If you’re going to lose money in Vegas, you want it to be due to a raucous night of gambling, not because you picked the wrong mortgage lender. Indeed, before you buy a home in Sin City, you’ll want to find the right mortgage lender that fits your needs best.
While there are numerous factors you’ll want to consider when choosing a lender, one of the top aspects you’ll want to look at is customer service. You want a mortgage lender who is personally involved and invested in your best interests and getting you the best rates.
You’ll be working with your lender for years, make sure you can get along with them.
Finding the Right Lender
A great lender will respond to your questions in a timely and prompt manner and will be patient, taking the time to make sure you understand everything about your mortgage and the process thoroughly. You want to feel you can depend and trust your lender.
Truly, according to a U.S. News & World Report survey, the majority of home buyers — 56.8% — will work with a lender they have a previous relationship with or a lender who was recommended by a friend, family member, or coworker.
You want to find someone you can trust. And in lieu of an in-person recommendation, online reviews can be a lifesaver. Certainly, in this day and age, finding a great lender is far easier where you can rely on the recommendation of hundreds of reviewers.
Read customer comments for a variety of lenders and take note of ones with rave reviews which highlight a lender’s competency, ability to meet deadlines, who anticipates any future complications, and of course, those who offer lower, reasonable rates.
And as is everything in real estate, location also plays an important role in who you choose as a lender. A local lender will be familiar with the area, know any specific contingencies, be more readily available, and know local, qualified and trusted appraisers to assess your home.
Your Financial Costs
Even if you do find an experienced, local, and amiable lender, the other half of the home loan process is the financing. Be sure to shop around different lenders to see who offers not only the lowest rates, but lower closing costs, appraisal fees, and loan origination fees.
All these additional costs can add up and may surprisingly reveal the lender with the lowest rates is actually more expensive when you account for these added fees.
You also want to make sure your lender offers your preferred mortgage terms. For instance, you want the option to choose between a 10-, 20-, or 30-year mortgage loan with either fixed or adjustable interest rates.
And to ensure you have the best experience and the most options available to you, raise your credit score as high as possible and save up in order to afford a larger down payment on a home — both will help lower your interest rates.
Utilize Your Best Resource
Your real estate agent can be an invaluable resource when deciding on a mortgage lender, especially if you don’t have any recommendations from friends or family.
A local agent, like a Clever Partner Agent, will be familiar with and will have worked with numerous mortgage lenders in the area. They can help you find the lender that’s best for your situation. And partnering with Clever, you receive some added cost savings with a Home Buyer Rebate.
When you work with a Partner Agent, you’ll be eligible for a Home Buyer Rebate of $1,000 on homes over $150,000 or up to 1% on homes over $500,000 which you can then use to buy mortgage points and reduce your expenses even more.
The 5 Best Mortgage Companies in Las Vegas
1. Guild Mortgage
You’ll only need a credit score of 620 and a 3% down payment in order to work with Guild Mortgage. They offer plenty of mortgage options from refinancing to fixed and adjustable rate mortgages to government-backed loans.
If you’re a first-time home buyer, you’ll especially want to consider Guild Mortgage as you can purchase a home with 3% down and they’ll give you $1,500 at closing to put towards your down payment or closing costs.
And on top of that, Guild Mortgage will also throw in a $2,000 gift card to The Home Depot.
However, where Guild Mortgage may fall behind competitors is on loans above $500,000 and in the fact that their typical lender fees exceed $1,400.
2. New American Funding
If you’re at all concerned about your credit score, New American Funding may be a good choice for you. The minimum requirement is a credit score of 620 and a 3% down payment.
They specialize in loans for those with less-than-ideal credit histories and offer a slew of mortgage options including purchase, refinance, reverse, jumbo, fixed, adjustable, FHA, VA, and USDA.
New American Funding also has a first-time home buyer program and will assist home buyers in finding the best state and local down payment assistance programs. But with a conventional loan, expect the typical lender’s fee to be about $1,600.
3. WestStar Credit Union
One of the top mortgage lenders in Las Vegas, WestStar Credit Union offers flexible terms, easy pre-approval, and affordable rates with numerous loan options.
Indeed, they are the top FHA mortgage lender in the state and also grant a home equity line of credit up to 90% of the home value. WestStar Credit Union also received great reviews for their personal and attentive customer service.
4. All Western Mortgage
Another local Las Vegas lender, All Western Mortgage makes it easy for you to decide on loan options with an online side-by-side comparison between their fixed loan, adjustable loan, FHA, and VA loans.
For instance, for their fixed loan option you only need 5% down and can refinance up to 95% of your primary home's value.
You’ll also find they offer mortgage calculators on their site and provide a short online application making it easy to receive a pre-approval letter without leaving your home.
Again, as a smaller mortgage company, they emphasize their great customer service making sure to put clients first and will walk you through the entire loan process.
A one-stop shop, Vylla lets you search for a home and compare mortgage options all on one site. You’ll find plenty of loan options including purchase, refinance, jumbo, fixed, adjustable, FHA, VA, and USDA along with alternative options for self-employed individuals.
Additionally, Vylla will look at nontraditional credit methods like your bank statement or rent payment history making it easier for those who have poor credit. Vylla requires a 3% down payment and a minimum credit score of 620, though for some loans you may only need a score of 500.
While Vylla has a huge range of loan options with flexible requirements and rates, Vylla’s customer service is mainly online, through email, or with phone calls which can make it more difficult if you like the face-to-face service.
Partner with Clever
To make the entire home buying and financing process easier, connect with an experienced, local Clever Partner Agent.
Your Partner Agent will support you and provide insightful advice on loans, choosing a lender, and help you find the perfect Las Vegas home that meets all the requirements set by your mortgage.