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About Valley West Mortgage

We are the premier Mortgage Broker in Las Vegas, NV. We have become experts in a variety of Las Vegas Home Loans designed specifically for your individual needs. Our mortgage expertise is in working with you to insure that you get the best value, service and loan product for your specific needs.

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Valley West Mortgage Loan Benefits

We have been in the business of offering the best mortgage rates in Nevada, Colorado, New Mexico, Idaho, Oregon, and Washington. * Valley west Mortgage is dedicated to offering you with the lowest mortgage rates possible, with the highest quality of services while having a smile. Our team is here to help first time home buyers, or returning home owners understand the current mortgage market to make the best financial decisions for you and your family.

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Mortgage News

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January 11, 2017
FHA BRINGS IN THE NEW YEAR WITH MIP CUTS FOR BORROWERS! The Federal Housing Administration, also known as the FHA, has decided to bless borrowers this year by cutting mortgage insurance premiums. Who is the Federal Housing Administration? The Federal Housing Administration, simply called the FHA, is the government body that sets standards for the processing of mortgage loans. Most notably, the FHA insures loans made by banks that have been FHA approved. The Mutual Mortgage Insurance Fund created and backed by the FHA has grown exponentially in the past four years under the Obama Administration. This means that the FHA now has the flex room it needs to provide an opportunity for savings for deserving and responsible borrowers. What does cutting Mortgage Insurance Premiums mean for our borrowers? The cut in MIP (Mortgage Insurance Premiums) will apply to FHA loans with a closing or disbursement date on or after January 27, 2017. The FHA cut in Mortgage Insurance Premiums is going to do wonders for the borrowers who have to deal with this new environment of rising interest rates. The FHA is predicting that homeowners will be able to save an average of $500 per year. The cut in Mortgage Insurance Premiums means that the cost of housing will decrease and the opportunity for mortgage credit availability will meaningfully expand. In a nutshell, more borrowers will have the opportunity to take out FHA loans because the cost of obtaining an FHA loan is being reduced. What does cutting Mortgage Insurance Premiums mean for Valley West Mortgage? We love originating loans for our borrowers at Valley West Mortgage. We (as your lender) bear risk every time we lend money to homeowners. To offset that risk, borrowers pay a Mortgage Insurance Premium at closing as well as an annual mortgage insurance premium that is a small percentage of the loan amount. That premium paid by the borrower then goes toward the Mutual Mortgage Insurance Fund, an account that will pay back the lender if the mortgager falls on hard times and defaults on their loan. Mortgage Insurance Premiums being cut by the FHA means that we will be able to originate even more FHA loans for our borrowers because the required premium at closing will be of a smaller amount than it has been in the past. Let’s Recap The Federal Housing Administration or FHA, charges a small percentage of your loan amount to insure your loan against a default. This small percentage that is paid once at closing, and once annually is called your Mortgage Insurance Premium or MIP. The MIP is a part of the cost of your loan. When the cost of the mortgage insurance premium is cut, it allows more borrowers to meet the debt to income ratio that is required to take out an FHA loan. Borrowers that may not have been eligible to meet the standards before now have a chance to enter into the homeowners world. Lenders for whom business may have been slow

Private Mortgage Insurance is Temporary. Here’s Why.

December 22, 2015
Home buyers who can’t put at least twenty percent (20%) down usually have to carry private mortgage insurance, often an expensive proposition. One good thing about the insurance, though, is that it doesn’t last forever. Private mortgage insurance protects the lender in the event that a borrower stops making payments before building up much equity in the property. A borrower who diligently pays down a loan, eventually crossing that twenty percent (20%) equity threshold, is no longer considered a big risk, and can expect to be rewarded with cancellation of this requirement. Under the Homeowners Protection Act of 1998, lenders must terminate the insurance after a certain point, something that hadn’t been done consistently before then. The act set the termination date as the point at which the principal balance on the loan is scheduled to reach 78 percent of the original value of the home. In other words, if you buy a home for $100,000 and put ten percent (10%) down, your starting loan balance is $90,000. Once you have paid enough toward principal that the balance reaches $78,000, or twenty percent (20%), the insurance policy should be automatically cancelled. A compliance bulletin issued earlier this month by the Consumer Financial Protection Bureau reminded lenders that automatic insurance cancellation is required even if the value of the home has declined from the original value (in other words, the sales price). The law also creates a way to seek earlier cancellation. The cancellation rules do not apply to the low-down payment loans backed by the Federal Housing Administration as borrowers must pay insurance for as long as they have an FHA loan if the loan was acquired after June of 2013. Read The Full New York Times Article Posted August 30th, 2015

2016 Maximum Conforming Loan Limits Established for Fannie Mae and Freddie Mac

December 10, 2015
Valley West Mortgage is licensed in California, Colorado, Idaho, Maryland, Nevada, New Mexico, Oregon, Utah, Virgina, and Washington. 2016 Maximum Conforming Loan Limits Established for Fannie Mae and Freddie Mac National Baseline Loan Limit Remains Unchanged; Limits Rise for 39 High-Cost Areas The Federal Housing Finance Agency (FHFA) today announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2016 will remain at existing levels, except in 39 high-cost counties where they will increase. In most of the country, the loan limit will remain at $417,000 for one-unit properties. The Housing and Economic Recovery Act of 2008 (HERA) established the baseline loan limit at $417,000 and mandated that, after a period of price declines, the baseline loan limit cannot rise again until home prices return to pre-decline levels. The $417,000 loan limit will stay the same for 2016 because FHFA has determined that the average U.S. home value in the third quarter of this year remained below its level in the third quarter of 2007. The state of Colorado will see the highest increase. In 2015, the Maximum Conforming Loan Limit was $424,350. In 2016, the Maximum Conforming Loan Limit will increase to $458,850. The increase is a grand total of $34,500. HERA provides for higher loan limits in high-cost counties by setting loan limits as a function of area median home value. Although the baseline loan limit will be unchanged in most of the country, 39 specific high-cost counties in which home values increased over the last year will see the maximum conforming loan limit for 2016 adjusted upward. Although other counties also experienced home value increases in 2015, after other elements of the HERA formula—such as the statutory ceiling and floor on limits—were accounted for, these local-area limits were left unchanged. A list of the 2016 maximum conforming loan limits for all counties and county-equivalent areas in the country may be found here. A description of the methodology used for determining the maximum loan limits can be found in the attached addendum. Addendum: Calculation of 2016 Maximum Conforming Loan Limits Under HERA CONFORMING LOAN LIMITS Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit.” Loans above this limit are known as jumbo loans. The national conforming loan limit for mortgages that finance single-family one-unit properties increased from $33,000 in the early 1970s to $417,000 for 2006-2008, with limits 50 percent higher for four statutorily-designated high cost areas: Alaska, Hawaii, Guam, and the U.S. Virgin Islands. Since 2008, various legislative acts increased the loan limits in certain high-cost areas in the United States. While some of the legislative initiatives established temporary limits for loans originated in select time periods, a permanent formula was established under the Housing and Economic Recovery Act of 2008 (HERA). The 2016 loan limits have been set under the HERA formula.

House Flipping and some details you need to know.

September 9, 2015
We can bet you’ve flipped a coin, but have you flipped a house? High priced homes are exactly what house flippers are looking for. Why? Because high priced homes turn out a more profitable result. Flipping houses is a trend that has recently re-started during the better parts of the housing bubble. A flip occurs when a person has purchased and sold the home within a year. Financing was a lot easier back then compared to what it is now, so investors were buying cheap homes and flipping them. Now, as pocket friendly priced houses are more scarce, investors are forced to buy the more expensive homes. Though this may have seemed like something that would slow down the flipping process, according to a CNBC mortgage article by Diana Olick, house flippers are finding this method to be more lucrative. The return on a flipped house has gone up from 24 percent last year (2014), to 36 percent this year (2015). House Flipping Around the Country Olick also tells us that “Nevada and Florida, where the share of distressed homes are still relatively high, are still seeing the most house flipping action. Chicago IL, Dayton OH and Baltimore MD offer some of the best gross returns.” What’s the Catch? The downside to flipping homes, that has to be taken into consideration before venturing into such a big project, is the possibility that home flippers could quite possibly lose everything they are investing in. If you buy a property that you plan to invest in and find the cost of renovation is something you can’t afford, then you’re stuck with a house that you can’t sell. You may be able to sell the house to another home flipper, but you’re not going to get all of your investment back. An even worse situation would be where you’ve done everything you can and still can’t sell the home, because of the location or other factors. You could be looking at paying the cost for the home, the renovations, and any new upgrades you may have already done and never even see a profit returned. What Are Some Of The Draw Backs? When you decide that flipping a home is the right move for you, there are a few things you need to consider before you start purchasing materials. If the home is older, you may be forced to bring the electrical wiring up to code. Homes that were built in the late 1950’s and 1960’s, were in fact built to code. That code however, was set during the same time period. As the years clicked by, building codes have changed a number of times. The codes are updated every time a new discovery is made that could result in structural damage, fire damage or simply put, the home could collapse at any moment. Even if you’re remodeling your existing home, you’re going to need to update all of your electrical to the current building codes. We’re not talking about just one section

Round 6 – Operation KnockOut at Brooklyn Bowl

August 27, 2015
Tickets are now on sale for our annual charity event benefitting Randy Couture’s GI Foundation at the Brooklyn Bowl’s box office, online at TUff-N-Uff Website or online at Brooklyn Bowl Website. Seating is limited, so get your tickets now! All proceeds go to local wounded soldiers and their families. There will be food, drinks, live D.J. and a great silent auction; featuring a 60 pound history of the UFC book signed by Dana White, signed gloves from various UFC fighters, signed memorabilia by Randy himself, tickets to the Chris Angel show “Believe,” other shows on the strip and much more! Buy Tickets To Round 6 at Brooklyn Bowl 10/17/2015 VENUE INFORMATION BROOKLYN BOWL LAS VEGAS 3545 LAS VEGAS BLVD. SOUTH LAS VEGAS, NV, 89109 TICKETS PURCHASED IN PERSON AT THE BOX OFFICE INCLUDE A $2 BOX OFFICE FEE (rounded to the nearest dollar). ALL TICKET PRICES INCLUDE NEVADA’S 10% LIVE ENTERTAINMENT TAX All general admission tickets are standing room only.