Nebraska Mortgage Rates
Compare Nebraska mortgage rates and choose the best option for your needs.
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- As low as 3% down on a fixed-rate mortgage
- Fed finally cuts rates!
- Down payments as low as 1%
- Explore Your Options
- Calculate a Payment for $0
- Minimum 620 credit score needed to prequalify
- 0% down USDA loan for rural homebuyers
- 97% of borrowers would recommend to friends or family
- 0% Down VA Loans for Veterans & Military
- Secure preapproval quickly with 24/7 access
- Competitively low VA rates, no PMI required
- Over 300,000 verified 5-star reviews
Mortgage in Nebraska: Top Lenders in 2024
Interested in purchasing a home in Nebraska State? Opting for a mortgage loan is the most straightforward approach, regardless of whether you're eyeing a residential estate or an apartment. However, keep in mind that the terms of home loans can vary significantly among different mortgage lenders (use our mortgage calculator to estimate your future expenses). In this guide, we'll explore some of the top-rated lenders and assess which ones merit your consideration.
NE Mortgage Lenders Comparison
Each lender under review is a reputable company known for offering reasonable rates and maintaining solid track records. To provide comprehensive information, we will compare them based on several key criteria such as APR, minimum down payment, minimal requirements, and more.
Quicken Loans Mortgage
Quicken Loans is the previous brand name of Rocket Mortgage, stands as the US-wide leader in capitalization among consumer lenders. Under its new identity, you can expect the same array of options, terms, and services. These encompass straightforward conventional mortgages, whether fixed or adjustable rates, as well as jumbo loans, home equity products, HELOCs, and federal-insured programs like FHA and VA, catering to both purchase and refinancing needs.
To secure a conventional loan, a minimum credit score of 620 is required. However, it's worth noting that the advertised APR for a 30-year fixed-rate mortgage stands at 7.199%, which is relatively higher compared to similar offers in the market. Nevertheless, the lender extends its services across all states and Washington D.C., ensuring nationwide accessibility.
| Pros: | Cons: |
|---|---|
| High availability. | No construction loans. |
| Easy application process. | Rates above the market average. |
| Plethora of experience. |
Paddio®
Paddio® is a mortgage lender based in Springfield, Missouri, providing a range of financial solutions including purchase, refinance, FHA, VA, and USDA loans. With Paddio®, you can secure your dream home with a down payment as low as 3.5% for Home Ready, Home Possible, or FHA loans. For conventional loans, which are a popular financing choice, down payments typically range from 3 to 20%.
However, it's important to note that Paddio's mortgage services are not accessible in New York, Nevada, New Jersey, or Utah.
| Pros: | Cons: |
|---|---|
| Low down payment options. | Not available nationwide. |
| Variety of loan types offered. |
NBKC Bank
NBKC is a Kansas-based bank renowned for its extensive mortgage offerings. These include conventional, FHA, VA, fixed-rate, and adjustable-rate mortgages, available to borrowers nationwide. The bank sets a minimum credit score requirement of 620 for eligibility.
As of the latest information available, the base rates advertised through their online calculator are as follows: 6.625% for a 30-year fixed mortgage, 6.990% for a 25-year fixed mortgage, 6.250% for a 20-year fixed mortgage, and 6.000% for a 15-year fixed mortgage.
| Pros: | Cons: |
|---|---|
| Calculating rates is easy. You don’t even need to provide contact information. | No USDA loans. |
| Has a specialty program for pilots. | No down-payment assistance options for clients who would qualify for them. |
| The required down payment is just 3% for conventional loans. |
Average Mortgage Rate in Nebraska from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in Nebraska.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in Nebraska
| Criteria | Amount, $ |
|---|---|
| The median home value in Nebraska | $202,796 |
| The income required to buy the median priced home in Nebraska | $33,227 |
| The monthly mortgage payment required to buy the median priced home in Nebraska | $769 |
| The median household income for Nebraska | $68,393 |
Things to Consider When Choosing a Mortgage Lender
Taking out a mortgage loan entails a significant commitment spanning 15 to 30 years, necessitating careful consideration before entering into an agreement with any lender. When selecting a lending institution, several fundamental aspects warrant careful attention.
Type of Lender
Essentially, there are two main options when it comes to securing a mortgage: traditional banks and online mortgage lenders. Banks often present competitive rates, albeit they typically adhere to stringent credit checks. Approval processes tend to be lengthier, and meeting eligibility criteria can be challenging. On the other hand, online lenders operate with greater speed, and their prerequisites for homebuyers are generally less stringent.
APR and Fees
Every loan incurs costs, and mortgages are no exception. These costs encompass more than just the interest rate; they also involve additional fees like the origination fee, mortgage insurance fee, closing costs, and others. As of the latest data, for a fixed-rate 30-year loan, the average mortgage rate in Nebraska stands at 6.58%.
Terms and Conditions
In this context, it's crucial to factor in the minimum down payment requirement, which can range from 0% to 20% depending on various factors such as the loan type and your current status (e.g., military, employed, self-employed, etc.). Another significant parameter is the lifespan of the loan, denoting its total length. Common options include 15 and 30 years.
What Mortgage Lender is the Number One in Nebraska?
The array of reputable mortgage lenders in NE is extensive, making it challenging to provide a definitive answer to this question. The choice ultimately depends on various factors. For instance, Rocket Mortgage stands out as an industry leader, boasting a loan volume of $11.5 billion in 2021. To make an informed decision, consult our list of recommended lenders.
First-Time Homebuyer Programs in Nebraska
Navigating the process of buying a home for the first time can be daunting. Fortunately, residents of Nebraska have access to various governmental programs aimed at enhancing mortgage affordability.
- Federal Housing Administration (FHA) loan program. Under this initiative, buyers receive insurance from the federal government, with the insurance fee incorporated into the total loan cost. In exchange, homebuyers enjoy significant benefits such as low-interest rates and minimal credit requirements. For instance, FICO scores as low as 500 and a debt-to-income ratio of just 50% are accepted.
- USDA loan program. Geared toward individuals residing in rural areas, this program offers participants the opportunity to obtain a mortgage loan with no down payment requirement. However, their annual income must not exceed 115% of the average income in the respective region.
- VA loan programs. Insured by the Department of Veterans Affairs, these mortgage options are accessible to former military personnel or their spouses, providing a valuable opportunity for home ownership.
Pre-Approval: What Does It Mean?
A preliminary approval serves as a confirmation of a prospective homebuyer's credibility, signaling to home sellers that lenders are prepared to approve a mortgage loan for the buyer. To obtain pre-approval, individuals must provide documentary evidence of their financial capacity. A typical document set includes earning statements, account statements, a W2 form, or alternative proof of income spanning at least 2 years. Additionally, completing the Uniform Residential Loan Application form is necessary.