In our recent 2012 survey of mortgage rates found in locally based banks and credit unions in Nevada, we found that in most instances you’d be better off (from an APR standpoint) in going with direct or online lenders. The lowest rates offered in Nevada from our mortgage rate database sits at roughly 3.71% APR assuming a 30 year fixed rate loan of a value no more than $165k (rate survey based out of Carson City, NV). Keep in mind that this product, from Mortgage Capital Associates, also comes with $950 in closing costs is based on the same assumptions above.
Below are the top two offers from locally based institutions only
(The rates and APRs featured below are accurate as of January 2012.)
1) Operating Engineers Local Union 3 FCU, based out of Reno, Nevada, is featuring a 30 year fixed rate mortgage with an interest rate of 4.0% and an APR of 4.023% assuming 20% down. Operating Engineers Local Union was originally established in 1964 to support the town’s engineers and their families with affordable banking products. Today they have 74,000 members and 22 locations throughout most of the southwest. As of 2010 they had assets totaling $754 million.
2) SCE Federal Credit Union, based out of Las Vegas, Nevada, is featuring a 30 year fixed rate mortgage with an interest rate of 3.875% and an APR of 4.056% assuming 20% down and 1% origination fees. SCE Federal Credit Union is an easy credit union to join no matter where you live. You simply need to open a checking and savings account with a minimum of $10 in the checking and $5 in the savings. SCE Federal Credit Union has its roots in Europe over 160 years ago but has been operating in the US for just 60 years.
If you live in Nevada and have obtained a more competitive 30 year fixed rate mortgage, please share by leaving a comment!