Northern NV Mortgage Resource for Buyers

Buying a home isn’t just about finding the right property — it’s also about finding the right loan.

This guide gives you a quick start: clear definitions of common lending terms, an overview of the types of lenders you may meet, and a list of licensed local professionals you can reach out to if you’d like. Every buyer’s situation is different, and it’s always a good idea to compare more than one lender before making your choice.

  • Key Terms Explained – Simple definitions that make lender conversations easier.

  • Types of Lenders – How banks, credit unions, brokers, and direct lenders differ.

  • Questions to Ask – A checklist to help after your first lender calls.

  • Local Contacts – Licensed Northern NV lenders, presented as a resource for your convenience.

What You’ll Find Here

Key Mortgage Terms Explained

When you start talking with lenders, you’ll hear a lot of industry terms that can feel overwhelming. To make those conversations easier, here’s a plain-language guide to the most common mortgage words you’ll come across. Understanding these ahead of time will help you ask the right questions and feel confident comparing loan offers. If something feels unclear, it’s always okay to pause and ask your lender to walk you through it.

APR (Annual Percentage Rate)

The total cost of your loan each year, including interest and most fees. Helpful for comparing lenders.

Rate Lock

An agreement that holds your interest rate for a set time while your loan is being processed. Ask your lender how long locks last and what happens if it expires.

Points (or Discount Points)

Optional fees you can pay upfront to lower your interest rate. Worth asking if buying points makes sense for your situation.

PMI (Private Mortgage Insurance)

Extra insurance often required if your down payment is under 20%. Ask when it applies, how much it costs, and when it can be removed.

LTV (Loan-to-Value Ratio)

The loan amount compared to the home’s value. Lenders use this to gauge risk — higher down payments lower your LTV.

DTI (Debt-to-Income Ratio)

Your monthly debts compared to your income. Lenders use this to size your approved payment range.

Pre-Approval vs. Pre-Qualification

Pre-approval means your income, credit, and documents are verified — stronger than a verbal pre-qual. Ask your lender which one they provide.

Closing Costs

The mix of fees paid at the end of a purchase — things like lender charges, title and escrow services, recording fees, taxes, and sometimes prepaid insurance or interest. In addition, there are commissions to your agent’s brokerage that are part of the overall transaction. Depending on the market and the terms you negotiate, your agent may also be able to request that the seller contribute toward some of your closing costs.

Escrow / Impounds

Part of your monthly payment may be set aside for property taxes and insurance. Ask your lender how this is handled and whether it’s required for your loan.

Fixed vs. ARM (Adjustable-Rate Mortgage)

A fixed loan keeps the same interest rate for the whole term. An ARM starts with a set rate, then can change later. Ask your lender how often it could adjust and what the cap is.

Buydown (Temporary vs. Permanent)

A temporary buydown lowers your rate for the first year or two; a permanent buydown lowers it for the life of the loan. Ask your lender to show you the total cost versus savings so you can compare.

Underwriting vs. Processing

Processing means gathering and checking your paperwork. Underwriting is the review that decides if the loan will be approved. Ask your lender what timeline to expect for each step.

NMLS ID

Every licensed loan officer has an NMLS ID you can look up on the Consumer Access website. Ask for their ID so you can verify their license and background.

Types of Lenders You May Meet in Northern Nevada

Banks, credit unions, brokers, and direct lenders all operate a little differently. Having a basic understanding of those differences will make your lender conversations clearer and easier as you explore your options. Below you’ll find a breakdown of how these lender types differ so you’ll know what to expect before you pick up the phone.

  • What they are: These lenders handle the entire loan process in-house—from origination to funding—with their own capital. That means they maintain control over how quickly things move and how communication happens during the process.

    When it may matter: If you prefer a smoother process managed under one roof, with less likelihood of your file changing hands.

  • What they are: These lenders originate and fund your loan themselves, but typically sell it to a larger investor shortly after closing. You start with them, but the long-term servicing or financial backing moves elsewhere.

    When it may matter: If you're looking for a broad range of programs and local touches—but understand your loan might be serviced by a different company later.

  • What they are: Independent professionals or firms who don’t lend their own money but work with multiple wholesale lenders to find loan options for you. They act as a “middle point” between you and wholesale investors.

    When it may matter: If you want access to a wide variety of investors and programs with a single application, or prefer more personalized guidance.

  • What they are: Large, traditional banks that offer mortgage lending as one of many financial services (alongside checking, savings, auto loans, etc.). Their loan departments are typically highly regulated and standardized.

    When it may matter: If you already have accounts there and want all services in one place, or if you prefer working with a household-name institution.

    Examples: Wells Fargo, Chase, Bank of America, U.S. Bank.

  • What they are: Member-owned financial institutions. They usually focus on serving specific communities or professions and often emphasize localized lending decisions. Membership is required to borrow.

    When it may matter: If you want a more community-focused lender, potentially lower fees, or specialized programs tied to membership.

    Examples: Greater Nevada Credit Union, America First Credit Union, Navy Federal Credit Union, Great Basin Federal Credit Union, Sierra Pacific Credit Union, and One Nevada Credit Union.

  • What they are: Primarily digital lenders with app-based applications and processing. Many operate nationally, with less emphasis on local branches. They focus on convenience, speed, and extended online support.

    When it may matter: If you prefer a fully online experience, like applying after hours, and don’t need face-to-face interaction.

    Examples: Rocket Mortgage, Better.com, LoanDepot (online divisions).

  • What they are: Smaller community banks or specialty lenders that keep some loans “on their own books” rather than selling them on the secondary market. This gives them more flexibility with unique borrower situations.

    When it may matter: If your scenario needs non-standard guidelines (self-employed borrowers, unique properties, higher-risk situations) or if you want local underwriting discretion.

Smart Questions to Ask a Mortgage Lender

Once you’ve had your first calls with a few lenders, it helps to have a checklist in hand. The goal isn’t to make things complicated, but to make sure you’re comparing apples to apples. These questions cover things like rates, fees, timelines, and loan programs — the kinds of details that can make a big difference in your buying experience.

Must-Ask Questions for a Lender

  1. What’s my rate — and what will it cost me?

    • Ask for today’s interest rate and a full Loan Estimate (fees, points, and APR).

  2. What loan programs do I qualify for?

    • Conventional, FHA, VA, USDA, jumbo — and which fits my needs best?

  3. How much cash do I need at closing?

    • Down payment, closing costs, and reserves — no surprises later.

  4. How quickly can you close?

    • Typical timeline from accepted offer to keys in this market.

  5. Who will I be working with day-to-day?

    • Direct contact with you, or a hand-off to a processor or team?

  6. Will my loan stay with you after closing?

    • Or will it be sold to another servicer?

  7. What happens if rates change after I lock?

    • Do you offer a float-down option if rates drop?

  8. Is there anything else you feel I should know about the process that I haven’t asked?

    • Lets the lender highlight risks, options, or helpful tips you may not have considered.

  9. If I have an after-hours question, is there a way to reach you?

    • Clarifies communication expectations and availability.

Local Mortgage Contacts in Northern Nevada

To help you get started, I’ve put together a list of licensed lenders who serve homebuyers throughout Northern Nevada. I’ve become familiar with these professionals through industry education and local involvement. Think of this list as a starting point to explore your options and begin conversations.

Disclaimer: I do not receive referral fees or compensation for including any lender in this resource. The information is provided solely for educational purposes and should not be construed as legal, financial, or lending advice. You are encouraged to consult with multiple licensed lenders and select the professional you feel is the best fit for your needs. Inclusion of any contact here does not constitute an endorsement, and buyers are free to work with any licensed lender of their choice.