Today's Mortgage Rates
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As a prospective mortgage borrower, you're motivated to save money on your home financing-whether you live in Vegas or Incline Village. Mortgageloan.com understands. To help you, we've compiled the resources you need at every stage of your mortgage search.
- Early on, you can develop your knowledge of the options, and clarify your objectives by browsing our article database.
- When it's time to comparison shop, visit our Nevada broker directory, or request a free quote online.
- After you receive mortgage offers, take them to Mortgageloan.com's mortgage calculators to compare and analyze the numbers.
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, but they also come with the risk of interest rate increases. Home equity loans are fully amortizing, but the payments are higher. The interest rates on any type of second mortgage will be higher than what you could obtain on a first mortgage. Many homeowners accept this higher rate to avoid the hassle of refinancing the first mortgage. As with a first mortgage loan, the second mortgage does put your home at risk if you don't make the scheduled payments.
Lower-cost Nevada conforming mortgages are available to applicants who meet certain federal standards. If you don't qualify for a conforming mortgage, talk to your lender about what changes you need to make. You might need to pay off some of your other debt, or save up for a larger down payment. The difference can save you money.
Standards defining the conforming mortgage change periodically; the maximum loan limit, for example, is reviewed each year by the Office of Federal Housing Enterprise Oversight (OFHEO). The conforming mortgage is intended for low- and middle-class households only. The qualifying criteria, therefore, attempt to exclude upper class households that-in theory-don't need the federal assistance.
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 (see our Nevada broker directory for further information) 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. Mortgageloan.com facilitates your comparison shopping by offering a service that provides you with free, no-obligation rate quotes. Once you receive those quotes, take them to Mortgageloan.com's mortgage calculators to run the numbers. 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.