The Best Mortgage Lenders in Ely, NV
Compare verified mortgage lenders serving Ely, Nevada. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ely
Featured Mortgage Lenders
Greater Nevada Credit Union
Greater Nevada Credit Union
As the only financial institution with a physical branch location directly in Ely, Greater Nevada Credit Union stands out as the most accessible and community-focused mortgage lender for local residents. With over 75 years of serving Nevada communities, they offer personalized service and deep understanding of rural Nevada real estate markets. Their mortgage team provides competitive rates with special programs for first-time homebuyers and flexible underwriting for rural properties. Members consistently praise their local decision-making process and commitment to Ely community development.
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Guild Mortgage Company
Guild Mortgage Company - Elko Branch
Guild Mortgage has established a strong presence in rural Nevada with their Elko branch actively serving White Pine County residents. With over six decades of mortgage lending experience, they specialize in serving hard-to-qualify borrowers and offer unique programs like their Zero Down Payment option. Their team has extensive experience with USDA rural development loans, which are particularly relevant for Ely homebuyers. Customers highlight their efficient processing and expertise with government-backed loans that work well in rural markets like Ely.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation - Reno Team
Fairway Independent Mortgage Corporation maintains a strong Nevada presence with their Reno team regularly serving clients throughout rural counties including White Pine. Known for exceptional customer service and competitive rates, they've built a reputation for handling complex rural property financing. Their extensive experience with VA loans makes them particularly valuable for veterans and military families in the Ely area. The company receives consistent praise for their responsive communication and ability to close loans efficiently in remote locations.
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Frequently Asked Questions
Common questions about mortgage lending in Ely, NV
What are the current mortgage rates like in Ely, NV, and how do they compare to national averages?
Mortgage rates in Ely typically align closely with national averages, as they are driven by broader economic factors. However, local lenders may offer competitive rates, and it's wise to compare offers from both local credit unions like Great Basin Federal Credit Union and national lenders. Rates can be slightly influenced by Nevada-specific factors like property insurance costs.
Are there any down payment assistance or first-time homebuyer programs specifically available for Ely residents?
Yes, the Nevada Housing Division offers several statewide programs, like the Home Is Possible (HIP) program, which provides down payment assistance and favorable mortgage rates, all accessible to eligible Ely homebuyers. Additionally, local lenders often have knowledge of and can guide you through USDA Rural Development loans, which are highly relevant for White Pine County due to its rural designation.
How does Ely's rural location and smaller market affect the mortgage appraisal process?
Appraisals in Ely can be more challenging due to fewer recent comparable home sales ("comps") in the immediate area. Appraisers may need to look at a wider geographic area or older sales, which can sometimes impact the appraised value. It's beneficial to work with a local lender and real estate agent who understand the unique comparables in neighborhoods like Murray or the Spring Valley area.
What type of property insurance considerations are unique to getting a mortgage in Ely, NV?
Lenders will require hazard insurance, and in Ely's high-desert climate, it's important to ensure your policy adequately covers risks like wildfire (especially in surrounding brush areas) and winter freeze damage. Furthermore, due to the rural setting, some insurers may have specific requirements for properties with wells or septic systems, which are common outside the city core.
For someone buying land to build on near Ely, what are the common mortgage options?
For purchasing vacant land, you'll typically need a land loan or a construction-to-permanent loan. Local banks and credit unions in White Pine County are often the best sources for land loans. If you plan to build, a USDA Construction-to-Permanent loan can be an excellent option, combining construction financing and a long-term mortgage into one loan with a single closing, ideal for the rural area.
Why Choose a Mortgage Lender in Ely?
Local Market Knowledge
Lenders who understand Ely's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Nevada.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Ely and get competitive rates on your home loan.