Residential Mortgage

Lending Options

We have all the financial tools and services for your residential mortgage needs. Learn more about our lending options* below.

Lending Options
Home Purchase

Are you in the market for a house? We can help. We have a variety of programs and options to fit your situation. One of the best methods is applying for a mortgage loan before you find the perfect home. This helps narrow your search in terms of affordability and practicality. Provide us some basic information and we will do the rest. We will issue you a pre-qualification letter to assure your real estate agent and home sellers that you are a qualified buyer.

Once you find your ideal home, call your Mortgage Relationship Manager to complete the application process. Once we have all the information, subject to verification, an offer and acceptance (sales contract) and the necessary title, appraisal and other closing information, we will complete the processing of your application and begin the closing process. During this period you will have the opportunity to lock in your interest rate.

Refinance Options

There are many reasons to refinance your home. Most importantly, you will need to be clear about your refinancing goal. Your Nevada State Bank Mortgage Relationship Manager can help. Refinancing a mortgage loan can change many of the characteristics of your loan. The following are examples of the loan characteristics that may change: your monthly payment, time to repay your mortgage, and the interest rate you are paying.

The number one reason to refinance is to lower your monthly payment by taking advantage of lower interest rates or other cost and payment saving options. Another option is to shorten the term of your mortgage; for example, moving from a 30-year to a 15-year loan or from an interest-only type of loan to one where you begin to reduce the principal loan balance.

  • No Cash Out (often called a Rate and Term Refinance). The usual purpose of this type of refinance is to lower the monthly payment by lowering the loan interest rate and/or changing the loan program; that is, changing the type of mortgage loan you have, for example, from an Adjustable Rate Mortgage (ARM) to Fixed Rate, or from a 30-year to a 15-year mortgage.
  • Cash Out Refinance. There are many reasons to use the equity in your home. Making home improvements is a very common reason. Improvements include upgrading kitchens, bathroom, flooring, adding a room, a patio and so on. It could even be a combination of all the examples. By doing this, the home is modernized and the improvements can often increase the value of the home. Another popular reason to refinance is to consolidate bills; that is, pay off high-interest credit cards and improve monthly cash flow. Mortgage interest rates are typically much lower than credit card rates. Therefore, you can actually save money.
Mortgage Options
  • Fixed-Rate Mortgages (FRM). In a fixed-rate mortgage loan, the interest rate and your monthly payments remain the same (fixed) for the period of the loan. The most common or typical periods for a FRM are 30 years and 15 years. Other periods for a FRM include 10, 20, or 25-years, and in some cases, longer. A feature of the payments in a "fully" amortized FRM loan is that the payments and interest are calculated so that at the end of the payment period or end of the loan term, the mortgage loan is paid in full.
  • Adjustable Rate Mortgages (ARM). With an ARM, the interest rate and the associated monthly payment are variable (they can fluctuate over the life of the loan). The periodic adjustments or changes are based on a defined index associated with a particular interest rate program. Examples of the most common indexes include: Treasury Bill (T-Bill), 12-Month Treasury Average (MTA or MAT), London Inter Bank Offering Rates (LIBOR), and Bank Prime Loan (Prime Rate).
  • Hybrid ARM Mortgages (the blending of two mortgage programs). The most common types are called 3/1, 5/1 and 7/1 Mortgages. These types of mortgages are 30-year mortgages using the features of both a fixed-rate and an adjustable-rate mortgage. For example, in a 5/1 mortgage, the "5" indicates that the rate is fixed for the first five years and then the loan becomes an adjustable rate (adjusted yearly) for the remainder of the term. In this example, for the last 25 years, the loan is an adjustable rate mortgage. The "1" indicates the adjustment period for the ARM portion of the mortgage. In a 3/1 hybrid mortgage, after the 3-year fixed period, the ARM portion of the mortgage can adjust each year. The amount of adjustment is dependent of the type of index tied to the loan program (see Adjustable Rate Mortgages above for some examples.) With a Hybrid ARM, the interest rate and the associated monthly payment are variable or can fluctuate over the life of the loan after the initial fixed-rate period.
  • Combo Loans. More popular variations of these loans are the 80/15 or 80/10 programs. In these cases, two separate and distinct loans or mortgage programs are used together to finance the property. The numbers represent the amount of the loan in percent of value of the property or Loan to Value (LTV). For example, with the 80/15 program on a $300,000 property, the first loan or mortgage would be $240,000 or 80% of the established property value and the second loan or mortgage would be $45,000 or 15% of the established property value. Taken together, the loans or mortgages make up 95% of established property value. The two major benefits of this type of loan are the avoidance of private mortgage insurance and the possibility of having more tax-deductible interest at the end of the year (please see your tax advisor on this subject).
  • Conventional Mortgage. Currently these mortgages are limited to a minimum of 10% down or a maximum of a 90% Loan to Value (LTV) due to the current economy. The current limit for these loans is $417,000.
  • FHA-Insured Mortgages. Nevada State Bank is an approved HUD/FHA Lender. FHA loans are perfect for the first-time home buyer and others. These loans are insured by the federal government and provide for a lower down payment. As low as of 3.5%. FHA Insured Mortgages are designed to help make home ownership possible for millions of Americans.
  • VA Mortgages (Department of Veterans Affairs Loans). Nevada State Bank is authorized to complete a limited number of these loans annually. These loans offer the lowest down payment and are designed to help active duty and retired military members obtain home ownership.
  • Jumbo Loans. These are first mortgages with loan amounts that exceed $417,000 (for a single family residence; the limits are higher for 2-4 unit properties). These loans have a slightly higher rate of interest than a conforming mortgage (a mortgage less than $417,000) and slightly different loan criteria. Generally, the same types of loan programs are available for this category of loan program. Please contact a Mortgage Relationship Manager for specific details.
  • US Department of Agriculture (USDA) Rural Housing Loan. For more information please speak to one of our Mortgage Relationship Managers.
Loan Documentation Checklist

Click here to download the Loan Documentation Checklist.

Buying or Refinancing a Home?

Drop by your local Nevada State Bank branch or call a Relationship Manager today at 800-727-4743  to find out how our Personal Banking Services can benefit you.

*Loans subject to credit approval, restrictions apply.

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