We’re here to help.
Whether you want to purchase or refinance your home, there are some things you can do now to prepare for and make your home loan process faster and easier. Here’s what we recommend.
Check Your Credit
If you’re already a One Nevada member, just log in to Online Banking and tap ‘Credit Score’ to get your free credit report and score.
If you’re not a current One Nevada member, you are allowed to receive up to one free credit report annually from the nation’s top credit reporting agencies. Learn more.
Once you get your report, review it carefully for duplicate accounts, inaccurate information, and other data that could affect you qualifying for a home loan. If there are errors, get them fixed in writing with the reporting agency.
Know What You Can Afford
One of the biggest factors in the home loan process is your debt-to-income ratio (DTI). To calculate yours, add up all of your projected monthly housing expenses (including an estimate of your monthly mortgage payment) and divide that number by your gross, pre-tax monthly income. The goal is to keep that ratio below 36%. You can also check out our Affordability Calculator.
Gather your info
With our easy, online application process, you can apply now for your home loan in minutes. It’ll go faster if you gather the following items. Depending upon your situation, we may ask for more info, but just about everyone needs the following items to get started.
- Last two years’ tax returns
- Social security numbers for each applicant
- Latest W2s for each applicant
- Bank and retirement account statements
- If applicable, divorce decree(s) that highlight court-appointed payments or awards
Keep the Down Payment in Mind
Gathering a down payment can be one of the bigger expenses, and for some, the biggest obstacle when buying a home. By paying upwards of 20% of the total amount for the home, you can avoid private mortgage insurance (PMI) and save money on your interest rate. We offer both low and no-down home loan options, and we are a certified, Home is Possible lender, which offers down payment assistance programs. Call us to explore your options.
Las Vegas: 702-382-4094
Reno: 775-827-3880 x 4643
Before choosing your lender, shop around. Sure, we want you to choose One Nevada, but we also want you to do what’s right for you and your family. Just be sure you get a good faith estimate from every possible lender. This document will help you compare each offer based on the interest rate and overall cost of the loan as well as an estimated monthly payment.