Getting the Best Mortgage Rates in Las Vegas (10-15-30-Year Fixed, 5/1, 7/1 ARM)
At $18,850, the median down payment on a new home is currently at its highest since 2014, according to World Property Journal.
With rising down payment costs, finding affordable and manageable mortgage rates in Las Vegas is becoming even more important for new homeowners.
It’s no secret that Las Vegas mortgages represent a long-term commitment. As such, having access to the best mortgage rates in Las Vegas can do wonders to set new homeowners up for financial success and stability down the road.
Factors that Influence Las Vegas Mortgage Rates
To remain affordable over the long term, monthly payments on Las Vegas mortgages should not be higher than 28 percent of total monthly income, including related expenses like principal, interest, taxes, insurance, and even HOA fees.
While terms will play a role in determining monthly costs, Las Vegas mortgage rates will be the biggest factor in whether your monthly payments are affordable.
See the sections below for common elements that can impact mortgage rates in Las Vegas.
Just like any other loan, a borrower’s credit score is used as a benchmark for reliability. Las Vegas mortgage lenders see high credit scores as proof of reliability, offering lower rates as a result.
Lower credit scores are problematic for lenders, as it raises doubts on whether a borrower can financially manage mortgage rates in Las Vegas.
While exploring current mortgage rates in Las Vegas, take the time to examine your credit score. Look for ways to boost your score through paying off any old debts or resolving errors before committing to mortgage rates in Las Vegas.
Las Vegas, NV
For some Las Vegas mortgage lenders, the location of your home could make a difference in Las Vegas mortgage rates.
Mortgage rates in Las Vegas may differ when purchasing in an urban vs. a rural area, so make sure that you take note of the location while evaluating Las Vegas mortgage rates.
Putting aside more money for a down payment certainly isn’t fun, but it’s a great way to boost your chances of getting a lower Las Vegas mortgage rate. According to Bankrate, most lenders require a payment of at least 3 percent.
Although some mortgage rates in Las Vegas will still be affordable with a lower down payment, the best way to keep Las Vegas mortgages cost-effective over time is to put 20 percent down.
Good, Great, or Excellent Credit Score for Las Vegas Home Loans
Most lenders that provide competitive Las Vegas mortgage rates use a FICO score to determine if a borrower is creditworthy or not.
FICO scores range anywhere from 300 to 850, with higher numbers seen as the most creditworthy and lower numbers seen as the biggest financial risk.
FICO scores for Las Vegas mortgage rates generally fall into these categories:
- 300 – 629 is considered “Bad”
- 630 – 689 is considered “Fair”
- 690 – 719 is considered “Good”
- 720 – 850 is considered “Excellent”
If you’re curious about the average credit score, see the table below for average FICO scores from 2005-2015. According to CNBC, as of this year, the average score is 700.
Conclusion – Getting a Top Mortgage Loan for a Home in Las Vegas
Once you know what type of Las Vegas mortgage you are interested in, your next step is to start evaluating lenders to find the best Las Vegas mortgage rates and terms.
Just as with any other shopping experience, it’s important to weigh in your options and compare offers from multiple Las Vegas mortgage lenders to ensure that you are getting the best deal possible.
Affordable and manageable Las Vegas mortgages are determined not just by monthly payments, but also by interest rates and Las Vegas mortgage terms.
As such, don’t be afraid to shop around until you find the best mortgage rates in Las Vegas for your financial needs.
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