Tips for Looking For Mortgage Lenders in Nevada

By Fran Walker
Local Lender Columnist
Feb 10, 2006
Like most places in the U.S., all mortgage lenders in Nevada are not the same. So what can you do to make sure you find the best mortgage and lender?

What to Look For In Your Mortgage Lender

1. Are Lowest Payments Always the Best Option?
   The lowest monthly payment is not always the best option in the long run. Interest-only or fixed-rate mortgages might seem the best option now, but you need to know that you will always be able to pay your mortgage, whether interest rates or house prices rise or fall.
2. Points or Interest?
   Like most areas in life, the more money you have now can help you save money in the future. Lower points are not always the best option. As a rule of thumb, higher points almost always mean lower interest in the long term. For many people, the more you can pay now, the better.
3. Look at As Many Lenders as Possible
   Try to get pre-approval from a number of lenders. You need to make sure you don’t affect your credit score, but by withholding your social security number, you can still get a ball park loan figure.
4. Get All the Costs Up Front
   Make sure you get know about all the costs of your Nevada lender upfront. These include, of course, the interest rate, but also closing costs and points.

If I'm telling you old news, you've obviously done your mortgage and Nevada lender research well.

Sources:

• Article Alley

About the Author
Fran Walker has an honours degree in English Literature from Leeds University. She is a freelance writer, editor and researcher, specializing in education, health, safety and domestic issues and now writes and edits content for the UK Health and Safety Executive.