Which mortgage lender in the Reno, NV area typically has the best rates? To help you narrow down where to shop for a mortgage, MortgageWaldo.com provides an objective and data driven ranking of mortgage lenders operating in the Reno, NV area by interest rate and market share. We maintain our independence by not accepting any compensation from the mortgage lenders we rank, and use data on all fixed rate mortgages that were closed in the past year to generate our rankings.
Going by historical data, the best mortgage lender in the Reno, NV area in terms of interest rate is One Nevada Credit Union, with an average “Rate Difference” of -0.29%. This means that, comparing similar borrowers, One Nevada Credit Union provided a -0.29% lower interest rate for its customers than other lenders in the area. One Nevada Credit Union has a market share of 0.7%. On the other hand, the most popular lender in the Reno, NV area is Guild Mortgage Company, with a larger market share of 16.1%. Guild Mortgage Company is an average lender in terms of the interest rate it offers, with a “Rate Difference” of +0.05% compared to those of other lenders in this area.
Our detailed ranking of mortgage lenders in the Reno, NV area is shown in the table below. In the table, we also give our assessment of whether they are, on average, a cheap/expensive lender through a star rating system. You can choose to tailor our ranking table to a specific mortgage type (Conventional/Jumbo/FHA/VA) and purpose (purchase/refinance) through the drop-down menu. For example, going by historical data, the cheapest lender for Conventional mortgages in Reno, NV is One Nevada Credit Union. If you want to take out a loan that is above conforming limits (above $548,250 or $822,375 depending on the area in 2021), the cheapest Jumbo mortgage provider is Bank of America. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is loanDepot. The cheapest VA mortgage provider is Navy Federal Credit Union. Note that as a consumer advocate we always recommend shopping among several of our top ranked lenders in order to get the best rates and fees.
Ranking of Mortgage Lenders in Reno, NV
* Data is compiled for the Reno, NV commuting zone area, which comprises of counties of Churchill County, NV, Lyon County, NV, Mineral County, NV, Storey County, NV, Washoe County, NV, and Carson City, NV. This includes cities/towns/communities of Reno, NV as well as Sparks, NV, Carson City, NV, Fernley, NV, Spanish Springs, NV, Dayton, NV, Cold Springs, NV, Sun Valley, NV, Incline Village, NV, Fallon, NV, Washoe Valley, NV, Silver Springs, NV, Lemmon Valley, NV, Verdi, NV, Virginia City, NV, Empire, NV, Yerington, NV, Smith Valley, NV, Hawthorne, NV, Schurz, NV, and Wadsworth, NV. Lenders must have made at least 30 loans in the area to be included. Source of the data is Federal Financial Institutions Examination Council (FFIEC). Rate Difference (the average difference of interest rates relative to those of other lenders) were computed by subtracting the rate at origination from the average predicted rate conditional on the commuting zone, borrower LTV, DTI, Loan Amount, Loan Type, and Loan Purpose, and then regularized based on a Bayesian approach to account for smaller sample sizes. Above-average mortgage closing costs were then added to the rate difference at a rate of +0.15/point. Star ratings were determined in intervals of 0.10% in rate difference per half star.
Mortgage Lender Rankings in Other Cities
This page contains information about the top mortgage lenders in the Reno, NV area. For mortgage lender rankings in other cities, click here.