Refinancing in Las Vegas: when it helps and when it does not
A refinance is worth it only if the savings or the goal outweigh the cost. I am Fabion Medhanie, a Nevada licensed mortgage loan originator (NMLS #2002997) and retired U.S. Army Captain. My brand is MortgagePTSD, powered by Barrett Financial. I will run your numbers side by side so you can decide with clear information.
Three common types of refinance
- Rate-and-term. Change the rate, the term or both. The balance stays about the same.
- Cash-out. Replace your loan with a larger one and take the difference in cash. See cash-out refinance.
- VA IRRRL. A streamlined refinance for veterans who already have a VA loan. See VA loans.
The break-even check
Divide your total closing costs by your monthly savings. The answer is the number of months before the refinance pays for itself.
Illustration only, not an offer or a rate quote: if closing costs were $6,000 and the new payment were $150 lower each month, break-even would be 40 months. If you expect to move or refinance again before then, the refinance may cost more than it saves.
Questions I walk through with you
- What is the goal: lower payment, shorter term, cash for a project, or removing mortgage insurance?
- How long will you keep the home?
- What are the total costs, and are any rolled into the loan?
- Does extending the term raise the total interest you pay over time?
- Would a first-position HELOC or leaving your current loan alone fit better?
Cost of waiting
Rates move, and nobody can time them. Instead of guessing, we set the number that would make a refinance worthwhile for you, and I tell you when the market gets there. Any rate shown to you will come with its APR and a date.
Want your numbers? Book a 15-minute call or start your application here. This is not a commitment to lend and all loans are subject to credit approval.
Questions people ask.
It depends on your current rate, your costs and how long you will keep the home. The break-even check on this page gives you a quick test, and I will run your actual numbers on a call.
Closing costs vary by loan and lender. I provide a written Loan Estimate so you can compare the full costs, not just the rate.
Veterans with an existing VA loan may qualify for a VA IRRRL, which is a streamlined refinance. Eligibility and costs depend on the loan.
Yes, with a cash-out refinance or a HELOC, subject to your equity, credit and the program rules. I will show you both so you can compare.
