Nevada does not have any restrictions on the types of mortgages that can be issued within the state. Fixed rate, adjustable rate, balloon and interest only loans are all available. Within each mortgage type there are several varieties offered. Currently, 15 and 30 year fixed rate mortgages are the most desirable with 30 year adjustable rate mortgages coming in a close second. VA, FHA and in some areas USDA mortgage insurance is available to borrowers.
Nevada Mortgage Rates
Until recently, Nevada mortgage rates were often double that of the national average. This was based on two things: the desirability of living in Nevada and the very high home prices. For many years home prices in Nevada were almost double that of anywhere else in the country. Right now the opposite is true. Nevada mortgage rates are way below the national average and the median house price has corrected itself to a more manageable price structure. Nevada mortgage rates will be higher around the larger cities, with rates highest in and around Las Vegas. As with any other mortgage, qualifications for that mortgage will help determine rates. Credit scores, employment and down payment amounts will be a factor in the final rate. Bad credit mortgages will carry a higher rate than standard loans. Adjustable rate mortgages will have the lowest interest rate, but this rate will change after the introductory period is over.
Nevada Refinance Rates
Nevada refinance rates are equal to their first mortgage counterparts. Refinance rates on second or third mortgages will be higher than a refinancing of a first mortgage. Credit scores will play a role in the final rate as will the amount of available equity in the home. If cash is taken out from the equity at loan closing time there will be a higher refinance rate. Homes may require a survey or an appraisal when they are refinanced depending on the lending company.
Nevada Mortgage Brokers And Lenders
Nevada allows mortgages to be issued by any qualified intuition. This includes private finance companies in the state or on the internet, banks and credit unions. Lenders may offer special programs for people with poor credit or first time home buyers. Some lenders may also offer special incentives such as introductory interest rates that are very low or points purchasing.