Are you ready to buy a home in Nevada? Benzinga’s put together this guide to help you understand the mortgage process and find all the best Nevada mortgage lenders.
Best Mortgage Companies in Nevada
The 5 Best Mortgage Companies in Nevada
One of the top questions on your mind is probably which mortgage company you should choose. We’ve put together a list of some of the best mortgage companies in Nevada to get you started.
1. Best for Bank Statement Loans: Angel Oak Mortgage Solutions
Angel Oak Mortgage Solutions is a full-service mortgage lender offering traditional and portfolio mortgage loans. Among their many customized loan solutions is their Bank Statement product for self-employed borrowers in Nevada. This loan does not require tax returns and includes a 1099 Income option for 1099 earners.
- Loan amounts up to $3 million
- 12 or 24 months personal or business bank statements
- Two years out of bankruptcy, short sale, foreclosure, or deed-in-lieu
- Owner occupied, non-owner occupied, second homes located in Nevada
- 1099 option available
- 40-year fixed interest only
- Delayed financing available
- Non-warrantable condos allowed
Angel Oak Mortgage Solutions offers a wide range of loan options allowing you to obtain any mortgage as long as qualification requirements are met. Nevada residents can also refinance into any of these loans. The customer service team is easy to reach via email, phone or the online contact form, and you can begin your journey by searching for a local advisor right on the website.
Angel Oak is headquartered in Atlanta, Georgia and is licensed in AL, AZ #0927070, licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, CO, CT, DE, DC, FL, GA #32379, ID, IL, IN, IA, KS, KY, LA, ME, MD, MI, MN, MS, NV, NH, licensed by the N.J. Department of Banking and Insurance, NM, NC, OH, OK, OR, PA, Rhode Island Licensed Lender, SC, TN, TX, UT, VT, VA, WA dba AOHL LLC, WI.
2. Best Online Lender: Quicken Loans®
Quicken Loans® offers a wide variety of mortgage products, including fixed-rate, adjustable-rate and even government-backed mortgages. This lender is known for its streamlined preapproval and application processes. You can complete the entire mortgage process online and take advantage of stellar customer service. Its website offers resources to help guide you through the mortgage process.
3. Best for First Time Home Buyers: Wells Fargo
Wells Fargo is a great choice if you’re a first-time home buyer. Working with Wells Fargo means you’ll have the option to work with your lender in person at one of Wells Fargo’s branch locations. You’ll also benefit from Wells Fargo’s First Mortgage loan program.
This program is designed to assist low-to-moderate income first-time buyers by offering low down payments and closing cost assistance. Wells Fargo also offers customer service assistance online and by phone. You can expect this lender to help you achieve homeownership in a way that works for you.
4. Best for VA Loans: Veterans United
Veterans United is committed to helping veterans and other qualified service members find mortgages that work for them. It offers online prequalifications and 24/7 access to its customer service team. Veterans United even employs financial advisors who have been in the armed forces themselves.
You can visit the Veterans United website if you’re not sure whether you qualify for a VA loan. Its website will help walk you through the VA loan requirements whether you’re looking to purchase or refinance your home. You’ll also find other educational resources on its website, including an affordability calculator and a monthly payment calculator.
5. Best for Self-Employed Professionals: Freedom Mortgage
Freedom Mortgage offers a variety of mortgage products, including government-backed mortgages and refinancing products. This lender makes it simple to understand the requirements for its mortgage application process. For self-employed applicants, you can expect to be asked for 2 years of your personal and business tax returns. You’ll also need to show your year-to-date profit and loss statement. Freedom Mortgage will pair you with a loan officer to complete your mortgage application. This can give you the opportunity to ask any questions and get expert guidance as you move forward in the mortgage process.
When you start to look at and compare mortgages, you’ll see a variety of mortgage types and mortgage terms. Mortgage types include home buyer programs that you might qualify for, such as FHA and VA loans. Mortgage terms are the length of time you repay your loan. Your mortgage term could be a fixed- or adjustable-rate loan and will include a set number of years for repayment.
Here are some common mortgage types, though it’s not an exhaustive list.
Conventional loans are the most popular mortgage option for many home buyers. You’ll need to meet the minimum income and credit requirements set by your lender, but there are no additional requirements you must meet for a conventional loan. You’ll be able to find different conventional mortgage types from lenders, including the option for fixed or adjustable mortgage rates.
FHA loans are offered as part of a home buyer program managed by the Federal Housing Administration. These loans offer lower minimum down payment and lower credit score requirements than conventional loans. To qualify for an FHA loan, you must meet requirements set by both the lender and the Federal Housing Administration.
VA loans are backed by the U.S. Department of Veterans Affairs. To qualify, you must meet 1 of the service standards set by the U.S. Department of Veterans Affairs. Unlike conventional and FHA loans, VA loans allow you to finance 100% of your home’s purchase price. You can also benefit from low interest rates and assistance if you face financial hardship.
Several popular mortgage terms include 30- and 15-year mortgages and 5/1 adjustable-rate mortgages.
- 30-year fixed: A fixed mortgage term means that the interest rate you start with is the interest rate you’ll pay for the lifetime of your loan. You’ll make the same monthly payments for 30 years if you choose a 30-year fixed-rate mortgage.
- 15-year fixed: A 15-year fixed mortgage also offers the same monthly payments throughout the lifetime of your loan. Your mortgage’s interest rate will not change as long as you keep your mortgage. However, you’ll pay more per month with a 15-year fixed-rate mortgage because you’re repaying your loan in a shorter amount of time.
- 5/1 ARM: ARM stands for adjustable-rate mortgage. An adjustable-rate means that your interest rate can change throughout the life of your loan. A 5/1 ARM offers a fixed rate for 5 years and the interest rate can change every year until your loan is paid off. The same applies to other ARM mortgage terms, such as 3/1, 7/1 and 10/1 ARMs. The first number refers to the number of years you’ll pay a fixed interest rate before your rate can change.
Which Mortgage Lender is Best for You?
Finding the right mortgage lender is about more than rates. Remember, you’re going to be dealing have your lender for several years to come. You want to choose a lender that can offer you the mortgage types and terms you prefer. Here are a few other things you might want to take into consideration when choosing your mortgage lender:
- Customer service: When comparing lenders, customer service should be at the top of your list. How easy is it to get in touch with a customer service agent? Are the agents friendly and ready to help you out? You shouldn’t be afraid to reach out to the customer service department, even if you’re not a customer yet. Use a lender’s live chat or phone customer service line to ask questions. This allows you to get more information about the lender as you get familiar with its customer service department.
- Refinancing: If you think you might want to refinance down the line, you may want to choose a lender that offers refinancing products. There are a number of reasons why people might want to refinance their homes. For example, if you are in a better financial position with better credit in a few years, refinancing may allow you to get a better interest rate on your home. This could help you save money throughout your mortgage’s lifetime.
- Resources: Many lenders also offer a wide range of resources on their websites. These resources can help you understand how much house you can afford, provide helpful tips and answers to FAQs. These resources are just another way lenders strive to help their customers succeed.
Lender Credit Score Minimums in Nevada
When you apply for a mortgage, you should expect the lender to take a close look at your credit score. Your credit score is the number on your credit report that represents how reliable you are as a borrower. Lenders use this information to help them decide whether to approve you for a mortgage. If your credit score is too low, lenders may think you’re too risky to lend to. This is why lenders have a minimum credit score requirement for mortgage approval. Lenders may also offer you a lower interest rate if you have a high credit score.
Current Mortgage Rates in Nevada
Mortgage rates fluctuate. You may want to keep an eye on mortgage rates to see if they’re trending up or down. This will help you decide whether it’s a good time to commit to a mortgage rate. Benzinga monitors mortgage rate fluctuations and updates current mortgage rate charts to reflect the most recent data.
Average Days to Close on a Loan
When you place an offer on a home, the seller needs to accept your offer before you can move forward. When your offer is accepted, the closing process begins. You’ll have the opportunity to negotiate with the seller about things like repairs and modifications to the home. Your home inspection and appraisal will also take place during this time. When you’ve ended your negotiation phase, you’ll finalize your financing with your lender, make your payments and sign closing documentation. Finally, at the end of all of this, you’ll be able to move into your new home.
Which Mortgage is Right for Me?
Wondering which mortgage is right for you? This can be difficult for home buyers to figure out. Here are a few steps you can take to narrow down your options:
- Consider which programs you might qualify for. This is something you should consider if you’re a first-time home buyer or you qualify for a government-backed loan.
- Write down your long-term financial goals. You’ll want to make sure you choose a mortgage term that fits in with these goals.
- Get quotes and compare the rates different lenders can offer you.
Remember, the right mortgage and the right lender for you will depend on a number of factors. Be sure to consider your situation before you choose the best lender for you.
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