Compare mortgage rates and fees for leading lenders in Elko, NV. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Elko.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Elko. Plus, shopping lenders is free and there is no obligation.
February 25, 2020
The current average rate for a 30 year fixed rate mortgage in Elko is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Elko. Understand how much you need to earn to afford a home in Elko, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Elko fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Elko is right for you.
The median home value for Elko, NV is $248,546
Based on current mortgage rates and a 10% down payment, you need to make $44,732 per year to buy the median priced home in Elko
With this income, you could qualify for a $223,692 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Elko is $1,036
The median household income for Elko, NV is $80,340
Based on this income, you can afford a home valued at approximately $446,400
The home price you can afford to buy based on household income in Elko is 180% of the median home value which means housing prices are average. Elko ranks 9 out of 17 counties in Nevada and 1,960 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Elko, NV is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Elko below.
Conforming loan limits for Elko, NV
FHA loan limits for Elko, NV
VA loan limits for Elko, NV