Mortgage Matters

Roland and Heidi discuss their mission to help clients achieve home ownership and financial stability. They emphasize the importance of education and financial literacy in navigating the home buying process. They highlight tools like seller credits, which can significantly reduce upfront costs, and down payment assistance programs that make homeownership more accessible. The advisors also stress the role of credit improvement and the availability of resources for those facing foreclosure or financial challenges. Contact details for further assistance are provided.

Roland and Heidi discuss upcoming down payment assistance classes with the Nevada Housing Division (Friday 11/15/24) and Nevada Rural Housing (Monday, 11/18/24). Both classes take place from 11am-noon, and lunch is provided. The show emphasizes the importance of understanding WHY one wants to buy a home. They advise potential buyers to consider their long-term goals, budget, and the additional costs of homeownership, such as maintenance and property taxes. Pre-approval for a mortgage is recommended before house hunting to set a realistic price range.

Roland and Heidi discuss the importance of credit scores. They highlight upcoming classes on down payment assistance, including one on November 15 and another on November 18, both offering home buyer education certificates. They emphasize the need to check annual credit reports from Experian, Equifax, and TransUnion and monitor credit scores using services like Experian.com. They explain the significance of credit utilization, aiming for 30% or below, and the impact of late payments. They also discuss strategies for improving scores, such as paying bills early and negotiating with creditors to remove collections.

Roland and Heidi discuss the importance of voting and announce an upcoming homebuyer education class on November 2nd, in collaboration with CPLC. The class, from 8:30 am to 3:00 pm, covers home ownership, budgeting, and credit, and includes a raffle for UNLV football tickets. They emphasize the difference between pre-qualification and pre-approval, highlighting that pre-approval involves thorough verification and is more reliable. They also discuss additional home buying costs such as earnest money deposits, home inspections, appraisals, and closing costs, which typically amount to 4% of the purchase price. 

Roland and Heidi discuss upcoming events and classes on down payment assistance and homeownership education. They introduce Will Pregmen and Rhonda Tolbert from the Nevada Clean Energy Fund, which helps Nevadans save on energy costs and improve home efficiency. The fund offers loans for energy upgrades, including air conditioning, plumbing, solar, and weatherization. They also announced a new energy audit forgivable loan program. Contact details for further information are provided.

Property taxes, escrow shortages, tax caps, assessed value, and new construction - a lot of Las Vegas Valley homeowners don’t think about these things until something changes with their payment.

In this conversation, Heidi Griffith and Roland Daniels sit down with Clark County Assessor Briana Johnson to break down how property taxes actually work in Nevada, how homes are assessed, and why understanding your tax bill matters for both current and future homeowners.

They discuss the 3% property tax cap for primary residences, how new construction can impact escrow payments, what happens when property values increase, how assessments are determined, and common misunderstandings Nevada homeowners have about property taxes and assessed value.

Briana Johnson also explains the role of the Clark County Assessor’s Office, how values are calculated, and what homeowners should know if they believe their property taxes or tax cap status are incorrect.

Questions about buying a home or getting pre-approved?
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Roland and Heidi discuss upcoming classes on down payment assistance and introduce Kevin Hickey from Nevada Rural Housing. Kevin explains the Launchpad 1.0 program, which offers 4% down payment assistance with a 6.17% interest rate and a five-year silent second. The program has $7 million remaining out of an initial $25 million. He also details the Home at Last program, which provides up to 4% assistance and is not limited by funding. Both programs have income limits and eligibility criteria. Additionally, Kevin mentions the Mortgage Credit Certificate program, which offers tax credits to help borrowers qualify for loans.

Roland and Heidi highlighted an upcoming health and housing fair on October 5, offering free health screenings, housing information, and early voting registration. They also discussed down payment assistance programs with minimum FICO scores as low as 600, noting higher interest rates for lower scores. Kevin Hickey from the Nevada Rural Housing Authority will join the show next week to discuss down payment assistance and mortgage credit certificates. The conversation also covered the rent vs. buy debate, emphasizing the financial benefits of homeownership, and the potential for refinancing to alleviate debt pressure. 

Roland and Heidi discuss the recent 0.5% interest rate cut by the Fed and its impact on mortgage rates, which saw a slight increase. They explain that mortgage rates are tied to Treasury yields and economic conditions, not directly to the Fed's rate. They highlight the "Home is Possible" program for Nevada teachers, offering $7,500 in down payment assistance. They also emphasize the importance of credit scores, noting that a minimum score of 580 is required for a 3.5% down payment on FHA loans, and provide tips on improving credit, such as paying bills on time and keeping credit utilization below 30%.

Roland and Heidi discuss the upcoming Health and Housing Fair on October 5, highlighting its activities, including free vaccines and housing resources. They focus on reverse mortgages, explaining that they are for homeowners aged 62 or older and allow borrowers to convert home equity into cash without monthly payments. They emphasize the importance of property tax payments to avoid foreclosure. The conversation also covers down payment assistance programs, debunking myths about income limits and encouraging people to attend their free classes for more information. They stress their commitment to helping clients become successful homeowners.