We Initiate Fixed Rate Mortgages Las Vegas Loves
Fixed rate mortgages are the industry standard when writing a home loan, and have been for many years. The reason these loans are so popular is predictability. You know up front what your interest rate will be for the entire duration of the loan, with the only variables to your mortgage payment being if there are changes to your property tax rates or homeowner’s insurance.
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Fixed Rate Mortgages vs Adjustable Rate Mortgages
At PIF Lending we know that most borrowers like to know exactly where they stand with their mortgage payment each month. Predictability each month without the worry of facing an increase or constantly varying payment amount as can happen with an adjustable rate mortgage. A good mortgage broker will be able to explain and help calculate with some degree of accuracy your potential mortgage payment based on interest rates, your credit score, employment history, available programs, and the amount you are asking to borrow. Each type of mortgage, fixed rate in particular, have specific down payment requirements depending on the terms of the loan. They also take into account the debt to income ratio of the borrower and appraised value of the property being loaned against.
Most Las Vegas Home Loans are Fixed Rate Mortgages
Property values continue to increase in the Greater Las Vegas – Henderson – North Las Vegas areas and are expected to keep going up. Is it time to lock in a low interest rate for your new home? A knowledgeable mortgage broker can take advantage of the competitive nature of lenders and can negotiate several packages you can review and choose from before you settle on a fixed rate mortgage. Current interest rates are at all-time lows and there are different terms for fixed rates based on the length of time the mortgage runs. You can even pay down the “points” or additional costs placed on top of the interest on a fixed rate mortgage to make your payments even lower over the course of your loan if you choose.
One of the most important things a good mortgage broker can provide is a thorough explanation of the paperwork. You need to understand what you are signing, and how the whole process will work as the borrower. Mortgages are very complicated and there is a lot of paperwork required that can be confusing and overwhelming without help. You need to know what you are signing and how it will affect you. A good mortgage broker can put things in terms you can easily grasp while making the purchase of a home as painless as possible. Now is a good time while interest rates are still low to look at Las Vegas mortgage rates and make an offer on a home before prices further increase.
Mortgage Companies in Las Vegas Will Compete for Your Business
Our PIF Lending mortgage brokers are experienced in all types of fixed rate mortgages and can explain how they work during an initial phone or in person meeting with you. There are many components and a lot of terminology that may not be familiar. At PIF Lending we are happy to take whatever time is necessary to help you learn what affects your loan application, what documents are needed and why, and how the process works. We will help calculate how much your mortgage payments will be based on your personal financial situation, credit history, and the amount you feel comfortable paying each month on a mortgage. We have many years of experience in the Southern Nevada region, work with a variety of lenders and can help you sort out the different types of mortgage offerings and what will work best for your personal finances and future. Call us or fill out a contact form on any page of our website and let’s get started on a new fixed rate mortgage package tailored to your new home purchase.