Mortgages

Just like the snowflakes that fall gently in the many different mountains across the Silver State, each and every loan we offer is truly unique. Still, there are some common requirements for all loans. We’ll look at your credit score, your employment history, your assets, other loans and income to get a better picture of your eligibility. Other factors include loan amount, terms desired, debt-to-income ratios, down payment amount and location of your primary residence. If you want to start gathering things together now, then take advantage of GNM’s handy mortgage documents checklist.

Several different factors will play a part in determining what your monthly mortgage payment will be. They include, but not limited to, the term length, interest rate, type of mortgage, mortgage insurance premiums and, of course, the loan amount will all factor into a decision about how much your monthly payment will ultimately be. Applying and working closely with your GNM mortgage consultant will give you a better understanding of what your payments will look like.

When taking out a loan for a home, it is important to consider other fees and payments that may be involved beyond your basic loan amount, as outlined in the loan’s terms and conditions. Greater Nevada requires Private Mortgage Insurance (PMI) on conventional loans where the Loan-To-Value ratio (LTV) is more than 80% of the home’s original price or appraised value. If your down payment is less than 20% on a conventional loan, you must have PMI. The premium for the insurance is included in the monthly payments on your mortgage. Other fees may be applicable depending on the loan type.