Your Home Loan Done Smarter

At PIF Lending, we understand that applying for a Residential Mortgage Loan can be stressful. There are lots of different documents required by all lenders including bank statements, paycheck stubs, IRS tax returns, and letters of explanation for items that the underwriter may need more clarification on. For self-employed borrowers, there will be P&L statement requirements and other items like your business license being in good standing and a copy of your operating agreement that will be required to close on your home. 

There may be terminologies you are not familiar with that can be confusing, lots of questions to answer, and public records that need to be pulled regardless of if you are applying for a VA Home Loan, Conventional Mortgage in Las Vegas NV.  Whether you are buying your first home, an investment property, or refinancing your existing home loan, it's not easy unless you have an expert mortgage lender like us on your side. 

We help you with the entire process of gathering the necessary documents, filling out the mortgage loan application, and getting the residential mortgage loan through the underwriting process and fully approved. At PIF Lending, we cover all the bases, if there is a first-time home buyer program, a down payment assistance program like Home Is Possible for example, or any other first-time home buyer Nevada loan option that would benefit you we will tell you all about it!

VA HOME LOAN- NO Down payment required, no minimum credit score set by the VA, although each lender, like PIF Lending like all va loan lenders has its own credit score requirement, and ours is 580. VA Loans have excellent interest rates and NO Purchase Limits on VA Loans as of 2021! Since VA Loans no longer have purchase limits, that means that qualified Veterans can purchase homes that would typically require a minimum of 20% down using a Jumbo Loan without putting any money down towards the down payment of the home. We can help you get your Certificate of Eligibility which is needed to verify your VA Home Loan benefits. 

CONVENTIONAL LOAN-Conforming loan limits are set by the FHFA, and the Conventional Loan Limit Clark County 2025 is $766,550. These loans can be used for Primary Residence, Investment Properties, and second homes. Higher credit score requirements and down payments vary from 3% to 20% on average with No Mortgage Insurance with 20% down, or 20% of the mortgage balance paid off. 

FHA LOANS-The FHA max loan limit for 2024 in Clark County, Nevada, for a single-family home, is $498,257. These loans have very low down payment requirements at only 3.5% down; they allow for lower credit scores, higher debt-to-income ratios, and shorter wait times after a BK or foreclosure. FHA Loans are insured by the Federal Housing Administration. 

DOWN PAYMENT ASSISTANCE-  We offer Home is Possible and Home Ready, which allows you to go from a 5% down payment to a 3%  down payment and also allows for reduced mortgage insurance which lowers your total monthly payment. Also, we have down payment assistance that finances your entire down payment available As Well.

REFINANCE- If interest rates are lower than when you purchased, or you have paid off a large portion of your loan balance and want a lower payment, this is a perfect option. 2020 and 2021 set the record for the lowest interest rates ever in the history of mortgage lending, and 2022 rates were still historically low. In 2023 rates are higher however greater inventory is available for buyers who want to take advantage of the market and refinance into a lower rate in the future. Rates are expeted to drop again in 2024 but we don't know yet exactly how much that drop will be.

Besides your down payment which can vary from no down payment at all on a VA Loan to as low as 3% on Conventional Homes Loans and 3.5% on an FHA Home Loans.  On Conventional Mortgages, you can put down 3%, 5%, 10%, or 20%, and you can add more money down if you choose to as long as you meet the minimum down payment requirement for each loan type.

 Besides the down payment, there are additional out-of-pocket expenses you should plan for no matter what mortgage lender you choose.  After you have completed your mortgage loan application and have received your loan pre-approval letter from us here at PIF Lending, your Realtor can help you submit an offer on a home.

 Once your offer is accepted, you will need to put down an earnest money deposit or EMD for short. The EMD is a deposit that you will wire to the escrow company that is held by escrow and is applied towards your total down payment at closing. If you are a VA buyer, even if you are not putting any money down on your home, you will still need to be able to place an earnest money deposit in escrow. That deposit will go towards your closing costs as a VA buyer, and any overage will be given back to you at closing if it's not all needed. Next, you will likely want to have a home inspection done, and this is an upfront out-of-pocket expense that will run anywhere from $275 - $1500 depending on the size of your home and if it has a swimming pool and spa or not. Most home inspections on homes less than 3500 square feet will cost an average of about $350. 

The next upfront out-of-pocket expense will be your appraisal, and appraisals can range from $500 to as high as $3500 on a luxury home priced over 2 million dollars. On average, appraisals run about $600, and you should plan on using a credit debit card to pay this fee which your lender will collect from you.  You can choose to have mold inspections, septic inspections, mechanical inspections, and water well inspections, to name a few, and those each have separate fees. Most home buyers start with a basic home inspection, and if there is any cause for alarm, they order additional inspections at that time. The next major out-of-pocket cost will be at closing approximately 30 to 45 days on average from when your offer is accepted. At that time, you will need the balance of your down payment and your closing costs, and those will be wired to escrow the day before you close. Your closing costs can consist of taxes, insurance, title fees, escrow fees, real estate brokerage fees, and lender fees. 

Now, here's where we differ from other lenders; at PIF Lending, we do not charge lender fees; however, most regular lenders and mortgage bankers charge a processing fee, an underwriting fee, and origination fees. Those fees can sometimes cost $1,000 for each separate fee! That's a ton of money that you DO NOT need to pay. This is just one important reason that you should choose us for all your mortgage lending needs. 

The first step is getting in touch with a lender you feel comfortable with. Someone you trust and someone you feel is an expert in the home loan space is essential for a smooth home buying process. At West Coast Mortgage Group by PIF Lending, we have some of the most experienced and honest loan officers in the entire state of Nevada. You can fill out a contact form, call our office or use one of the many scheduling links on this page of our website to set up a meeting.

A phone call, Zoom video meeting, or office meeting is the next step so we can go over your personal needs and provide the best options available. Using a Mortgage Broker that understands the lending guidelines for all available loan programs is essential in making sure you end up with the best rates and terms for your specific home financing needs.

Now that your lender has spoken to you and has given recommendations on what type of loan product fits your needs, it's time to fill out a mortgage loan application. This can be done right here by clicking the "Start Your Loan App" button link in the main menu at the top of the page. This will allow your mortgage loan officer to pull your credit and make recommendations on how to maximize your credit score. Based on your loan application, your lender will then ask you for documents like pay stubs, bank statements, 1099's,  your last 2 years' taxes, and any other needed documents. We can help you with your loan application over the phone, in person, on a video call, or in person. 

In order to see homes and make an offer on a property, you need a mortgage pre-approval letter. This letter will show exactly how much you are approved for, your down payment, and some conditions of approval that still need to be met, like a valid real estate contract and for your credit and finances to remain the same through your closing on a home. This letter is good for 90 days. Once you have this letter, your real estate agent can show you homes and help you submit an offer on your dream home. At PIF Lending, we do up-front underwriting, and we are so confident in our pre-approval process that we actually print a written guarantee that we will refund your appraisal fees and home inspection fees if we can not close your loan. (some restrictions apply, obviously, if you decide to buy a brand new Ferrari right before closing on your home, we can't guarantee you will still qualify."

How are Mortgage Brokers Paid or How Much Do Mortgage Brokers Charge? Federal law limits the amount of profit a mortgage broker can make on a loan to 3% of the loan amount which is disclosed on the settlement statement and can easily be seen by you as a home buyer when closing on your home loan. Regular mortgage lenders or mortgage bankers do not have to abide by this law, so they can charge more money, and they do not have to disclose this on the settlement statement, which is one reason your mortgage rates will likely be higher when using a mortgage banker for a residential mortgage loan because they are not limited to the 3% of total compensation that a mortgage broker like us is limited to. Another difference is that a regular lender or mortgage banker typically charges a loan origination fee, processing fee, and underwriting fee. These fees can range anywhere from $1200-to $1900, and those fees can be much higher on jumbo loans. As mortgage brokers, PIF borrowers simply do not pay those fees because we do not charge upfront lender fees. If I were searching for the best mortgage broker for my residential mortgage loan, I would look for a loan broker that offered mortgage loans near me; we are a mortgage lender in Las Vegas NV.

Mortgage Lenders In Las Vegas  NV  can vary greatly in what they charge in lending fees on their mortgage loans and mortgage rates. Your closing costs consist of hard costs like title fees, escrow fees, and taxes to name a few which are fees you will pay regardless of the lender you choose. Where the savings come in is on your upfront lender fees. At PIF Lending, we are Nevada Mortgage Brokers, so we do not charge up-front lender fees such as processing fees, underwriting fees, and origination fees which can add up to thousands of dollars that our PIF borrowers do not pay. Another way using a mortgage broker like PIF Lending saves you money is that we do not hike up your interest rate to make a bigger revenue on the loan as a regular lender or mortgage banker does. Paying a lower interest rate on your residential mortgage loan by using a residential mortgage broker can save you thousands and thousands of dollars throughout the life of your loan. So, in summary, paying no lender fees and paying a lower interest rate on your loan is how you save tons of cash on your home loan by using a loan broker vs a mortgage banker. We are the Best Mortgage Broker with the Lowest Mortgage Rates if you are searching for Mortgage Loans Near Me. Even if you are a First Time Home Buyer Nevada has plenty of options like down payment assistance programs that can help you with your out-of-pocket expenses. The Mortgage Loan Application will help us identify the absolute best residential mortgage loan for your needs.

Besides paying no lender fees and getting a lower interest rate, as Mortgage Brokers in Nevada, we can shop your loan to find you the lender with the absolute lowest rate and best terms for your particular home loan needs. We also have access to loan products that are outside the box of traditional federally backed loans. We have way more options to offer than a typical mortgage banker. And this service is completely free of charge to you when you obtain a PIF Lending mortgage loan. Another benefit of using a mortgage broker like PIF lending is that we work with lenders like United Wholesale Mortgage, and they have some really awesome loan programs, such as a 10%  down Jumbo Loan, which is nearly unheard of. We have an excellent relationship with United Wholesale Mortgage and can easily inform you about all the spectacular mortgage loans we offer through United Wholesale Mortgage.

Well, if you hate money and prefer to waste your hard-earned cash, then I guess using a Mortgage Broker in Nevada like PIF lending would be the only example we can think of. But let's get real, all jokes aside, mortgage bankers will try hard to sell you on the idea that they have in-house underwriters, which gives them an advantage in their mortgage loan process because they can talk to their underwriters if there is an issue on your file. The truth is that all underwriters follow the same lending guidelines whether they are in-house or not. What they won't tell you is that many mortgage bankers have underwriting departments that are in different buildings to prevent the lenders from unfairly influencing the underwriter's decision about home loans. As the best mortgage broker in Las Vegas, we can pick up the phone and call the underwriter at the lender we place your mortgage loan with just as easily as a mortgage banker can speak with their in-house underwriters. And we have the added benefit of offering super-low mortgage rates on top of all these other residential mortgage loan benefits. 

Credit scores directly affect the interest rate you will receive on your mortgage loan. The higher your credit score, the lower your interest rate will be. Typically a credit score above 720 is considered an excellent score. The higher your credit score is, the lower the risk may be that you will miss a mortgage payment or default on your home loan. Mortgage borrowers with lower credit scores can still qualify for a home loan, and FHA Loans are excellent options if your credit is not the best. With a 580 Credit score or higher, you can get a good interest rate and put as little as 3.5% down on a home purchase. If your credit score is between 500 and 580, you can still qualify for an FHA loan in Las Vegas, but you will need to put 10% down.

Lenders look at your credit score when you apply for a loan on a home, they look at the mortgage credit score, and they also look to see if you have had any bankruptcy or foreclosures in the recent past. Having a bankruptcy or foreclosure can cause your home loan to be denied even if you have a great credit score. For example, if you have had a Chapter 7 Bankruptcy at least 2 years need to pass, and you need to show that you have tried to re-establish good credit or at least have not incurred new credit obligations in order to qualify for an FHA Loan in Nevada. If you filed a Chapter 13 Bankruptcy and can prove at least a 1-year satisfactory payment history, you can still qualify for an FHA Loan in Clark County. If you have had a recent Foreclosure or a Deed In Liu of Foreclosure, unless it was a result of extenuating circumstances, you will not be eligible to receive an FHA loan even if your credit score is still relatively high.

The best credit tip we can give you is not to try and fix your credit alone. Certain things like paying off very old minor collections may actually hurt your credit score worse than not ever paying them at all. Please call us right now at (702)-421-1111, and we can run your credit and give you a step-by-step road map on exactly what you should and should not do to your credit. In general, paying your utilities, car payments, and credit obligations on time and paying down your credit card debt will help maximize your mortgage credit score. Don't close old accounts as this can negatively affect your credit since the length of your credit history is a major score factor. Don't open any new credit accounts or go above 30% of your available credit usage when applying for a mortgage loan.