Home Mortgage

Las Vegas, or "The Meadows" as the name means in Spanish, is one of the best known cities in the world.  The resort city is known for a number of different reasons, including its extensive gambling opportunities, its numerous shopping options and its vast array of entertainment.  In fact, the city offers so much entertainment that it is often referred to as The Entertainment Capital of the World. 

The History of Las Vegas

Although Las Vegas was first established in 1905, it didn’t officially become a city until 1911.  The city grew at a rapid pace, which was partially due to its high tolearance for various forms of adult entertainment that earned the city the nickname of "Sin City."  Due to this image, Las Vegas quickly became a popular backdrop for many television programs and films.

The city earned its name, however, during the 1800s when Spaniards from the Antonio Armijo party obtained water from the area while traveling along the Old Spanish Trail from Texas.  The city continued to serve as a stopover along pioneer trails and, by the early 1900s, it had become a popular railroad town.  As railroads became more commonplace, the city became less important and was no longer such a popular stopover.  This changed after gambling was legalized in 1931 and the Hoover Dam was constructed in 1935, both of which gave tourism a boost.

The major boost to the population in the city occurred after Nellis Air Force Base was constructed within the city.  This caused a major influx of military personnel, which increased the need for casino workers.  The number of incoming job seekers sparked a boom in land development in the area, which still continues today.  

Obtaining a Las Vegas Home Mortgage

Although Las Vegas is best known for its casinos and other forms of entertainment, it is quickly becoming a popular destination for families and retirees looking or a new home.  In fact, it is the 28th most populated city in the country as well as one of the fastest growing.  This popularity is partially due employment opportunities as well as the reasonable median house price of 185,000 (sales price) as of 12/15/2008 a 36% decrease in price from 12 month ago.

The Las Vegas Climate

As is the case with most of Nevada, Las Vegas is located within an arid desert floor.  It is also surrounded by mountains, which vary in color from shades of gray to shades of pink.  Therefore, the city’s climate is considered to be an arid desert climate, which is characterized by very hot summers and mild winters.  Regardless of the season, Las Vegas enjoys an abundance of sunshine and very little rain.  During the summer months July and August, it is not uncommon for the temperature to exceed 100 degrees Fahrenheit.  In May, June, and September, temperatures typically average around 90 degrees Fahrenheit, with very low humidity typical during all of these months.

Winters tend to be cool and windy, with high daytime temperatures in the winter usually being around 60 degrees Fahrenheit and nighttime lows falling to around 40 degrees Fahrenheit.  Most of the rainfall in Las Vegas also occurs in the months of January, February and March.  Snow is also common on the mountaintops from December through May, but snow is rarely seen within the actual city.

Purchasing a Home in Las Vegas

For those interested in living in the most famous city in the world, it is generally necessary to first obtain a mortgage loan in order to pay for the home.  There are actually many different types of Las Vegas home mortgage loans available, though the two most common are the fixed rate loan and the adjustable rate mortgage (ARM).  With a fixed loan, the interest rate you pay on your Las Vegas home mortgage remains the same through the life of the loan.  With an ARM loan, on the other hand, the rate varies according to market fluctuations. 

In order to determine which type of Las Vegas home mortgage loan is right for you, you need to take several things into consideration. Factors such as the mortgage interest rate, which is currently 5.067% (30 year fixed) and your current and expected future financial situation are all things to take into consideration. 

Of course, if you plan to move to Las Vegas, you will also need to decide which neighborhood suits you best.  The four most popular neighborhoods include:

• Northeast
• Northwest
• Southeast
• Southwest

Within these neighborhoods and other parts of Las Vegas, there are currently approximately homes available, with about 176,848 of them already occupied.  Of these, approximately 84% have taken out their first mortgage, while 18% have taken out a second mortgage or a home equity loan. 

If you are ready to learn more about your Las Vegas home mortgage loan options, click on one of the ads and you will be directed to a qualified broker or loan officer that can help you make your dreams of moving to Vegas a reality!