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Mortgage Rates Omaha

Mortgage rates Omaha

Regional variations in mortgage rates  are minor, but they do play a part in making your mortgage costs either rise or fall. The cost to obtain the same mortgage rate in Omaha, or any location in Nebraska, will be less than the cost to obtain the same mortgage rate in Wyoming or Minnesota, for example. Conversely, the cost to obtain that mortgage rate in Omaha will be higher than in states like Texas, Florida or New York.

A $200,000 mortgage loan on a house in Texas will pay the loan broker $300 more than on a similar loan in Omaha at the same mortgage rate. On the other end of the spectrum a $200,000 mortgage loan on a house in Minnesota will pay the loan broker $300 less than the mortgage loan in Omaha. Between the two extremes there is a $600 differential on the same size mortgage  loan. That six hundred dollars can affect mortgage rates or at least the cost a consumer has to pay to obtain the loan at the given mortgage rate.

Why the variation? The difference is based on collateral risk with the states in the higher tiers being perceived as higher risk of default over the states in the lower tiers. Omaha is in the middle. Relative to the loan the adjustments are small .30 of a percent of the loan value from one extreme to the other. But, it affects the cost of the mortgage rate and it falls as a benefit or a detriment to the consumer. Mortgage rates in Omaha are going to be less costly than in the state with the 10,000 lakes, but more costly than in the longhorn state. Check out our Mortgage Services page for detailed tips on finding the best mortgage rate in Omaha or anywhere else.

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