Nevada Mortgage Lender

    Nevada Mortgage Lender: Which One Is The Best For Me?

    Nevada’s median home price sits at $267,900, only $2,000 lower than the national median home value. While it may be tougher to find homes that are far below the median home price, it’s not impossible to find a reasonably-priced new home in the state. And if you do find one, you need a good mortgage lender by your side.

    The best Nevada mortgage lender can help you get the most affordable rates to help purchase your dream home. Read on to find out our top five mortgage lenders in Nevada and learn our five key criteria if you want to search for one yourself!

    shutterstock 1682287381 1

    Choosing A Mortgage Lender 

    We choose our top lenders and banks with five key factors in mind. We present them here in case you’re planning to search for the best mortgage lender yourself. 

    Mortgage Products Offered

    There are a wide variety of loan types offered by lenders. They all cater to different needs, so what’s good for other homeowners may not be the best for you. 

    To help you understand the difference between loan products, here are some of the most common loan types offered today:

    • Conforming mortgage: This common type of mortgage loan includes all loans that fall under Nevada's lending limits of $548,250.
    • Jumbo mortgage: These loans are used to buy homes priced above Nevada’s mortgage lending limits. Jumbo mortgages usually have a higher interest rate to offset their high amounts.
    • Fixed-rate mortgage: These are conventional loans with static interest rates. They’re stable, which is why they are usually chosen by first-time borrowers.
    • Adjustable-rate mortgages (ARMs): The interest rates on ARMs readjust annually based on market conditions. There is a period of initial stability, however – these loans usually feature fixed rates for the first 3 to 10 years. 
    • Government mortgage: Government loans usually offer low interest rates and reduced down payment requirements compared to their conventional counterparts. These loans are sponsored by one of three organizations: the Federal Housing Authority, the U.S. Department of Agriculture, and the Department of Veterans Affairs. 
    • Mortgage refinancing (refi): Refinancing a loan means getting a new home loan to repay for your current one. Refinancing helps you save money by changing the loan’s terms or securing better refinance rates.
    • Home equity lines of credit (HELOC): This type of home equity loan gives you a source of funds, using your home as collateral. 

    Affordability 

    Interest rates are always subject to change, so it’s not the best measure of affordability. Instead, we examine the affordability of a lender by looking at how easy it is to qualify for a loan from them. 

    We use four metrics to determine affordability:

    • Minimum credit score: Your FICO score measures your likelihood of paying debts on time, which is why most lenders require them to qualify for a home loan. Mortgage lenders generally impose a minimum score of 620, but some may give you a lower requirement to make the loan more affordable.
    • Minimum down payment: Lenders usually require consumers to make a 20% down payment on their loans. However, some lenders allow you to pay as little as 3% down, but you have to get private mortgage insurance.
    • Closing costs: Your origination fees, appraisal expenses, and other payables are rolled into closing fees. You generally need to pay 5% of your loan amount upon closing, but some lenders may offer to fold them into your interest payments instead. 
    • Homebuyer assistance programs: Most American states have housing authorities that provide assistance programs. Available for both first-time and repeat homebuyers, these programs offer benefits such as low-rate mortgages and down payment assistance.

    Application Process

    A good lender makes its application process convenient and easy to understand for its consumers. We examine a lender’s application process with three criteria:

    • Online capabilities: These days, most lenders offer a way for borrowers to apply online. This feature is especially important to consumers who can’t apply in person with a loan officer.
    • Online rate transparency: The ability to calculate rate estimates is important for consumers trying to rate shop and compare between lenders. Some lenders display rate estimates online on their webpage, while others may require consumers to talk to a loan officer first. 
    • Length of the application process: Most lenders close on a loan within weeks. However, in some cases, the process can take several months to finalize. Ask your loan officer about the lender’s average closing times, so you have an estimate when starting your house hunt.

    Customer Service And Ratings

    Mortgages are a major financial commitment, so you need to find a lender that won’t leave you high and dry when a problem arises. We measure a lender’s customer service quality with the help of two rating organizations: J.D. Power and the Better Business Bureau.

    The Better Business Bureau assigns companies a letter grade from A+ to F based on their trustworthiness. The factors it analyzes include the handling of customer complaints and business transparency.

    J.D. Power researches customer satisfaction with customer surveys. It publishes its findings in an annual study report and awards the best-performing businesses. 

    Access To Lender

    The last essential criterion for a good lender is its accessibility. If a lender doesn’t serve your state, you need to search for another lender because you can’t take advantage of its services. 

    We also examine the number of branch offices a lender operates. A lender with branches in multiple states is beneficial to those who prefer applying for a loan with a loan officer or mortgage banker instead of applying online. 

    shutterstock 267766277

    The Best Nevada Mortgage Lenders

    We’ve chosen five Nevada mortgage lenders that fulfill the aforementioned criteria. Each of these Nevada mortgage lenders specializes in one particular part of the process, so make sure you choose the one that can best fit your needs. 

    Before we break down the details, here is a quick look at our top five picks:

    LenderMinimum FICO scoreMinimum down paymentBBB ratingJD Power rating Best for
    Fairway Independent6203%A+865Loan selection
    Rocket Mortgage6203%A+883Online mortgage experience
    Carrington Mortgage5003%A+703Low credit
    Veterans United6400%A+873VA loan
    Chase6203%A+860Closing cost benefits

    1. Fairway Independent – Best Loan Selection

    Credit score requirement: 620 (580 for FHA)

    Down payment requirement: 3%

    Loan products offered: 

    • Fixed-rate mortgage
    • ARMs
    • Jumbo mortgage
    • Government-backed mortgage
    • Mortgage refinance loans
    • Home equity loans

    BBB Rating: A+

    JD Power Rating: 865 (second place in 2019 study)

    Overview: Fairway’s top advantage over other mortgage companies and credit unions is its complete suite of mortgage options. It offers the usual complement of conventional and government loan types found in most lenders, as well as a selection of renovation loan products and home equity lines of credit. 

    Applying for this top 10 lender is also very easy. Borrowers can complete an application online through its website and app, or do so with a loan officer by phone or in person at one of Fairway’s 700 nationwide branches. 

    Lender availability: Fairway offers mortgages and operates 700 branch offices nationwide.

    2. Rocket Mortgage By Quicken Loans – Best Online Experience

    Credit score requirement: 620 (580 for FHA)

    Down payment requirement: 3%

    Loan products offered: 

    • Fixed-rate mortgage
    • ARMs
    • Jumbo mortgage
    • VA & FHA loans
    • Mortgage refinance loans

    BBB Rating: A+

    JD Power Rating: 883 (first place in 2020 study)

    Overview: As the online division of major direct lender Quicken Loans, Rocket offers a beginner-friendly online experience to its consumers. Accompanied with instructional videos and guided steps throughout the application form, the company promises that an application can be done within thirty minutes. If you get lost at any point, you can also talk to Rocket loan officers and mortgage brokers with a single click.

    Its mortgage options are also part of its appeal, with a complete suite of conventional loans as well as refinancing products. However, its government loans only include FHA and VA loans, which means you may need to look elsewhere for USDA loans.

    Lender availability: Rocket Mortgage by Quicken Loans provides online services nationwide.

    3. Carrington Mortgage Services – Best For Low Credit

    Credit score requirement: 620 (500 for FHA & VA, 550 for USDA)

    Down payment requirement: 3%

    Loan products offered: 

    • Fixed-rate mortgage
    • ARMs
    • Government-backed mortgage
    • Mortgage refinance loans

    BBB Rating: A+

    JD Power Rating: 703 in 2020 study

    Overview: Low credit scores are a common concern for borrowers. Carrington relieves some of these worries through its nontraditional credit checks. In addition to looking at your credit report, the loan officer also considers your rent payments and bank statements to assess your ability to qualify for home loans.

    Lender availability: Nationwide borrowers can apply for Carrington’s mortgages online, except for residents of Massachusetts and North Dakota. It operates 6 offices in Arizona, California, Connecticut, Florida, Indiana, and Maryland.

    4. Veterans United – Best For Military Families

    Credit score requirement: 640

    Down payment requirement: 0%

    Loan products offered: 

    • Fixed-rate mortgage
    • ARMs
    • Jumbo mortgage
    • Government-backed mortgage
    • Mortgage refinance loans

    BBB Rating: A+

    JD Power Rating: 873 in 2020 study

    Overview: Having originated over $175 million in VA loans in 2019, Veterans United is the nation’s largest VA lender. In addition to its signature VA offering, the lender offers VA refinance options and an energy-efficient mortgage, which gives consumers extra funds for environmentally-friendly home improvements.

    Lender availability: This company services loans nationwide and operates branch offices in 18 states.

    5. Chase – Closing Cost Benefits

    Credit score requirement: 620

    Down payment requirement: 3%

    Loan products offered: 

    • Fixed-rate mortgage
    • ARMs
    • Jumbo mortgage
    • FHA & VA loans
    • Mortgage refinance loans

    BBB Rating: A+

    JD Power Rating: 860 (third place in 2020 study)

    Overview: As a top player in the financial and mortgage lending industry, Chase offers a wide variety of home loans and other financial products to its customers. One of the most prominent advantages of financing your home with this bank is its closing cost-related benefits.

    The DreaMaker mortgage’s homebuyer education program gives you a $500 closing cost grant. DreaMaker borrowers also get up to $5,000 worth of closing cost grants, and refinancers can get up to $2,500 toward their closing fees. 

    Moreover, Chase also offers an on-time closing guarantee for existing bank customers. If the bank can’t close your loan on time, it will pay you $2,500. 

    Lender availability: Chase offers mortgage services nationwide, but not all states have a Chase loan officer available for in-person consultations.

    shutterstock 1701317353

    Closing Thoughts 

    Since the median home price is very close to national values, it may be tough to find a home valued far under median prices in Nevada. To capitalize on the best housing deals you can find, you’ll need a good lender.

    For more resources and advice about mortgage lending in Nevada, contact Wesley Mortgage, LLC today! Our team is ready to help you find the best mortgage lender and realize your dream home in Nevada!

    Written By Ed Wallace
    Follow the author on:
    arrow-up