek Parent Team. We’ll guide you through the process, answer your questions, and help you secure the right loan for your first home in Las Vegas.
7 Smart Steps to Prepare for Homeownership in Today’s Market
Ready to buy a home? DerekParentTeam.com shares 7 essential steps to prepare for homeownership, improve your credit, and secure the best mortgage rates in today’s competitive market.
Buying a home is one of the most exciting—and financially significant—decisions you’ll ever make. Whether you're a first-time buyer or re-entering the market, preparation is key to success.
At DerekParentTeam.com, we guide individuals and families through every step of the home loan process—from improving your credit score to locking in the best rate possible. In this post, we're breaking down 7 smart steps to prepare for homeownership in today’s real estate market.
Let’s make your dream home a reality.
1. Check & Improve Your Credit Score
Your credit score directly impacts your mortgage eligibility and interest rates. Review your credit report early and look for:
-
Errors or outdated accounts
-
High credit card balances
-
Missed payments
Pro Tip: Aim for a score of 680+ to access better loan terms, though FHA loans may be available with lower scores.
2. Calculate Your Budget Before You Shop
Before house hunting, know what you can actually afford. This includes:
-
Monthly mortgage payments
-
Property taxes
-
Homeowners insurance
-
HOA fees (if applicable)
Use our Mortgage Calculator to get started.
3. Get Pre-Approved, Not Just Pre-Qualified
Pre-approval shows sellers you're a serious buyer and gives you a clearer picture of your loan amount. At Derek Parent Team, we offer fast, personalized pre-approvals so you can shop with confidence.
4. Avoid Major Financial Changes
Once you’re planning to buy, try not to:
-
Open new credit lines
-
Make large purchases (like a car)
-
Switch jobs
Lenders want to see financial stability before approving your mortgage.
5. Start Saving for the Down Payment & Closing Costs
While some loans allow as little as 3% down, a larger down payment can lower your monthly payments and eliminate PMI (Private Mortgage Insurance).
Don't forget to save for:
-
Closing costs (2–5% of home price)
-
Home inspections
-
Moving expenses
6. Understand Your Loan Options
There’s no one-size-fits-all loan. Common types include:
-
Conventional Loans
-
FHA Loans
-
VA Loans (for veterans)
-
Jumbo Loans
We’ll help you compare options to find the best fit for your budget and goals.
7. Partner With a Trusted Mortgage Team
Your mortgage lender is your financial partner through this journey. With over 20 years of experience, Derek Parent and his team offer:
-
Personalized mortgage strategies
-
Competitive rates
-
A smooth, transparent process from application to closing
Get Started Today with a free consultation!
Final Thoughts:
The housing market may change, but preparation will always give you the edge. By taking these 7 steps, you’ll be in a stronger position to buy a home you love—with a mortgage you can afford.
When you're ready, The Derek Parent Team is here to help you navigate your home loan with clarity and confidence.
Why The Holidays are a Great Time to Refinance Your Mortgage
If you're a homeowner in Las Vegas and you want to lower your mortgage payment and/or consolidate your debt, then refinancing might be the right option for you!
So how does it Work?
Well, its not always that simple. There are many factors that determine if refinancing is right for you, such as interest rates and your current equity in your home. It also depends on what your current needs are. Do you want to lower your monthly payments and interest rate? Or do you want to cash out to consolidate your debt in time for the holiday season? There are different types of refinancing options to choose from.
The traditional refinance option allows you to get a new mortgage with a different interest rate and terms. This could help you lower your monthly payment and start saving! Interest rates fluctuate, meaning they go up and down. So, there's a chance that you can get a lower rate on your mortgage and start saving money every month! Note that when you refinance your mortgage you are starting from the beginning of the set terms. For example, if you are 5 years into a 30 year mortgage and you choose to refinance to get a lower rate or payment, you will start at the beginning of the term of the new loan. So, your total finance charges may be higher over the life of the loan.
The other option is a cash-out refinance - This is where you refinance your mortgage for more than you currently owe, then pocket the difference. Sounds great, right? Well, there are many factors that go into the process of cash-out refinancing. For example, you will need to apply and submit various documents, get an appraisal on your home, and have a good standing with your current mortgage for the past 12 months. However, if you qualify, cashing out is a great way to consolidate your debt and put more money in your pocket during the holiday season! Please note that when you do a cash out refinance, you are not eliminating your debt. You are consolidating it through your mortgage and will pay it off through your monthly loan payment.
The good news is that the Las Vegas real estate market is booming! Interest rates are competitive, and home values are increasing. That means that the majority of home owners have equity in their homes. You could take advantage of the our refinance options and lower your monthly payments, in addition to "cashing out" the difference.
If you are a homeowner in Las Vegas and you would like to take advantage of our refinance opportunities this holiday season, give us a call at 702-331-8185!
Why it is Good to Buy Now in Las Vegas
Are you wondering if now is the right time to buy in Las Vegas? Still on the fence or a bit unsure? Want
some more information before diving in? Here is some information to know before moving forward.
If you want to get in on the fun, now is a better time than ever. With today's shift towards a buyer's
market, buyers have more options to choose from and negotiate leverage. Because of this, you can find
your dream home without paying over market value, even less! Compared to previous situations of
bidding wars and over-asking, the moment is now to get in. Not to mention the constant increases in
value, you can find yourself making a substantial profit in the coming years.
Unlike renting, mortgage inflation doesn't go up, rent goes up, and the rent gets competitive. So, with less
competition than ever, you have a prime opportunity in your hands. The only question left is, to buy or
not to buy?
Derek Parent Q&A: High Rise Life
- Can you tell us a little bit about your background and how you got involved in the mortgage industry? I stepped into the mortgage industry in 1999 after running into an old friend at a boat show in Rhode Island. It had been a little while since I had seen him last, and there was just something about him that seemed different. We got to talking, and I found out that he was doing quite well for himself as a loan officer in the mortgage industry. I was so inspired, that every day for the following four weeks, I called into his office asking for an interview. I got the job, and just about a year later, I won a trip to Las Vegas based on my efforts. I was stunned. I went back home, grabbed my stuff, bought a one-way ticket back to Vegas and never looked back.
- What do you think has contributed to your success as an expert high-rise lender? Honestly, one of the reasons I became so intrigued with the high rise market was because of my own experience. When I purchased a condo for myself on the Las Vegas strip, I realized just how difficult it was to finance the high rise units. It was a nightmare, so when I closed, I made it my mission to solve the problem. It should not have been that difficult, and I wanted to make sure that I used every resource at my disposal to ensure that no one else had to go through the same thing.
- What do you love most about what you do? The one thing--beyond anything else--that has motivated me to be great at what I do is the satisfaction I get from helping my clients purchase their homes. Yes, there are other rewards in this business, but there is nothing that affects the way I sleep like knowing that I have a small hand in such a large part of my clients’ lives.
- What are some of the core values that the Parent Team carries? No business is sustainable without a strong foundation, and our core values are insanely important to the way we run our business and the way we treat our people. Specifically, we the core values that we live by: honesty, integrity, communication, client-focus and consistency. These qualities are what keep us motivated and grounded as we deal with our success and our frustrations, and they are the reason we have been able to maintain our quality of business over the years.
- You have a growing list of over 125 condo projects available for financing. Can you elaborate on this? The reason that growing list is so important is because our definition of ‘approval’ is so much deeper than most other sources. We do our due diligence in advance rather than during the transaction, which negates a lot of frustration and fall out with the client. One measure that we really look at is having a completed questionnaire and analysis of the condo project before we list it as ‘approved’. In the lending world, the condo questionnaire is a vital piece to knowing whether or not a condo can be financed, and because we do it in advance, the client is able to have full confidence in their purchase.
- What are some of the great promotional offers you currently have for those looking to purchase a high-rise condominium? The most important thing we have right now is that the buyer does not have to pay for their condo questionnaire, which is anywhere from about $200 to $500. Generally, it’s a cost that lenders require the buyer to pay for just to obtain information about the project for the lender. If for some reason the questionnaire details information that does not allow the lender to lend on the property, the buyer loses that money. We take that responsibility off of the buyer because we have already obtained the information from the condo project. Another great offer is that we allow buyers to purchase with only 5% down payment for their principal residence, and for second homes, we only require 10% down. We also provide an option for 10% down payment on jumbo loans.
- What are some essential points homebuyers should address when shopping for a loan? In the high-rise market, the number one thing that buyers should be aware of is if the lender requires them to pay for a condo questionnaire. If the lender is not confident enough to pay for it, there is a large possibility that they cannot finance the condo, and again, if that’s the case, the client will not be refunded and absorbs the cost. Other than that, I would say communication from your loan officer is the second most important factor. It not only makes the process easy, but it ensures your ability to get an offer accepted on the home you want because it gives the real estate agents confidence that the transaction will be smooth and close on time.
- Any exciting new developments with the Parent Team that you would like to share with us? For us, it really starts with our people; we bring on team members that not only bring a lot of value but also add amazing energy. Just recently, we brought on a business development specialist who is dedicated to growing our footprint and building new professional relationships, and we are extremely excited to see what it does for our growth. It has the potential to really extend our reach and allow us the opportunity to help more people accomplish the goal of home ownership.
How Does Divorce Affect Mortgage Borrowing
Let’s face it: getting a mortgage can be a royal pain in the ass regardless of whether or not you’re recently divorced. Unfortunately, adding a divorce to the picture makes it even more difficult, although not impossible. Here are some things to consider:
What to plan for: By providing your mortgage company with the most accurate and true picture of your circumstances — starting with the loan application — you’re helping them to find the best way to structure your loan for a favorable credit decision. The lender will also look at your divorce decree for any other undisclosed/non-credit report financial obligations such as child support, alimony/spousal support paid or received.
If you receive income in the form of child support or alimony: This income can be used for qualifying for the mortgage, so long as there is a six-month history and the income will continue for the next three years, determined by child support or an alimony agreement detailing the terms of the obligation for the party paying the debt.
If you pay alimony or child support: This reduce your borrowing ability as debts reduce income, and income is needed to offset a mortgage payment.
If you are divorced even as long as 20 years ago: Unfortunately, there is no statute of limitations on mortgage loan underwriting. The full divorce decree will be required no matter how many years you have been divorced.
If you own a house and are on a mortgage with an ex-spouse: As long as the divorce decree awards the other party with the home, and the other party is willing to provide supporting evidence that they make the mortgage payments on that home — by providing 12 months of bank statements and/or canceled checks — the total mortgage payment on that home can be omitted from the decision-making process on your new mortgage, which can improve your ability to qualify.
If you and your ex make the mortgage payment from the same joint bank account and the divorce decree awarded the other party with the property: You are both 50-50 responsible because the money is “co-mingled” funds from the same place to pay the obligation. There is no way to support your position that one person is responsible for making the payment because it’s coming from a joint account.
If the ex-spouse is responsible for making the mortgage that you are also on: Explore the possibility of having the ex-spouse refinance you off the mortgage obligation.
If your ex-spouse is refinancing you off a mortgage loan: A final closing statement called an HUD could be required by the lender you’re working with for procuring your loan to omit the payment from the other house.
If you have a joint consumer credit such as credit cards, installment loans, auto loans or even student loans: Unless you can prove the other party is for responsible for the credit obligation (with 12 months of canceled checks or bank statements), those liabilities will be factored into your ability to qualify.
Tips If You’re Not Yet Divorced
It’s so important to create a marital settlement agreement prior to being divorced. This is a precursor to getting a divorce that could be a great asset in helping you qualify for home financing. Navigating the financial questions that inevitably come up during the separation or divorce can easily be taken care of by having a clear delineation in writing on whose property is whose.
Consumers planning a divorce in the future would also benefit by separating their finances. This means having separate bank accounts, and paying any obligations from these separate accounts. If you are trying to get a mortgage, or will be trying to get a mortgage, consider having a conversation with mortgage professional upfront, who can guide you through the complexities in the underwriting process during a divorce.