Best Nevada Mortgage Lenders of 2019

Guild Mortgage

4.0

Min. Credit Score

620

Min. Down Payment

Ideal for borrowers with a relatively high credit score who may need down payment assistance or help from a state housing agency.

Pros

Works with loan programs offered by state and local housing agencies.
Specializes in mortgages for first-time home buyers.
Almost half of its loans are low-down-payment government mortgages.
Considers alternative credit, such as history of payments on rent and utilities.

Cons

With a concentration of offices in the West and South, Guild has little presence in the Northeast and Midwest.
Jumbo borrowers may find that banks are more competitive when it comes to large loan amounts.

at New American

New American Funding

4.5

at New American

Min. Credit Score

620

Min. Down Payment

Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and helps borrowers whose credit histories don't fit the mold of traditional banking.

Pros

Uses manual underwriting to evaluate creditworthiness.
Offers full online mortgage application, rate quotes, document upload and loan tracking.
Home equity lending sets it apart from most non-bank lenders.

Cons

Services not available in all 50 states.

Our picks for

home equity borrowers

Nevada home values have nearly doubled in recent years. These lenders can help you access your home’s newfound equity.

Bank of America

4.0

Min. Credit Score

620

National / Regional

National

Ideal for borrowers who like options. Bank of America offers multiple refinance loans, including FHA, VA and cash-out.

Pros

Offers refinance mortgages with fixed and adjustable rates.
Apply for a refinance loan online, in-person or over the phone.
Customized refinance rates available without providing personal info.
Fee discounts for Preferred Rewards customers.

Cons

Online complaints indicate inconsistent communication.
Time to process and close a refinance may be slower than other lenders.

At U.S. Bank

US Bank

3.0

At U.S. Bank

National / Regional

National

Max LTV

90%

Ideal for borrowers who want low fees. No closing costs and annual fee is waived for HELOC borrowers with an eligible checking account

Pros

Equity borrowing available from $15,000 to $750,000 (up to $1 million for properties in California), depending on credit history, property's equity and monthly debts.
With a variable-rate HELOC up to three fixed-rate options can be locked.
Originates loans in all 50 states with loan officers physically present in 28 states.
Mortgage options include a "piggyback" or 80/10/10 loan.
Alternative credit sources can be used In some cases.
No closing costs with a cash-out refinance.

Cons

Limited opportunities for face-to-face banking with offices in only 28 of 50 states.
Average score in J.D. Power 2017 consumer satisfaction survey (US Bank has 3 stars out of 5).
Online capabilities are currently limited.

Our pick for

borrowers with lower credit scores

These Nevada lenders are willing to work with borrowers who may have had a financial setback or two.

at Vylla

Vylla

4.5

at Vylla

Min. Credit Score

620

Min. Down Payment

Ideal for first-time home buyers or credit-challenged borrowers who may have trouble qualifying for a mortgage.

Pros

Low minimum credit score.
Online application, loan tracking and document upload.
Free rate locks.

Cons

No online preapproval.
No presence in Massachusetts or North Dakota.

Our pick for

lower credit scores

Guild Mortgage

4.0

Min. Credit Score

620

Min. Down Payment

Ideal for borrowers with a relatively high credit score who may need down payment assistance or help from a state housing agency.

Pros

Works with loan programs offered by state and local housing agencies.
Specializes in mortgages for first-time home buyers.
Almost half of its loans are low-down-payment government mortgages.
Considers alternative credit, such as history of payments on rent and utilities.

Cons

With a concentration of offices in the West and South, Guild has little presence in the Northeast and Midwest.
Jumbo borrowers may find that banks are more competitive when it comes to large loan amounts.

Our picks for

online experience

These lenders focus on online capabilities, allowing you to apply anytime and anywhere.

at Rocket Mortgage

Rocket Mortgage

4.5

at Rocket Mortgage

Min. Credit Score

620

Min. Down Payment

Ideal for anyone who appreciates smartphone app service, support and time savings. A fully digital home loan experience with a large variety of mortgage products.

Pros

The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.
With your authorization, accesses asset statements from 98% of U.S. financial institutions.
Tells you the loan amount you’ll qualify for within minutes.
Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.

Cons

Doesn't offer home equity loans or HELOCs.
If you’re a “look me in the eye” type of customer, you’re out of luck.
Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.

Guaranteed Rate

4.5

Min. Credit Score

620

Min. Down Payment

Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who meet robust guidelines.

Pros

Works with most borrowers as long as they have good credit scores and incomes.
Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.
Has a 95% customer satisfaction rate, according to company data.

Cons

Charges some fees, such as a $1,290 lender fee which includes a $150 application fee.
Offers many products, which might confuse or overwhelm borrowers.
Several click-throughs required for personalized rates.

Our picks for

refinancing

If you still have some room to improve your mortgage interest rate or want new loan terms, these lenders are among the best for Nevadans.

at LoanDepot

loanDepot

4.0

at LoanDepot

Min. Credit Score

620

National / Regional

National

Ideal for anyone who wants online convenience with face-to-face options. Loan Depot has affiliated locations nationwide and is well-rated for low customer complaint volume.

Pros

Offers conventional and government-backed refinance mortgages.
Offers a “lifetime guarantee” on future refinances: no lender fees and reimbursal of appraisal cost.
Advertises a "no steering" policy for refinance loans.

Cons

Must provide personal information to get a customized refinance rate quote.
Has fewer high-tech refinance tools than other lenders, such as no mobile app.

Flagstar

4.5

Min. Credit Score

620

Min. Down Payment

Ideal for those who appreciate the full-service experience of a leading regional bank. Flagstar offers a full menu of fixed and adjustable home loans and mortgage refinancing, as well as jumbo loans and home equity financing.

Pros

Embraces FHA-backed home loans.
Offers several types of construction and renovation mortgages.
A professional loan package is tailored for the needs of doctors, lawyers, nurse practitioners, airline pilots and certified public accountants.
Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households, as well as the areas that qualify for USDA loans.
Offers home equity loans and home equity lines of credit.

Cons

Charges an average $1,295 in underwriting and processing fees.