Today's Rates In Nevada
Shopping for Nevada home loans? Trying to find the best mortgage rates for a home purchase, refinance or home equity loan? Then you'll want to know a bit about Nevada mortgage rates and why they vary from lender to lender and why different borrowers end up paying different rates.
If you've already got a pretty good understanding of Nevada home loans and just want to find the lender who can give you the best combination of rate and fees, you can use the form at the top of this page to obtain personalized rate quotes from Nevada-licensed lenders, with no cost or obligation to you. You can request rate quotes for home purchases, refinances and home equity loans.
Looking for information? You've come to the right place. Just check the links at the top and bottom of this page to find a rich trove of resources, with informative consumer articles on just about every aspect of mortgage rates and the process of getting a home loan, and useful information about real estate and home shopping as well. We've also got a broad assortment of mortgage and financial calculators so you can crunch the numbers to compare loan offers or for just about any other financial situation. You can also search by topic using the window at upper right.
To get you started, here's a rundown of some of the most important things to know about Nevada mortgage rates and shopping for home loans.
Shopping for Nevada Mortgage Rates Today
Getting a home loan these days can be a lot different than it was just a few years ago. The rise of online lending has made it easier to find and compare Nevada mortgage rates from multiple lenders, while expanding your choices at the same time. No longer is it necessary to make a personal visit to a bank or mortgage broker to discuss your options and submit your application – you can do that all from your home or office.
Online mortgage lending is a real boon to borrowers in a big state like Nevada. It not only gives you more options that residents of smaller communities might have enjoyed, it also eliminates the need to make repeat visits to your lender's office any time you need to submit additional documentation or sign a form. The only thing you actually have to do in person is the loan closing, and that can typically be done at a title agency or attorney's office. Your lender doesn't even need to have a physical office in Nevada, though they do have to be licensed to do business there.
Comparing Mortgage Rates and Offers for Home Loans
Often, borrowers who are shopping for Nevada home loans make the mistake of looking just at the current mortgage rates when comparing offers or advertised loans from various lenders. The rate is important, but it's only part of the picture.
You need to look at both rates and fees. Closing costs can range from 2-6 percent of the loan amount, which is considerable. A home mortgage with a low rate but high fees can end up costing you more than a competing loan with a higher rate but fewer fees. This is where a mortgage calculator comes in handy, as you can work out the total cost of different loan offers over the life of the loan.
A handy shortcut is to check the APR (annual percentage rate), which by law must be included with any offer of a loan, including advertised mortgage rates. The APR takes into account both the mortgage rate and fees, and expresses them as single number. The higher the APR, the more costly the loan. It's a good tool to use with fixed-rate mortgages, though it's less accurate on adjustable-rate loans, as their rates can change.
Something that can have a major effect on a mortgage rate are discount points. These are a special fee that you can use to buy a lower rate – each point costs one percent of your loan amount and lowers your rate by a certain amount. Discount points can save you money in the long term, but some lenders also use them to offer rates that appear to undercut the competition. If a loan offer or advertised rate includes two or three points, it may not be as good a deal as it appears – check the fine print carefully.
These are the most popular of all Nevada home loan programs, accounting for most primary mortgages. Their name comes from the fact these loans conform to the guidelines set by Fannie Mae and Freddie Mac, two government-created entities whose job is to promote the availability of affordable mortgages for average Americans.
These guidelines include such things as a borrower's credit score, debt-to-income level, down payment and more. Loans that meet these standards are considered a good risk for mortgage investors, which results in favorable rates and terms for borrowers.
Conforming mortgages allow credit scores as low as 620 and down payments of as little as 3 percent. However, their mortgage interest rates are tied to the borrower's credit score and down payment, so higher scores and bigger down payments mean lower rates. Borrowers with weaker credit scores may be required to make larger down payments as well.
Nevada FHA Loan
FHA loans are a government-supported loan that are a popular alternative to conforming loans for borrowers with lower credit scores or limited financial means. FHA loan requirements allow lower scores than conforming loans do, and borrowers with weaker credit or small down payments may find they can get a better rate as well. Down payments can be as little as 3.5 percent.
FHA loans can be a good choice for Nevada first-time homebuyers or any borrowers with limited finances or less-than-perfect credit.
Nevada lenders offer second mortgages as fixed-rate, home equity loans, or adjustable-rate home equity lines of credit (HELOCs). Each structure has pros and cons-the right option for you depends on your situation.
HELOCs have the advantage of interest-only payments during the draw period when you can borrow against your line of credit, but they also come with the risk of interest rate increases. Home equity loans are fully amortizing, but the payments are higher, at least initially.
HELOCs give you the flexibility of paying only the interest charges if you wish during the draw phase, but if you don't make any payments against the principle you could experience payment shock when the draw ends and you have to begin repaying what you borrowed.
The interest rates on any type of second mortgage will be higher than what you could obtain on a primary mortgage used to purchase or refinance your home. As with a primary mortgage, the second mortgage does put your home at risk if you don't make the scheduled payments.
Choosing a Loan
Your home financing options are many, including fixed-rate mortgages, adjustable-rate mortgages, home equity loans, and lines of credit. You can ensure your success in finding an affordable, appropriate mortgage product by doing some early independent research. A good lender can explain your options to you, but nothing replaces your own due diligence on the choices available.
As part of your research, you should do what's necessary to collect several competing loan offers. You can get these by directly contacting individual lenders, but you can also get quotes from several lenders at once by using the rate request form on this page. You should never have to pay for a rate quote, and getting a quote does not obligate you to a lender. (You will have to pay if you want to lock in a quote for today's Nevada mortgage rates for an extended period of time though).
Once you receive your quotes, check the links at the top of the page to find mortgage calculators for the type of loan you're seeking, so you can run the numbers and compare offers. A good lender can answer your accounting questions, but you should always verify the figures independently. That way, you can choose the right mortgage with confidence.