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!
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.
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:
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:
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:
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.
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.
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:
Lender | Minimum FICO score | Minimum down payment | BBB rating | JD Power rating | Best for |
Fairway Independent | 620 | 3% | A+ | 865 | Loan selection |
Rocket Mortgage | 620 | 3% | A+ | 883 | Online mortgage experience |
Carrington Mortgage | 500 | 3% | A+ | 703 | Low credit |
Veterans United | 640 | 0% | A+ | 873 | VA loan |
Chase | 620 | 3% | A+ | 860 | Closing cost benefits |
Credit score requirement: 620 (580 for FHA)
Down payment requirement: 3%
Loan products offered:
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.
Credit score requirement: 620 (580 for FHA)
Down payment requirement: 3%
Loan products offered:
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.
Credit score requirement: 620 (500 for FHA & VA, 550 for USDA)
Down payment requirement: 3%
Loan products offered:
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.
Credit score requirement: 640
Down payment requirement: 0%
Loan products offered:
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.
Credit score requirement: 620
Down payment requirement: 3%
Loan products offered:
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.
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!