Guide to Refinance, Mortgage,
& Home Equity Loans in
North Las Vegas, Nevada (NV)

What do we always think about when we hear Las Vegas? Most of us think about casinos, grand hotels and vacations. North Las Vegas is a little different. While North Las Vegas is a part of the metropolitan area, it is best known for Nellis Air Force Base, as well as North Las Vegas Airport. Scenic Airlines, a regional airline for sightseeing, maintains its hub here. North Las Vegas is in Clark County, NV with a population of over 200,000. The median income for households in North Las Vegas is $46,000. Living in North Las Vegas, you probably have a mortgage or wish to obtain a mortgage. Here’s a bit of what you can expect if you’re looking for a refinance loan or a new mortgage.

When you first speak with a lender, you can expect a credit check. Lenders like to know what your history is with the loans you’ve had in the past, and a look at your credit report will tell them just that. If you have poor credit, this is nothing to fear. There are a number of North Las Vegas mortgages, refinance loans and home equity loans that are perfect for anyone with any type of credit.

After the credit report, expect to have to submit some paperwork to get your loan. You’ll need a number of documents that will establish your current income, your average income and your employment status and history. Bring a copy of your W-2 forms for the last two years to the meeting. A copy of your federal tax forms for the last two years will also be helpful. Additionally, you’ll need to bring in pay stubs from the last two months. Bank statements from that period will help as well. Finally, be sure to bring cancelled rent or mortgage checks form the last two months to the meeting with your lender.

Once your lender has your application for a loan, you’ll be sent several documents within three days. The first of these is a Good Faith Estimate. This document will help to outline all of the costs involved with your loan. You’ll see entries for things like application fees and appraisal fees on this document, and while it should give you a pretty good idea of what you’ll pay at closing, it won’t be permanent just yet. You’ll also get a copy of your Truth in Lending Act statement. This will disclose the APR on the loan you’ve applied for, as well as the costs that are figured in with that APR. Finally, the chances are pretty good that you’ll see an Equal Credit Act disclosure form. This simply helps you to understand that while you may be denied for a loan, you will not be denied for a loan on the basis of your race, gender or religious affiliation.

Your mortgage, refinancing, or home equity loan will then go into the underwriting process. Depending on the type of loan you’ve applied for, this can take anywhere from forty-eight hours to three weeks. Lenders must examine the risks of the loan before they can make their final offer.

When the lender is pleased with your background and the loan, you’ll be notified of your closing date. At that time, you need to have a certified check prepared for the amount of your closing costs. Many refinancing and home equity loans are free of closing costs, so talk with your lender about exactly how much you’ll be expected to pay at this time. Expect to sign a lot of paperwork at closing. You’ll see a copy of your Good Faith Estimate, but this time around it will be called your HUD-1 Settlement Statement. If your APR has changed during the process, you’ll also see another copy of the Truth in Lending Act Statement.

If you’re interested in a North Las Vegas mortgage, refinancing or home equity loan, please fill out the form below so that you can talk with a mortgage professional today about your options.

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Last Updated: Wednesday, May 23rd 2012