Nebraska Mortgage Rates

December 6, 2016 03:11 AM Eastern

Refinance rates now in Omaha, NE [Change this]

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    Home Price (Purchase)
    When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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    Home Value (Refinance)
    This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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    Down Payment
    The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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    Credit Score
    Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.
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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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Nebraska Mortgage Rates and Home Loan Programs
The "Cornhusker state" is home to nearly 1.7 million people who enjoy the stunning natural beauty of this Midwestern state. Nebraska is also home to some of the best known Fortune 500 firms, including Berkshire Hathaway, ConAgra Foods, Mutual of Omaha, Peter Kiewit Sons, and Union Pacific Railroad.  Whether you're looking for the city bustle of the state's capitol, Lincoln, or you prefer a quieter, more rural life style, Nebraska has a lot to offer.

Whether you choose to use state funding assistance or conventional financing, you want to educate yourself on why your credit score and income level will determine how well you qualify for loans. Nebraska mortgage rates vary based on several factors, and often have a significant impact on the total monthly mortgage payment you're likely to incur when buying and financing a home. 

If you're considering purchasing a home in Nebraska, you'll want to start by researching current NE mortgage rates and loan programs offered through Nebraska state lending partners and banks.

Current Nebraska Interest Rates for Conventional Mortgage Loans
Buyers with good credit and available down payments will find very low mortgage rates and a bevy of loan options from conventional lenders throughout the state of Nebraska.

Those with fewer available down payment funds—as little as 3.5 percent of the home's purchase price—can look into loans insured by The Federal Housing Administration (FHA).  These loans are also offered through most conventional lenders and feature competitive mortgage interest rates.  The loan limit for the state of Nebraska under this program is limited to $417,000.

Mortgage Rates Help from the NE Department of Economic Development
When you're looking for the best NE mortgage rates, the Nebraska Department of Economic Development can put you on the right track. It has several programs for first time home buyers and even a program offering grant money for down payment and closing costs that does not need to be repaid.

Nebraska Mortgage Rates and the NE Affordable Housing Trust Fund
The Nebraska Affordable Housing Trust Fund (NAHTF) offers funding through its non-profit community partners for people with low income to moderate income.  The program allows for the rehabilitation of existing housing, construction of new single or multi-family units, or conversion of a commercial building into housing.

Special Rates Options for Financing Your Nebraska Home Mortgage
Nebraska State Government also offers two additional programs through its lending partners; the Community Development Block Grant and the New Neighborhoods Initiative. Both programs are designed to revitalize older neighborhoods and help all buyers get access to competitive mortgage rates.