Nevada Mortgage Rates
July 28, 2016 08:21 AM Eastern
Nevada Mortgage Rates and Home Loans
Nevada is known the world round for its all-night gaming cities—Las Vegas and Reno. However, many people have also discovered the natural beauty that Nevada's red rocks and simple, pristine desert landscapes have to offer.
Before purchasing a home in the state of Nevada, you'll want to thoroughly research the loans available to you, as well as current NV mortgage rates. Taking some time to understand how NV interest rates will affect your monthly mortgage payments can make you a more educated buyer and a more prepared homeowner.
Conventional Loans and Current NV Mortgage Rates
If you have good credit and a down payment, conventional loans are the way to go. They offer the best combination of mortgage rates and terms, are quick to close, and are readily available through most traditional commercial lenders across Nevada.
Since your mortgage interest rate will determine your monthly mortgage payment, it helps to shop around and get the lowest rate possible. No two banks, or their loan options, are the same. Make sure you apply to a few lenders to compare and contrast their programs. Conventional lenders will be competitive with rates and terms and they will fight for your business if you have good credit.
FHA Loans and Nevada Mortgage Rates
For prospective NV homeowners without excellent credit—or for those with little money for a down payment—there are options available through the lenders who work with Federal Housing Administration (FHA) insured loan. The loan amount is limited to $417,000.
In either case, you will have to submit financial documentation to your lender before they will issue a loan approval. Before applying, make sure you ask each lender the types of documents they require and the average time it will take to underwrite your file.
NV Mortgage Rates: Avoiding Predatory Lending
Predatory lending practices are those who take advantage of borrowers in difficult financial situations. The US Government has put practices in place to help homeowners avoid predatory lending in Nevada and across the country.
When researching loan options, mortgage rates, and banks, make sure you're dealing with only licensed lenders. Approved Nevada banks, many of which are found right here at lendingtree.com, are licensed with both the federal government and the state of Nevada. They are under constant oversight and have passed many financial inspections to be able to offer you their current loan programs.