How to Discover What You Don’t Know About Getting a Mortgage

Things I know

Let’s face it: The intricacies of finance and economics are just second nature for some people. You’ve met them before – they’re the ones who can calculate interest rates, debt ratios, and payment structures all in their head within seconds. In the meantime, you’re staring at them in awe and wondering how they get their brains to work that way.

But that’s how it is with most things – we all have our strengths and weaknesses. And while they may be an auto-calculating whiz-kid, you know you could build a home around them while they try to figure out the difference between a hammer and a hacksaw. (Well, you get the point!)

“A lot of mortgage companies rely on that ‘confusion factor,’” reveals Rick Piette, owner of Las Vegas-based Premier Mortgage Lending. “In fact, for years most of the mortgage industry has gone to a lot of trouble to make getting a mortgage loan as confusing as possible for their customers. Why? Because it’s an effective strategy – one that’s allowed lenders to make a lot of money off their borrowers. And in many cases, the customer doesn’t even know that they’ve ended up paying more for their mortgage loan – a lot more – than they should have.

“The fact is,” Piette continues, “that the rules of mortgage lending have changed since The Great Recession. The passage of the Dodd-Frank Act put new regulations in place for how mortgage loans are made, and many consumers aren’t aware of these changes.

“That’s one reason the Consumer Financial Protection Bureau (CFPB) developed a “Know Before You Owe” website where borrowers can learn about those changes. But Premier Mortgage Lending took that idea even further to help demonstrate exactly how to shop for a mortgage loan, what to look for, which questions to ask – and more importantly, to be able to compare “apples-to-apples” when you compare mortgage Loan Estimates. It’s at www.KnowBeforeYouOweNevada.com.”

“As a Mortgage Broker, Premier Mortgage is required by law to be completely transparent in what your loan will cost you. So when we say we offer a “No Fee” loan – that’s exactly what you get. Unfortunately, the same thing isn’t true for Banks and Mortgage Bankers – but that’s just the beginning of the differences between lenders. (You can learn more about those differences in our previous articles here, here, and here).

“We want to let borrowers know this very important information: Mortgage loans are a lot less confusing than you think. Don’t let a lender confuse you with fancy terms and play a virtual “shell game” with your money. Take a look at our quick educational videos to get up-to-speed about mortgage loans in just 15 minutes. And if you have more questions after that, we’re always here to answer them!” concludes Piette.

For more information about how to shop wisely for your next mortgage loan – and potentially to save literally thousands of dollars – visit Premier’s “Know Before You Owe Nevada” website to be informed about how you can be in charge of the cost of your next mortgage loan.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

The Source of Real “No-Fee” Loans? It’s Your Mortgage Broker.

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Shopping around for a new home loan? First of all – congratulations! We’re happy to know our advice to consider a home purchase is catching on.

Second, we’re aware that this could possibly be the very moment when you’re the most confused about all the advertising you’re noticing now from mortgage lenders. It seems everywhere you look, the words “no-cost mortgage” or “no-fee mortgage” catch your attention, and that has a really appealing ring to it. So initially, you might ask yourself, “That’s what all lenders are saying – so they must all offer the same loans, right?”

“But that’s wrong,” reveals Rick Piette, owner of locally-owned Premier Mortgage Lending in Las Vegas.

“Like most things that can sound too good to be true, this would be one of them,” Piette continues. “The truth is that many mortgage lenders make it a point to confuse this very issue – precisely to make people assume it doesn’t matter what type of lender they choose. But the reality is there’s a very big difference, and it all has to do with the regulations that govern each type of lending institution: There’s one set of rules that applies to Banks and Mortgage Bankers . . . and another set that applies to Mortgage Brokers. And the key difference is this: Full disclosure to the customer.”

Here’s how it works:

Banks and Mortgage Bankers may say they offer “no-cost mortgage” loans. And that’s just what you’re looking for, right? A way to save that extra 3%-5% of costs (which can be several thousand dollars) for Loan Origination, Processing, Underwriting, and Document Preparation Fees.

“However,” reveals Piette, “while they may be charging you nothing for those fees on your Loan Estimate, they aren’t required to disclose to you that they very probably are trading out those fees to charge you a higher interest rate, instead. What’s worse, by paying a higher interest rate over the life of your loan, it can end up costing you a lot more money than those fees would have been to begin with.

“In other words, Banks and Mortgage Bankers are allowed to present you with the illusion of paying no fees, but make no mistake – they’re not reducing the profit they’re making on your mortgage loan. They’re simply shuffling the numbers so it sounds good to you – but in the long run it can actually end up costing a borrower more money, rather than less.”

Mortgage Brokers, though, have to operate under a different set of rules:

• First, the amount of money they can make on a mortgage loan is capped by law.

• Second, they can only earn income on a mortgage loan from one source.

• Third, they are required to disclose the source and total amount they earn on the loan to the borrower.

“These might seem like three simple statements,” adds Rick Piette, “but together they make a huge difference when it comes to what the customer will actually end up paying for the mortgage loan they choose.

“How? Because when a Mortgage Broker’s Loan Estimate shows $0 in loan fees – there really are NO FEES. Borrowers actually save that money – because the Broker isn’t making up for that “great deal” by charging you more somewhere else in your loan documents. They can’t. It’s the law. Which is finally (in our opinion) – working on the side of the consumer.

“That’s why we encourage every person who is looking for a home loan to always go to at least two different lenders – and compare those Loan Estimates. (And one of them should be a Mortgage Broker.) All you need to do is compare the cost of the fees and the interest rate – and your choice is usually very simple to make,” Piette confirms. “It’s the one that costs you a lot less money!”

For more information about how to shop wisely for your next mortgage loan – and potentially to save literally thousands of dollars – visit Premier’s “Know Before You Owe Nevada” website to view the quick and informative educational videos that will put you in charge of the cost of your next mortgage loan.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

YES – THE NEW CFPB REGULATIONS LAWS REALLY ARE HELPING CONSUMERS

Logo0_@2Going back to that “which side of the political aisle you’re on” issue that we’ve talk about before, if you’re not actually working IN the financial services industry, there’s a good chance that you just skim the headlines that talk about the effects on consumers since the CFPB (Consumer Financial Protection Bureau) was created.

So just in case that might describe your experience with how the new laws are affecting the public, we thought it might be a good time to point out some of the real benefits that have come out of the Dodd-Frank Act. Things that are helping real mortgage borrowers – people who are just like you.

Information Resources

Prior to the creation of the CFPB, the road to getting a mortgage loan was a difficult one to navigate. Basically, each mortgage company pretty much made their own rules (within certain legal guidelines) – but there wasn’t much of a way that borrowers could easily compare “apples-to-apples” per se as far as they information they were given.

Now, the CFPB not only offers excellent resources on their website that explain where to start when it’s time to search for a loan, but easy-to-understand explanations on the differences between types of loans, and even between types of lenders. For first-time buyers and others who aren’t that familiar with the mortgage loan process, the CFPB’s “Know Before You Owe” website has helped take the mystery out of the mix, and also helped people learn how to avoid shady lending practices and overcharging. Score one for the consumer!

Consistency in Disclosures, Policies and Procedures

If the only plus out of the CFPB’s creation were the two forms now used – the Loan Estimate and the Closing Disclosure – it would be a solid win for consumers all by itself. These two forms are now far easier to understand, easier to use, and required to be used by every lender so comparisons are easily made.

But there are also other benefits that came about – including the rule that borrowers get three business days to review their Closing Disclosure and ask questions before they close on their mortgage loan. (In other words, the days of “closing surprises” are gone – when the pressure was on to close or lose a deal and emotions were running high.)

“Know Before You Owe” Program Provides Borrowers with the “Big Picture” of Buying a Home

Mortgage loan officers who are more concerned with getting customers to closing and picking up their paycheck – rather than ensuring their borrowers are actually getting the right loan for their needs – have a new foe: The CFPB’s “Know Before You Owe” site, mentioned above.

But, of course, consumers need to know this information exists to allow it to help them in making the big decision of buying a home. (That’s one reason Premier Mortgage also created their KnowBeforeYouOweNevada.com website – because we agree that customers should be fully informed about the decisions they’re making.)

At the CFPB’s site, several resources are provided to help people consider all the costs and expenses involved with making a decision to buy a home. With budgets and worksheets, checklists and conversation starters, it is designed to provide borrowers an “eyes wide open” approach to home buying.

Those three things are just the tip of the iceberg about how everyday consumers are gaining benefits from the rules and requirements put in place on the financial industry following The Great Recession. If you pay closer attention to what comes underneath those ‘complaining headlines’ about the CFPB in the future, you may notice one striking similarity: Most of the grumbling is coming from the financial institutions affected by these changes . . . not from the consuming public. A little something to worth remembering!

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

IS IT REALLY POSSIBLE TO GET A “NO-FEE” MORTGAGE LOAN?

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It’s one of those things that you seem to hear about when you’re not really looking for one. While you’re driving, you’ll hear a radio spot about “no fee mortgage loans,” or you’ll see an ad while flipping through a magazine advertising the same. Maybe you’ll run across an article in the newspaper that touts the benefits of a “no fee mortgage.”

Then one day, you actually need to find a mortgage yourself – and you start to wonder, “How can that work? It can’t really be “no fees” because the company has to have a way to make money, right?”

That’s a great question – and there’s a simple and honest answer to it – at least there is if you’re dealing with Premier Mortgage in Las Vegas.

“I get that question a lot from potential clients,” reveals Rick Piette, owner of locally owned Premier Mortgage Lending. “It can be confusing, and it seems when people hear the words “No Fee” they often translate that in their mind to “free” – which of course would make it difficult for a mortgage lender to stay in business,” smiles Piette. “

Of course Premier Mortgage generates income from the mortgage loans we make, but there are two very important differences between how we do business as a “mortgage broker,” versus how banks and “mortgage bankers” are allowed to operate.

“First, Premier’s earnings – as a mortgage broker – are capped by law. We operate with complete transparency, and we are required to disclose our total earnings to the borrower in writing.

“Second, many borrowers don’t know that banks and mortgage bankers can add “invisible charges” to the cost of your loan – and they don’t even have to tell you you’re paying for it,” explains Piette. “To see if these invisible charges are being applied to your loan, all you need to do is compare the interest rates. For example, if one lender is showing a 4.0% interest rate and another 4.25% – that second lender will be earning an additional .25% on your loan amount over the life of your loan. And that can add up.”

“But there can also be charges for your loan that are shown right on the Loan Estimate form,” he continues.

By definition: In order for a mortgage loan to truly be called a “No Fee” loan, there should be zero costs associated with the Origination Fees that are shown on the Loan Estimate.

That means $0 for Loan Origination Fee, Processing Fee, Underwriting Fee, and Lender Doc Prep Fee.

At Premier, there are no charges for those items on our traditional loans. But with other lenders, those four things can add up to $3,500-$4,000 – or even more,” explains Piette. “That’s money that comes directly from the borrower – out of pocket – at closing. And it’s been our experience that homebuyers have much better things to do with that kind of money than pay it to their mortgage lender!”

For more information about how to shop wisely for your next mortgage loan – and to save literally thousands of dollars – visit Premier’s “Know Before You Owe Nevada” website to view the quick educational videos. According to Rick Piette, “If ten minutes of your time can save you at least $4,000 on your next loan – then we think you’ll agree that’s time well spent!”

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

The Mortgage Industry Should Continue Evolving on the Consumer’s Behalf

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Bad things happen to good people. In fact, Harold Kushner even wrote a book on the topic a few years back. That was in 2004, when the economy and housing market were on a roll. The book itself dealt with human issues and the difficulties that we often face going through life. But we see an interesting correlation between that concept and the economic hardships so many millions of Americans experienced in recent years, as a result of the actions of the financial institutions in which we placed our trust.

“For decades, the final word on our biggest financial decision – buying a home – was at the whim of these large banking institutions,” reveals Rick Piette, owner of Las Vegas-based Premier Mortgage Lending. “They made the rules, bent them for some, broke them for others, and ignored them for many. A stigma arose in our society that caused many of us to look down on those whose credit scores were less-than-worthy, often making the assumption that if these people would just “do the right thing” – they’d be better, upstanding members of society.

“But when the curtain was pulled back in 2007/2008 as The Great Recession began – suddenly there were many more members unintentionally joining the ranks of those unable to meet their obligations, with all the falling credit scores and unimaginable loss of credit and financial stability that accompanied it.”

Piette continues, “Many discovered that the state of their credit could quickly become a life-changing variable. Suddenly, society came to recognize that it IS possible to ‘do everything right’ – and still wind up on the wrong side of a good credit score. You know, that credit score that decides your finances, the interest you pay, your insurance rates, and even where you’re able to live.

“At Premier Mortgage Lending, we have long believed that changes to the “old order” of things is not only desperately needed, but deserved – for the millions of people in our country who put their trust in a system many feel was rigged against them. That’s why we have embraced the changes introduced by the Consumer Financial Protection Bureau and why we deliberately choose to practice complete transparency with our borrowers.

“We’re also encouraged to learn about new changes we hope to see implemented soon, as proposed by industry-related organizations. It includes those designed to level the playing field by introducing more fairness into a process that gives full consideration to each consumer’s individual circumstances.

“After all – these are people’s lives being dealt with – on a huge scale. Those people are more than a three-digit score – which in millions of cases took a serious hit that was not only unintentional, but often out of their control.”

One example is this: In June 2016, the National Association of Realtors sent a letter to two members of Congress to declare their support of alternative credit-scoring models under the “Credit Score Competition Act of 2015,” a bill still to be considered by the House Financial Services Committee.

This bill would allow Fannie Mae and Freddie Mac (the government-sponsored entities that assist Americans to obtain home loans) to use scoring models other than the standardized FICO to consider loan approval – such as their record of paying rent and utilities on time (true indicators of fiscal consistency not currently tracked in FICO’s credit scoring). The goal is to assist middle-to-lower income Americans who are financially qualified to buy a home – but are unable to do so because of their FICO score (or lack of one altogether).

This is only one of many recommended changes headed for congress and led by many different homebuyer and consumer-related advocates and industries. While each is to be considered individually to determine its probable impact, we believe that pursuing these types of ‘fairness doctrines’ will not only help our economy continue to recover, but restore a large piece of humanity to those whose lives were (in some cases, irrevocably) damaged by the financial hardships of the last several years.

We’d love to hear your thoughts on this subject. News? Ideas? Recommendations? The more it’s open for discussion, the more likely change is to occur. Share your comments below.

Visit our website at www.PremierMortgageLending.com for more information about our true “No Fee Mortgage” loans. And to learn which are the most important questions to ask your mortgage lender, visit our www.KnowBeforeYouOweNevada.com website – where you’ll find quick informational videos that take the mystery out of getting the best mortgage loan for your needs.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

Las Vegas Bounces Back Big – Again

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There are headlines – and then there are straight-up statistics. Most of us know that the source of the news articles we read anymore is generally serving self-serving on any given position. (And if ever there is a time when this is blatantly obvious, it’s during Presidential Election season!)

But real data – facts driven by numbers and tangible, physical changes – is a much more reliable indicator of the truth. And here in Las Vegas, we can share numbers that represent a lot of great news about our town already taking place, and coming up in the very near future.

When a city is hit as hard as Las Vegas was during the economic crisis a few years back, there are only two options: Let it beat you, or use it to rise up from the proverbial ashes. Anyone who has spent any time around Las Vegans should never have doubted that we’d choose the latter. And in these past few years, we have slowly but surely continued to make gains month after month, year after year.

This is important – because as the status of our economy stabilizes and grows, so too does employment, housing, and our job market. In Las Vegas, since hitting the high watermark of unemployment in mid-2011 of 14.5%, to our current 6.1%, remarkable results are being seen.

Perhaps the most well known at the moment is the newly opened Las Vegas Arena. This $375 Million project is bringing not only major artistic talent to the city – but will quite possibly be the home to the first NHL expansion team ever to come to Las Vegas. (An announcement due to be made on June 22, 2016.) And that is BIG news.

But that’s only one of the mind-boggling new entertainment, resort, residential, and public works projects currently under way in Las Vegas or scheduled to begin soon. Overall, an estimated more than $5 billion of development and investment activity has either already begun or is on the boards to launch. After all – Las Vegas now has an IKEA of its own. Do we really need more proof than that? <wink!>

Seriously though, this return of economic growth to our valley has also prompted a rise in our previously recession-led diminishing population. And it’s at a good, consistent pace – 2% growth now, down from the more than 4% growth prior to the crash. In fact, Las Vegas is now the 28th most populous U.S. city, just ahead of Baltimore; and Henderson jumped from 71st place to 67th place in 2015.

People are rebuilding their lives in Las Vegas, where the entrepreneurial spirit is alive and well. And that means new places to live, jobs in construction, hospitality, and new industry – and as they say, a rising tide lifts all boats.

We’re a cautious people now, learning from past mistakes and working hard to keep from repeating them. That includes the state of our real estate and lending markets. The rose-colored glasses have been cast aside, new Consumer Financial Protection Bureau oversight is working on the side of consumers to ensure fairness and transparency – and Las Vegas is well on its way to rising to new heights of economically smart growth.

Premier Mortgage Lending is on the same path, helping those in search of affordable mortgages with no curtains, no sleight-of-hand – just fair, honest dealings that save consumers money. Find out more about our true “No Fee Mortgage” at www.premiermortgagelending.com.

Visit our website at www.PremierMortgageLending.com for more information about our true “No Fee Mortgage” loans. And to learn which are the most important questions to ask your mortgage lender, visit our www.KnowBeforeYouOweNevada.com website – where you’ll find quick informational videos that take the mystery out of getting the best mortgage loan for your needs.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

Is Buying a Home Right For You? Some Things to Consider.

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With all the upheaval of the American economy and the housing markets during the past few years, it’s only natural that those who lost a home during that time would think twice about buying another one.

And actually, that’s not only a good thing when it comes to a major investment like a home – it’s a necessary thing. With homes – as with most things in life – there’s no easy “One Answer Fits All” solution. But there are some things that those who are on the fence and undecided should consider, and those include:

The Emotional Benefits of Owning a Home

Security

There are few things more unsettling than living in a home at the whim of a landlord. The drawbacks include not knowing when/if they’ll want you to move, and if the rent will be increased (and if it is, can you afford it?). But there are other proven benefits to owning a home that many don’t think about, such as access to neighborhoods with better schools, better social and physical conditions, and single-family homes are generally maintained at a higher quality – which results in lower crime rates, too.

Pride

Owning a home is a huge accomplishment – one that still exemplifies the American Dream – and no matter what anyone may tell you, Americans do still dream of owning a home. It’s a place to call your own, that you can personalize to suit your needs and your tastes. It gives people more confidence in themselves and often spurs them to pursue even more life goals. Taking pride in not only acquiring a home but in making improvements to improve your lifestyle – that’s a really big deal. And if you’ve owned a home before, you remember that feeling.

Community

When you own a home, there is a great sense of belonging to a community that comes along with it. You’re more connected with your neighborhood, your community, the people, and even your town. You’ve put down roots and in many cases make lifelong friends. And your kids will have the security of knowing that “home” means just that. It belongs to them, and they don’t have to worry about suddenly having to change schools and reestablish their friends and lives at the whim of a landlord. Studies also indicate better school performance and youth behaviors in children who live in a home of their own, in addition to developing greater self-esteem.

Financial Benefits

Definitely worth remembering is this: Historically, the primary path that Americans have used to create wealth has been through homeownership. Not through their jobs, not through stock market investments (and certainly not by buying lottery tickets!) – but by owning a home. Just think about it, because at it’s base, it makes perfect sense: Rather than contributing to a landlord’s net worth with a rent payment, your monthly mortgage payment continually contributes to YOURS.

There are many things to think about when planning to make the leap into homeownership. Fortunately, at Premier Mortgage Lending, our experienced loan officers know what those things are. We can help you consider all the factors involved, let you know the costs of obtaining financing, and help you determine if the time is right for you to make that move.

As a locally owned mortgage broker, It’s simply what we’ve been doing for our neighbors here in Las Vegas for years. We know the city. We know the neighborhoods. And we’re the home of the true traditional No-Fee Mortgage – which means our clients save thousands of dollars when they buy a home with a Premier Mortgage Lending loan.

Visit our website at www.PremierMortgageLending.com for more information. And to learn which are the most important questions to ask your mortgage lender, visit our www.KnowBeforeYouOweNevada.com website – where you’ll find quick informational videos that take the mystery out of getting the best mortgage loan for your needs.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

Keeping “The American Dream” Alive and Well – With Another Chance Nevada Mortgage Financing

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Owning your own home.

That’s a powerful statement, all by itself. For some people, it’s a scary thought – for others, it’s a lifelong dream. It can conjure up many different thoughts and emotions – from gaining a sense of pride to representing grown-up responsibility . . . and pretty much everything that flows between and around those ideas.

Since The Great Recession – when untold numbers of Americans saw the value of their homes drop by huge percentages, many even losing them to foreclosures or short sales, there have been those who wonder if that particular “American Dream” is over – that perhaps its time has come and gone.

But the truth is – the dream of homeownership is still very much alive and well. And that’s because owning a home isn’t simply a ‘transaction’ – it’s a mindset and a way of life. Just ask those who lost their homes in recent years due to the housing crisis – because after having owned a home, the desire to own again is even stronger. There are no ifs, ands, or buts about it: Having a home of your own provides a sense of security, belonging, and family stability that can rarely be found any other way.

At Premier Mortgage Lending, we recognize that owning a home can be the very foundation that families build their entire way of life upon. That’s why when we saw the effect the housing crash was having on the lives of thousands of our Las Vegas neighbors, we took action. We created Another Chance Nevada, so that we could offer a mortgage alternative to those whose credit had been damaged by the recession – either through losing their home or by seeing their finances and credit rating take a hit due to the developing economic crisis.

Through Another Chance Nevada, we created a source of Private Money Financing options for those who aren’t able to qualify now for traditional financing. These loan programs do require a minimum of 20% down payment, and rates and fees will be higher than for a traditional home loan. However, it’s an excellent opportunity for buyers to obtain long-term financing at competitive rates. These loans are free of any predatory loan features — and best of all, there are no pre-payment penalties.

Why is that the best part? Because it means that as you continue to work on raising your credit score and financial stability – as soon as you’re able to qualify, you can refinance to get a traditional loan at an even lower interest rate.

In fact, we even have the perfect mortgage loan for after you recover financially, too – because Premier Mortgage Lending is the home of the true No Fee Mortgage Loan. That means Zero: Loan Origination, Underwriting, or Document Fees. And you’ll still find the most competitive interest rates – so there’s a good chance you’ll end up saving thousands of dollars on your mortgage loan. (And yes – we encourage you to shop around and compare rates when that time comes. You don’t have to just take our word for it . . . you can find out for yourself!)

To learn more about how you can own a home again – in as little as one day following a short sale or foreclosure – visit us at AnotherChanceNevada.com. And to watch our short series of Home Loans #101 educational videos, visit www.KnowBeforeYouOweNevada.com. We created them to take the ‘mystery’ out of obtaining a mortgage loan. They’ll explain exactly what you need to know to save big money on your next loan – and tell you exactly which questions to ask your next mortgage lender.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors

The Real Reasons To “Shop Local” For Your Mortgage Loan

0206Shopping Local. Unless you’ve been hiding under a rock for a while now, you’ve heard the term. What began as a way to support local farmers while at the same time bringing healthier, chemical-free foods to our tables has turned into a national movement. The multiple benefits discovered by applying that “Shop Local” concept to the surrounding businesses in a community are widespread – and growing all the time.

1. Money That Stays Local Helps Your Community

Studies have proven that when people choose to spend their money with local merchants, for every $100 spent at a local business – $68 remained in that city (as opposed to only $43 if you buy at a chain retailer). The impact of that single fact is huge. Why? Because it helps your local business operate and pay employees, and that business in turn spends their dollars with other local merchants. That begins a cycle that recirculates more money locally, creates jobs, and supports the community as a whole.

Of course, when residents and communities prosper economically, that helps the housing market, too. More people employed = more homebuyers, and the overall effect stimulates virtually every segment of the local economy.

2. You Know The People You Do Business With – (and not just virtually)

We are an internet age. And if it seems that the click of a mouse and a few taps on a keyboard make doing business more ‘efficient,’ it also means that in reality, you have no idea who, exactly, you’re doing business with on the other side of that wireless connection. Unfortunately, it’s not just “The Good Guys” conducting that business (as we’ve all learned from the enormous amount of personal information that gets hacked around the world daily).

The contrast – to those nameless, faceless, “I-have-no-idea-where-these-people-even-are-in-the-world“ entities online – are your local merchants. (The key word being: Local.) You remember them: They’re the ones who live and work right in your town; they have an actual, physical office location; and it’s where you’ll find an experienced team of professionals that enjoy getting to know you personally while helping you find the products or services you need. Specifically when it comes to your finances – you need to know you’re working with people you can trust. What a concept!

3. Service Matters To Local Merchants

Ever had a problem with your cell phone bill and needed to contact your mobile phone company? Or how about the national TV satellite service you subscribe to? Don’t you just love those (800) numbers and the 7-8 times you get transferred around to different departments – only to get off the phone 30 minutes later having the same problem you called about in the first place?

It’s one of the reasons consumers recognize the following fact more and more every day:

When you do business with people you meet and get to know, you get better, faster, more personalized customer service that those huge international corporations can only dream of achieving.

It’s built into a local business owner’s DNA – because they know that if they don’t take care of their customers, they’re free to shop elsewhere – and that means the end of their livelihood. They can’t just choose to “close down the branch in this city because it’s not as profitable as our other offices.” This is their business, and this is their home. It’s likely your kids go to school with theirs, or that you belong to some of the same organizations. You live, eat, and shop in the same places they do. In short – you’re connected by virtue of the city you chose to live in – and that means you’re both in this together: Doing what it takes to keep your ‘home turf’ safe and prosperous.

4. Small Local Businesses Save You Money

It costs money to run a huge, multi-national organization. The fancy offices and the huge corporate staff. There’s a “department” for everything, and if it’s a public corporation – there are stockholders to answer to. Between the payroll, the multiple locations, the need for profits, and (let’s face it) – the bureaucratic inefficiencies that go along with huge companies and chain stores – there are a lot of reasons large business entities need to charge – you – more.

But take a look around you at your small, locally owned businesses — the ones where you get used to seeing the same faces every day – because, well, it’s their company. They have to run things more efficiently – which means the overhead is lower. In many cases, there’s a pretty direct line that goes like this: Customer Walks In Door and Works With Owner. Compare that to “The Big Guys” – where they have to cover all of these salaries for the one department that handles only what you’re shopping for: Employee, Supervisor, Manager, Department Head, Vice President, Regional Vice President. Ouch – Can you picture the size of that monthly payroll?

What’s more, small, locally owned business owners are real people – who know that you DO have choices about where to shop. So they’re likely to pass on all those operational savings and price their products to get – and KEEP – customers. The ones just like YOU.

Why Is This All Important For Your Mortgage Loan Needs?

We’re all bombarded with media images today – and the fact is, big banks and multi-national mortgage banks and lenders spend big bucks so they can pepper you repeatedly from every angle with their claims about “quick, easy, cheap mortgage loans.”

But many times, consumers choose that option only to discover at the signing table that what they’re getting isn’t what they bargained for. (For many reasons – the most important being that different types of lenders have different regulations to follow. For more about the differences between mortgage lenders, check out our previous article here.)

But what we’d like to help consumers and homebuyers realize is this:

All of the reasons we listed above for keeping your consumer business spending local to your community – also applies to getting a mortgage loan.

• Keeping money in your community

• Knowing who you’re doing business with

• Getting better and more personal service

• Saving money

This is one instance where your shopping decision can have a positive effect on both your community – and your financial bottom line. If that doesn’t sound like a recipe for finding the best mortgage loan – with competitive rates, lower fees, and premium service – then you haven’t worked with the pros at Premier Mortgage Lending yet. Because that’s exactly how it works with every customer, every time, right here in Las Vegas.

Premier Mortgage Lending is the home of the true “No Fee” mortgage loan. That means No: Loan Origination, Underwriting, or Document Fees. And you’ll still find the most competitive interest rates – so you may end up saving thousands of dollars on your mortgage loan.

Find out more at our www.KnowBeforeYouOweNevada.com website. Our series of short educational videos explain exactly what you need to know to save big money on your next mortgage loan – and know which questions you need to make sure you ask your next mortgage lender.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors

Wondering if Now is the Right Time to Buy a Home in Las Vegas? The Odds are With You.

image003When the final real estate market figures for 2015 were tallied in Las Vegas, a remarkable thing was discovered: Every zip code in the urban Las Vegas valley reported a price gain in median value over 2014.

That’s huge news – especially in a city hit so hard in the aftermath of the economic collapse. Many so-called “experts” said it wasn’t possible. Many said Las Vegas would never recover. (Seriously – “never” – direct from the Wall Street Journal.)

And yet, here we are – with Las Vegas ranked as the top state in the U.S. with a four-year value jump of nearly 75 percent. That’s not to say every homeowner in the city has fared so well, of course. Some who bought at the height of the boom prior to the housing crisis are still suffering negative equity. Unfortunate as that is, it was to be expected for a city hit as hard as we were.

“But the fact is that for those who bought real estate in Las Vegas since 2012, their homes have and continue to appreciate,” comments Rick Piette, owner of Premier Mortgage Lending. “And that is a trend that will only help those still working towards recovery – as a rise in the median value of homes is a rise for them, too.

In addition, there are several other good reasons for potential buyers to “get off the fence” and make their move into homeownership here in Las Vegas, such as:

1. Credit is becoming move available to consumers. Thanks to more and better lending models, along with renewed confidence in the U.S. housing market, more lenders are easing mortgage loan standards and issuing loan approvals.

2. Interest rates remain at near-record lows. Traditional 30-year mortgage loans remain at rates lower than 4%. That’s a figure that even our parents would have been thrilled to receive when they bought their first home. (In 1965, the average interest rate was 5.83%.)

3. Unemployment continues to drop. From a high of over 13% in 2008 to its current 6.2%, jobs are coming back to Nevada. In fact, Nevada ranked 11th in the nation for job growth from 2009 to 2015.

4. Housing in Las Vegas is poised for a strong season. Employment, income, and population are all on the rise, and analysts agree, ”Las Vegas real estate is in about the best shape it’s been in for a decade.”

According to Piette, “All of these reasons – when added to the emotional and psychological benefits of owning a home – mean that for those who have been waiting for “the perfect moment” to buy a home in Las Vegas – now is that time.

“But be smart about the entire process. Find the right Realtor® – then do your homework to make sure you find the best mortgage lender, too,” he adds. “Mortgage loans are no longer ‘one-size-fits-all’ like they used to be. There’s a huge difference between how loans are made between banks, mortgage banks, and mortgage brokers – and it’s a difference that can cost buyers who don’t know what to look for thousands of dollars out of their pocket.

“So shop around, compare interest rates, pay attention to the fees – and you’ll save money. That’s what we tell all of our clients at Premier Mortgage. And most of the time, they come back to tell us “You were right. Let’s do this.” It’s a good feeling.”

To find out more about what to ask prospective lenders, visit Premier’s www.KnowBeforeYouOwe.com website and view the quick educational videos that make it easy to understand how to shop for a loan. We’re pretty sure you’ll be glad you did,” confirms Piette.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.