Home Buyers in Truckee and Surrounding Areas Now Have a New Mortgage Resource
With average home prices well over $500,000 in Truckee and many surrounding Lake Tahoe areas, Greater Nevada Mortgage (GNM) has expanded its services into California to assist buyers in a highly competitive –and often challenging—market.
GMN has been serving the Sierra Nevada region since 2001 and recently obtained its California mortgage license in order to provide the same products and services that have been available in Nevada.
“We’ve been working with borrowers and real estate professionals around the state line for many years,” said GNM Executive Vice President James Anderson. “It’s a desirable area, though there’s a wide span of income ranges while housing inventory is typically low. That creates fewer opportunities for families to purchase and remain in a home.”
Anderson said that GNM’s home loan programs, such as those for first time home-buyers and those re-entering the market after rebuilding credit, offer options that can provide greater relief. That might include a lower down payment requirement or rates that keep monthly payments in check.
According to November 2017 data from Realtor.com, the average closing price of a home in Truckee, CA was $547,000, while the U.S. Census shows that Truckee’s average household income is $77,320. In Tahoe City that average closing price jumps to $685,000, with average household income only $61,818. When you consider what a household with an income of $70,000 takes home in net pay, there’s not much left over after the mortgage is paid in higher priced areas.
Anderson says that for years GNM has provided mortgages for borrowers in Incline Village, where currently the average closing price of a home is $700,000 and the average household income is $73,329. Ensuring a borrower is getting the right loan to make that home an affordable part of a monthly budget is critical for maintaining healthy finances.
“Buyers don’t always consider all the upfront and ongoing expenses of financing a home,” said Anderson. “Understanding housing in these areas, including repairs and upgrades often needed in this region, enables our consultants to look beyond just financing the purchase. They discuss what other costs should be considered and how that fits into the overall budget and price.”
According to Anderson, there are a few things potential buyers can do to increase their chances of landing a home they can comfortably manage. One thing buyers should consider is obtaining a loan pre-approval, which keeps the focus on properties that are realistically within your price range. Doing so may also increase your chances of having an offer accepted since with a pre-approval the seller knows that your financing qualifications have been verified.
Once the offer is accepted, the process begins and it can sometimes feel overwhelming, particularly with all of the paper work involved.
“GNM was the first to launch a digital closing platform in Nevada,” said Anderson, “and we’re now offering that same option to our California clients. It reduces the time needed for processing the mortgage and signing loan documents, so buyers and their agents can finish closing their transaction that much faster.”
Greater Nevada Mortgage offers no-cost, no-obligation consultations for home buyers looking to purchase or refinance. For more information about GNM, licensed in both California and Nevada, call 800-526-6999 or click here to contact one of our California consultants.