With upwards of 2,000 different loan programs there is bound to be one for you. We work in conjunction with several Las Vegas area lenders to ensure finding you the best program available. There are several programs to help rebuild or improve your credit.
Finding a good mortgage lender is a major role in the process for making a smooth transaction. Being pre approved for a mortgage loan is the first step in deciding what price range you’ll need to stay in to live comfortably. Talk with a Klinger & Associates real estate agent to learn about market conditions and price adjustments being made through negotiations.
Here are several different loan types to consider:
Fixed Mortgage Rate Loans On a fixed mortgage rate the term (life of the loan) is variable; but the interest rate remains the same through out the term. Most common are 15 and 30 year fixed mortgage loans, there are additional term lengths available.
Adjustable Rate Mortgage Loan Also known as “ARM” loans have a rate that is adjustable through out the term of the loan. The rate is normally fixed for a certain time period and then becomes adjustable then after. The rate is determined by a specific index. One commonly used is the Treasury security or a cost of funds index. The interest rate may change according to the index, monthly, annually, or every 3 to 5 years. Some ARM’s include a cap on the interest rate to help protect the buyer. Be sure to know and understand the Adjustable Rate Mortgage loan you choose.
VA LoansThe VA loans allow all veterans to receive the same or even better benefits than the everyday consumer. With no down payment for loans up to $359,000 and loans above $359,000 will require a small down payment, veterans with bad credit which is improving are able to receive the same interest rate as those with good credit. Most loans require a mortgage insurance payment monthly, but VA loans have no mortgage insurance to pay monthly. Fixed rates, adjustable rates are available for veterans to choose from.