No longer being able to afford your mortgage loan doesn’t need to mean moving out of your home or falling into foreclosure. The right refinance can help you get a lower interest rate, decrease your monthly payment or take cash out of your home to cover high-interest debt. If you think a refinance might be right for your Nevada home loan, be sure to read our guide on the many types of refinances and the best place to refinance a mortgage loan in the Sagebrush State.
Best Refinance Lenders in Nevada
From online mortgage lenders like Quicken Loans’ Rocket Mortgage platform to local lenders like Bank of America, you have plenty of options to choose from when you refinance your loan in Nevada. If you don’t already know where you’d like to refinance your loan, consider a few of our top picks below.
Avg. Days to Close Loan
securely through Get Matched with a Lender’s website
Avg. Days to Close Loan
securely through Veterans United Mortgage’s website
Avg. Days to Close Loan
securely through Quicken Loans Mortgage’s website
Avg. Days to Close Loan
30 – 45
securely through Credible Mortgages’s website
Current Nevada Refinance Rates
When you refinance a mortgage, your lender will allow you to lock into a new loan with a new interest rate. The rate you’ll receive may vary depending on how market rates in your area are changing. If rates have gone down since you got your original loan, you might be able to save money by locking into a lower interest rate.
Here’s a sample of what you might expect to pay for your loan in Nevada if you took it out today.
Rates based on a loan amount of $180,000 and property value of $225,000.
No matter where you decide to refinance your loan, you’ll go through a streamlined refinance process. This process is similar to the process you went through when you first took out your mortgage loan but generally includes fewer steps. Refinances are also much more affordable than new mortgage originations.
Before you apply for a refinance, decide what you’d like to get out of your new loan. Not every lender offers every type of refinance option. Defining your goals before you apply will help ensure that you find the best lender to service your refinance.
Some goals you might have for your refinance might include:
- Taking on a new monthly payment by lengthening or shortening your mortgage term
- Lowering what you pay in interest by locking into a new rate
- Refinancing from a government-backed loan to a conventional loan (or vice versa)
- Taking cash out of your built equity with a cash-out refinance
After you define your goals, choose a lender to work with and apply for a refinance. Most lenders now allow you to apply for a refinance entirely online but you might have the option to apply in person if you choose a lender with physical branches.
When you apply, your lender will ask you for financial documentation to prove your income and assets. Though the specific documentation your lender will ask for may vary, you should expect to provide your lender with your 2 most recent:
- Pay stubs
- W-2 forms
- Monthly bank statements
Most lenders will provide you with a decision shortly after applying. If you’re approved, your lender will begin the underwriting process. During underwriting, your lender verifies the information submitted on your application and runs a credit check. In most circumstances, underwriting takes place entirely behind the scenes.
Your lender will also schedule a new appraisal under most refinance processes. You’re free to attend your new appraisal to ensure the highest possible value estimation. Some steps you can take to increase your value estimate include:
- Documenting upgrades. Have you made permanent upgrades to your home since you moved in? Create a list of renovation projects and appliance replacements you’ve made since you bought your home and present it to your appraiser during your appraisal. It can be hard to spot a new dishwasher if you don’t know to look for it.
- Make any needed repairs. If you have minor repairs hanging around your to-do list, be sure that they’re completed by the time your appraisal date arrives.
- Clean up. Ensuring that your home is clean and quiet will help your appraiser see the true condition of your property. Tidy up before your appraiser arrives, ensure that pets are in their crates or otherwise out of the way and be sure that there isn’t excessive noise in your home.
After your underwriting and appraisal processes close, your lender will send you a document called a Closing Disclosure. Your Closing Disclosure contains the final terms of your loan, including what you owe in closing costs.
Acknowledge your Closing Disclosure with your lender to receive a closing meeting date. At your closing meeting, you’ll pay your closing costs and sign onto your new loan. After you walk away from closing, your refinance is officially complete.
When Should You Refinance in Nevada?
If your mortgage loan is no longer working for you, a refinance might be the solution. Some of the benefits you can take advantage of when you refinance include:
- Lowering your monthly payment. When you refinance to a longer term, you lower what you owe each month. This can help you avoid foreclosure if you now have less income when compared to the date you took out your loan.
- Pay off high-interest debt. Mortgage loans typically have much lower APRs than credit cards or other types of loans. If you have high-interest debt, you can consolidate what you owe and save money by taking a cash-out refinance.
- Lowering your interest rate. Are average mortgage rates in your area lower now than they were when you took out your loan? Save money each month and over time by locking into a lower rate through a refinance.
When Should You Not Refinance?
Even if you’re working with one of the best refinance mortgage companies in Nevada, a refinance cannot solve every problem. Before you apply for a refinance, you should know your interest rate and current equity. Most mortgage lenders won’t allow you to take out more than 80% to 90% of your built equity. This means that if your loan is very new, you might not have enough equity in your property to justify taking a cash-out refinance.
You should also check on current mortgage interest rates in your area before you make the decision to refinance. If rates are higher now than they were when you got your loan, you might end up paying more money in extra interest than you save when you refinance. You should also make sure that you can pay your closing costs up front when you close on your refinance before you apply.
Finally, if you’re thinking about refinancing to a shorter term, consider making extra payments on your loan instead. Most mortgage loans don’t include stipulations that penalize borrowers for making extra monthly payments directly to their principal balance. If you want to own your home sooner, you might be able to schedule extra monthly payments directly through your lender without the hassle or expense of a refinance.
Bad Credit Refinance
If you have bad credit, you might have trouble finding a new mortgage loan. Like when you apply for a new mortgage loan, your lender will check your credit score and your credit report as one of the first steps in the refinance process. If you have lower credit, you’ll pay a higher interest rate and you’ll be limited in the number of lenders you can work with.
There are a few ways that you can refinance your mortgage even if you’re still working on building your credit score. If you have an FHA loan or a VA loan, you might qualify for a streamline refinance (FHA) or an interest rate reduction refinance loan (VA). Both the streamline and interest rate reduction refinances can allow you to get a refinance without a new appraisal or credit check. This can allow you to refinance your loan even with bad credit.
If you don’t have a government-backed loan, you might want to consider refinancing with a non-occupying co-client. A non-occupying co-client is someone who doesn’t live on your property but who agrees to pay your mortgage payments if you default on your loan. Adding a co-client to your loan makes you a safer bet to a lender but remember that your lender can pursue your co-client for your outstanding loan balance if you fall behind on payments.
One important thing to note: Even the best mortgage company won’t allow you to take a cash-out refinance without meeting minimum credit requirements. You may only refinance your rate or term with a bad credit score. If you have bad credit and you need to take cash out of your home equity, take a few months to boost your score before you apply. Some steps you can take to improve your credit score include:
- Paying all of your minimum monthly payments on time
- Limiting your credit usage, ideally to less than 10% of your total available credit each month
- Disputing inaccurate items on your credit report
How to Start the Refinance Process
Is now the right time for you to refinance in Nevada? The answer will depend on your unique needs as a homeowner, the current interest rate and the length of time that you’ve had your loan. If you’re thinking about applying for a refinance, contact your current lender and request a new mortgage statement. Your mortgage statement will tell you more about your current interest rate, principal balance and equity, which can help you decide if a refinance can help you meet your goals.
What To Do When You’re Rejected For A Mobile Phone Contract
By Harriet Meyer
Many mobile phone contracts don’t require you to pay a penny upfront – even for the latest smartphone. Instead, you commit to regular payments over, say, 18 or 24 months.
But, just like other credit applications, such as for a mortgage or loan, you could be rejected for a mobile phone contract if you have a bad credit rating.
Here, we consider why you might find yourself in this frustrating position and – most importantly – what you can do about it.
Why was my contract application rejected?
It’s usually the first question on everyone’s lips when they have been turned down for credit. And the answer is that, essentially, the provider has checked your credit report and determined that you’re a high-risk customer who may fail to pay off your debt.
Providers use the information on your credit file to assess your history of managing money. So, if you’re rejected, this could be for one of the following reasons, or a combination of these:
- A history of late or missed bill payments, causing providers to see you as financially stretched, or someone who struggles to manage money
- Holding an account in joint names with someone who has a poor credit history
- You’re not registered on the electoral roll, so a provider may not be able to verify your identity and address
- County Court Judgements (CCJs) against your name, or Individual Voluntary Agreements (IVAs) on your credit record, indicating that you could face financial trouble
- Lack of credit history – you need some history of making regular payments to build up your credit history, and show that you can manage regular debt payments.
How can I check my credit score?
If you genuinely have no idea why you have been rejected, it’s worth checking your credit report. This way, you can find out what the provider was looking at when it decided not to offer you a contract.
You can do this at one of the three main credit reference agencies – Experian, Equifax, and TransUnion (formerly Callcredit). Experian offers a free service that enables you to sign up and check your credit score for a general overview. ClearScore is another free service that uses Equifax data.
The way credit scores are calculated varies between the different agencies, but they give providers an idea of how reliable you may be when you’re signing up for a contract.
What can I do if I’m rejected?
Remember that any financial contract is a commitment – so if you’re rejected, consider if it’s sensible to be signing up at all, particularly if you’re battling with other bills.
But whatever you do, avoid applying for a string of mobile phone contracts in the hope of being accepted. Each one will involve a credit search and leave a mark on your file, which could impact on your ability to get future credit, such as a mortgage.
The good news is there may be other options available which means you can still get a new phone or upgrade.
Find out more about your credit report with our guide.
Pay a deposit. The network provider may get around you having a poor credit history by asking you to pay an upfront deposit for the contract to offset any risk that you fail to make payments.
The amount of deposit will vary depending on your credit status, the package and the provider. You typically receive the deposit back once you’ve made several months’ worth of payments – typically ranging from three to 12 months.
Choose a SIM-only tariff. If you’re willing to buy a handset upfront, or already have an old phone you can use, you could opt for a pay monthly SIM-only deal. These are cheaper than full-blown contracts as you’re not receiving and paying for a phone as part of the deal.
You will still have a credit check, but you’ve got a greater chance of being accepted as payments are typically lower for these contracts, so there’s less risk for the provider.
Also, paying your monthly SIM-only bill on time will help show that you can sensibly manage a contract, which may boost your credit score over time.
Opt for a pay-as-you-go deal. If you want a phone for occasional use, then a pay-as-you-go deal might suit. Once you’ve bought a phone upfront, you pay for credit as and when needed. You won’t be tied into a contract, and will not be subject to a credit check.
Get a ‘bad credit’ contract. There are specialist companies which supply phone contracts to people with bad credit. You can do an online search to get an idea of what’s available, or speak to an adviser in a mobile phone store.
However, you may not be able to get the phone model you want, and your monthly payments may be substantially higher than for a standard contract. This is not an option to be taken lightly.
Check out family deals. You may want to ask a family member with a good credit rating to sign up to the contract. That’s if you’re opting for a family deal, when several lines may be connected to a single contract – but only one person pays the bill and undergoes a credit check.
Get a guarantor. Alternatively, you could ask someone to essentially guarantee your contract by co-signing it. But, of course, they must be comfortable being liable for any missed payments, thereby offsetting the risk for the network provider in case you default. Provided you make payments on time, this option can also gradually improve your credit rating.
Improve your credit score. To improve your chances of being accepted for a mobile phone contract or any other form of credit in the future, you can take time to improve your credit score by, for example:
- Registering on the electoral roll with your local authority
- Ensuring you don’t fall behind with monthly repayments on any bills (set up direct debits to pay them automatically)
- Sticking within your credit limit on any cards that you use and clearing the balances every month
- Check your credit report (see above) and if you find any errors, ask the agency to amend them with a ‘Notice of Correction’
Upstart vs. Sofi: Which Personal Loan Is Right for You?
Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.
If you’re looking for a personal loan, you’ll likely come across Upstart and SoFi. Both companies offer flexible loans for a variety of purposes, but there are some differences to keep in mind when deciding between them.
Here’s a comparison of Upstart vs. SoFi to help you choose. Both Upstart and SoFi are Credible partners.
|Fixed rates||8.13% – 35.99% APR4||5.99% – 18.83% APR|
|Loan amount||$1,000 to $50,0005||$5,000 to $100,000|
|Loan terms||3 to 5 years4||2 to 7 years|
|Min. credit score||600
(in most states)
|Does not disclose|
|Time to fund||As soon as 1 – 3 business days6||3 business days|
|Origination fee||0% to 8% of loan amount||None|
|Income||$12,000||Check with lender|
|Residency||Available in all states except IA and WV||Available in all states except MS|
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Upstart personal loans
Founded by ex-Googlers, Upstart’s artificial intelligence platform fully automates 58% of its personal loans. It has originated $6.9 billion in loans and notably offers loans to those with less-than-perfect credit.
Upstart offers personal loans for a variety of uses — including debt consolidation loans, wedding loans, and more. You can borrow as little as $1,000 or as much as $50,000 and can expect fast loan funding.
Learn More: Personal Loan vs. Credit Card
- Lower minimum credit score: Upstart offers personal loans to borrowers with credit scores as low as 600. If you’re looking for bad credit personal loans or fair credit personal loans, Upstart could be a good choice.
- No prepayment penalties: You don’t have to worry about any fees if you pay off your loan early.
- Fast funding: If your application is accepted, you’ll likely get your money within just a few business days. In fact, Upstart says that 99% of applicants get their money after just one business day.
- Low minimum borrowing amount: You can borrow as little as $1,000 with Upstart, which could be helpful if you only need a small loan.
- Lower maximum loan amount: With Upstart, you can only borrow up to $50,000. This could make it harder to fund larger debt consolidations or bigger home improvements.
- High origination fees: With Upstart, you might pay an origination fee of up to 8% of the loan amount.
- No options for visa holders: Upstart doesn’t offer personal loans for visa holders — you must have a Social Security number to borrow with this lender.
Check out our Upstart personal loans review to learn more.
SoFi personal loans
SoFi offers a variety of financial products, including credit card consolidation loans and other types of personal loans. It also provides several perks to its members, such as unemployment protection, career coaching, and networking events.
With SoFi, you can borrow anywhere from $5,000 to $100,000. Plus, SoFi personal loans come with no fees.
Learn More: How Personal Loans Impact Your Credit Score
- Large loan amounts: You can borrow up to $100,000 in unsecured funds with SoFi. This can be useful for home improvement loans, wedding loans, and other large borrowing needs.
- Discounts available: If you sign up for autopay, you can get a discount on your SoFi personal loan. You might also qualify for a discount if you’re using other SoFi products.
- Member benefits and perks: As a SoFi member, you’ll have access to additional resources, including financial planning, career coaching, and networking events. SoFi also provides unemployment protection in case you lose your job.
- Options for visa holders: If you’re a visa holder without a Social Security number, you might still qualify for a SoFi personal loan.
- Higher credit score requirements: You’ll need good to excellent credit to qualify for a personal loan through SoFi. If you have poor or fair credit, you’ll likely need to consider other lenders.
- Higher minimum loan requirement: You’ll need to take out at least a $5,000 personal loan to borrow through SoFi. If you need a smaller loan, SoFi might not be the right choice for you.
- Longer funding time: SoFi personal loans typically take a few business days to fund. If you need a faster loan funding time, you might need to look elsewhere.
See our SoFi personal loans review for more details.
Choosing a lender for a personal loan
A personal loan could help you cover large or unexpected purchases. Before you borrow, it’s a good idea to shop around and consider as many lenders as possible to find a loan that fits your needs. Credible makes this easy — you can compare multiple lenders, like Upstart and SoFi, in two minutes.
Keep Reading: Where to Get a $10,000 Personal Loan
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