If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.
There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.
I would be happy to refer you to some very good mortgage contacts I have in Las Vegas, or to help you in any other way I can to secure the best possible rate for your home purchase.
There are three primary types of mortgage lenders: "Big-box banks," mortgage banks and mortgage brokers. All charge fees for their services. Nearly every loan will eventually end up being serviced by a bank (BofA, Wells Fargo, Chase, etc.) but they're inflexible and can be difficult to deal with. Mortgage brokers add a layer between you and the major banks but they also add substantial fees and offer no flexibility. Mortgage bankers, using their own funds for the purchase and then resell the loans, are usually the best route to go. I'll be happy to supply you with referrals. (I don't earn money from referrals but the right lender will allow your purchase to move forward.)
Remember: You must have a pre-approval letter from a lender or proof of cash funds. If not, you can't make an offer on a home. Call me about getting pre-approved because when you find the perfect house for the right price, you'll want to complete an offer.
Use the mortgage calculators below to assist you in making some decisions around financing your new home.
This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.
This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.