Nevada Mortgage Rates

August 27, 2015 08:24 PM Eastern

Refinance rates now in LAS VEGAS, NV [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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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.