Financing - Las Vegas Real Estate

Finding the Best Rate

Every buyer wants the best loan, with the lowest possible interest rate. Unless you're different, you would be wise to do a little homework yourself. Keep reading to find out about the options a consumer has in securing the best rate possible.

1. Do your own research.

The internet is an easy way to research mortgages and interest rates. You can start with the Bank Rate Monitor, a site with all kinds of info about mortgages, real estate investment, and a lot more.

Keep in mind that the Federal Reserve sets the standard for national interest rates and the banks who are lending the money are continually adjusting rates accordingly. The rate you find one day may not be available tomorrow. If you find a loan you like, you should submit a loan application ASAP. If you are planning on securing a loan, make sure the broker can execute loans in Nevada.

Make sure you are comparing apples to apples. It would be a mistake to try to compare loans that are not even the same loan types - a common mistake made by consumers. For example, you find that Loan A and Loan B are both “30 year” loans, but Loan A has a much lower interest rate than Loan B. Upon further review, you find that "Loan A" is an adjustable rate mortgage. Its payment is based on a 30 year amortization, but becomes due via full payment or refinance at the end of 5 or 7 years. These are frequently referred to as a 5-year or 7-year fixed-rate mortgage. While both stated "30-year", they are far from the same type of loan.

Also make sure to request a statement detailing all fees associated with the loan. Items such as points (loan fee), interest rates and garbage fees vary from one lender to another.

2. Use a Mortgage Broker.

If you don’t have the time to do your own research, locate a trustworthy mortgage broker. Make sure the broker is knowledgeable, listens well and is trustworthy. Ask your Las Vegas Mortgage Broker for references if you have time to research further. You should feel confident that they have your best interest in mind.

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