Buying a home in NevadaNevada has been home to a spike in mortgage fraud cases involving "straw buyer schemes" in recent years. Straw buyer mortgage fraud is a scheme in which a party buys a home through deceit. These schemes are not prohibited by any specific federal law, therefore the U.S. Attorney's Office may choose to prosecute suspected straw buyers by indicting them on an array of fraud charges. Fines for participating in such a scheme can be in the millions, and the participants can find themselves behind bars for decades. If you think a rogue seller, real estate agent, mortgage broker, or loan officer is trying to entangle you in this sort of criminal enterprise — run. Most state law concerning real estate concerns the protection of tenants. So home buyers have little to worry about. You can expect a disclosure document from the seller covering a range of local factors as well as those concerning the home itself. Be aware that such disclosure documents can only cover things about which the seller has knowledge. It’s for you to uncover information on defects about which he or she is ignorant.
Refinancing in NevadaJust like most American homeowners, Nevadans tend to want to refinance their mortgages for one or more of these four reasons. To:
- Get cash out. A cash-out refinance lets you reclaim some of the ownership value you’ve built up in your home
- Get a lower mortgage rate. For more than a decade after the Great recession, those rates have been ultra-low, but the only way to benefit is to refinance
- Get a lower monthly payment. If your household finances are tight, refinancing can reduce your payments. You may also be able to eliminate mortgage insurance payments
- Reduce the lifespan of your mortgage. If you have plenty of money left over at the end of each month, you may be able to afford the higher monthly payments that come with shorter mortgages. And you stand to save a bundle