Getting the Best Mortgage Rates in Nevada (10-15-30-Year Fixed, 5/1, 7/1 ARM)

Are you in the market to buy a home in Nevada? If you already own a home in Nevada, are you thinking about refinance an existing Nevada mortgage loan?

Refinancing or buying a home in Las Vegas, Henderson, Reno, North Las Vegas, Sparks, Carson City, or any other city in Nevada marks one of the most significant financial decisions you will make in your life. Not surprisingly, it will also be one of the most expensive and long-lasting decisions.

If you’re in the market to purchase a home in Nevada or refinance an existing NV mortgage, you’ll want to pay close attention to the current mortgage rates in Nevada.

A mortgage represents a financial commitment that lasts for decades. As such, you’ll want to make sure that you can confidently take on a Nevada mortgage that will help you establish a positive lending relationship and maintain financial stability over the long-term.  

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Which Nevada City Are You Located in?

When it comes to finding the best Nevada mortgage rates, there are plenty of factors to consider, especially for a first-time home buyer in Nevada.

For many Nevada mortgage lenders in Las Vegas, Carson City, Sparks, Reno, Henderson, and other cities in Nevada, the location of the home will play a large role in the Nevada mortgage rates offered.

This means that homes across the state could have varying Nevada mortgage rates based on the individual city, neighborhood, and the condition of the home itself.

While searching for the best Nevada mortgage rate for you, it may be worthwhile to check the rates for neighboring cities to explore other Nevada mortgage rates that could potentially be more affordable over the long run.

See the table below for a list of some of the largest cities in the state offering a wide range of Nevada mortgages. 

Top Nevada CitiesPopulation (2016)
Las Vegas632,912
North Las Vegas238,702
Carson City54,521
Churchill County24,200
Boulder City15,689

Source: Google

Key Requirements for Buying a House in Nevada

Before you apply for an NV mortgage, you’ll want to complete the below list of requirements.

  • Get your down payment ready (~20% of the loan amount)
  • Maintain good to excellent credit
  • Save some extra funds for your closing cost
  • Maintain a low debt balance
  • Demonstrate sufficient income
  • Gather your financial documents
  • Get a home appraisal on the home

You’ll also need to examine your options for conventional (10, 15, 20, or 30-year) or adjustable rate Nevada mortgages (5/1, 3/1, 7/1 ARM) before choosing the best Nevada mortgage rate for you.

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Good, Great, or Excellent Credit Scores for Nevada Mortgage Rates

Most lenders that provide competitive Nevada mortgages use a FICO score to determine if a borrower is creditworthy or not.

Because your credit score plays a large role in the kind of NV mortgage rate you will receive, it’s worth taking the time to look over your credit before applying for the best Nevada mortgage rates.

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 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 what the average credit score is, see the table below for average FICO scores from 2005-2015.

According to CNBC, as of this year, the national average is 700—and according to ValuePenguin, Nevada borrowers come in at 658.

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Conclusion – Finding the Best Rates on Nevada Home Loans

When searching for the best Nevada mortgage rate for you, there are a few additional pieces of information to keep in mind.

If you have a good, great, or excellent credit history and you are seeking a Nevada mortgage rate for a loan totaling over $424,100, some lenders may be able to provide different terms and rates for Nevada home loans.

For this reason, it’s important to confirm any Nevada mortgage rates and terms for specific amounts before making a commitment.

Additionally, it’s also important to keep in mind that basic APR and payment information does not include state-specific taxes or required insurance premiums.

As such, you should expect that your monthly Nevada mortgage payment will be greater when taxes and insurance products are added.

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