Lower your rate or tap equity

Refinancing costs typically range from 2-5% of your loan amount in Nevada. For a $400,000 refinance, expect $8,000-$20,000 in closing costs.

Common fees include:

• Appraisal: $500-$700
• Title insurance: $1,000-$2,500
• Origination fee: 0.5-1% of loan amount
• Nevada transfer tax: varies by county
• Credit report: $30-$50
• Recording fees: $100-$300

Many lenders offer no-closing-cost refinances where fees are rolled into the loan or offset by a slightly higher rate. We'll help you compare options to find the most cost-effective solution.

The typical Nevada refinance timeline is 30-45 days from application to closing:

• Days 1-3: Application, initial documentation submission
• Days 4-7: Loan processing, appraisal ordered
• Days 8-21: Appraisal completed, underwriting review
• Days 22-28: Clear to close, final conditions met
• Days 29-45: Closing scheduled and completed

Streamline refinances (FHA Streamline, VA IRRRL) can close faster - often 20-30 days - because they require less documentation and no appraisal.

We prioritize speed without cutting corners, ensuring your refinance closes on time with no surprises.

Minimum credit score requirements vary by loan type:

• 620: Conventional refinance minimum
• 580: FHA refinance (can go lower with 10% equity)
• No minimum: VA IRRRL streamline refinance
• 640+: Cash-out refinance typically required
• 740+: Best interest rates and terms

However, credit score isn't the only factor. We also evaluate:

• Payment history on current mortgage
• Debt-to-income ratio
• Loan-to-value ratio
• Employment stability

Yes, if you have an FHA or VA loan, you may be eligible for special streamline refinance programs even if you owe more than your home is worth:

FHA Streamline Refinance:

• Can refinance with any loan-to-value ratio
• No appraisal required
• Must show "net tangible benefit" (lower payment/rate)
• Current on mortgage for past 6 months

VA IRRRL (Interest Rate Reduction Refinance Loan):

• No appraisal or LTV limit
• Can refinance up to 100%+ LTV
• Must lower interest rate
• For existing VA loans only

For conventional loans underwater, options are limited. You typically need at least 5% equity to refinance, though some lenders go to 3% LTV.

Refinancing to a 15-year mortgage makes sense if you can afford higher payments and want to:

Benefits of 15-year refinance:

• Lower interest rate (typically 0.5-0.75% less than 30-year)
• Pay off mortgage in half the time
• Save $100,000-$200,000+ in lifetime interest
• Build equity much faster
• Own home free-and-clear sooner

Considerations:

• Monthly payment will increase significantly (~30-50%)
• Less flexibility if financial situation changes
• Money tied up in home equity vs investments

Example: $400K balance at 7% for 25 years remaining. Refinance to 15-year at 6.25% increases payment from $2,661 to $3,429 (+$768/month), but saves $173,000 in interest and pays off 10 years sooner.

Most lenders require you to maintain at least 20% equity after the cash-out refinance. This means you can borrow up to 80% of your home's current value.

Example:

Requirements vary by loan type:

• Conventional: Up to 80% LTV (sometimes 85% with higher rates)
• FHA: Up to 80% LTV cash-out
• VA: Up to 90% LTV cash-out (for veterans)

Higher LTV cash-outs are available but come with higher interest rates and stricter qualifications. We'll help you find the best balance between cash needs and loan terms.

Refinancing causes a small, temporary dip in your credit score, typically 5-10 points. This happens because:

• Hard credit inquiry (lender pulls your credit)
• New loan appears, old loan closes
• Average age of accounts decreases slightly

Good news:

• Impact is temporary - score rebounds in 3-6 months
• Multiple mortgage inquiries within 45 days count as one
• Long-term benefits outweigh short-term dip
• On-time payments rebuild score quickly

If you're planning other major credit moves (buying a car, applying for credit cards), consider timing. Otherwise, the temporary score dip is insignificant compared to the thousands you'll save.

Yes, refinancing with your current lender (called an "in-house refinance") can offer benefits:

Potential advantages:

• Faster processing (they already have your info)
• Reduced closing costs or fee waivers
• Streamlined documentation requirements
• Loyalty discounts on rates

However, you should still shop around:

• Your current lender may not offer the best rate
• Other lenders compete aggressively for refi business
• You have no obligation to stay with current lender

Best practice: Get quotes from 3-5 lenders including your current one. Compare rates, fees, and terms. Even if you prefer your current lender, having competing offers gives you negotiation leverage.