Premier Mortgage Lending combats study showing ‘mortgage confusion’ and wait times after short sale or foreclosure

Mortgages and the process to secure one can be confusing with unknown terms, percentiles and conflicting advice.

According to a May CNN Money article, nearly one-third of current and prospective homeowners surveyed by Zillow could not correctly answer basic questions about financing, with 34 percent not knowing the term “annual percentage rate” and 31 percent incorrectly believing that they are unable to obtain a mortgage with a less than 5 percent down payment. Confusion continued when it came to questions about buying a home after a short sale or foreclosure, with nearly one-third of homeowners unaware that they may not have to wait seven years before they can buy a home again.

This confusion does not surprise Las Vegan Rick Piette of Premier Mortgage Lending since he and the staff at his full-service mortgage company answer these questions, and more, every day.

“It is imperative that potential home buyers fully understand the home buying and lending process along with their many options before they even begin their home search. Buying a home is often the biggest purchase in your life, and it’s important to understand everything before signing on the dotted line,” Piette said.

“The CNN article demonstrates the need for home-buyer education and why mortgage pre-qualification is important. During the pre-qualification process, lenders can help buyers understand the process, terms and many options, and develop a realistic price point in the process,” Piette explained, adding that Premier Mortgage Lending offers this service free of charge.

“What we’ve found is that many people are unnecessarily waiting to buy a home because they don’t realize that there are so many different lending programs out there,” he said. “The truth is that a 5 percent down payment is not necessarily a requirement because loans insured by the Federal Housing Administration can require as little as 3.5 percent. Plus, lending programs exist that can dramatically cut the wait time to buy a home after a foreclosure or short sale, including Premier Mortgage Lending’s Another Chance Nevada program where there’s no wait time at all.”

Another Chance Nevada connects individuals who have experienced a short sale or foreclosure with private and institutional portfolio lenders who offer 15- or 30-year, fixed-rate loans at interest rates that are typically higher than traditional mortgage rates.

Full-documentation guidelines are followed and at least a 20 percent down payment is required. The down payment can come from personal funds or can be obtained as a gift from family members. Borrowers may close within 30 days from the time of loan approval, and may refinance the loan at any time without penalty.

An Another Chance loan may be used on the purchase of a re-sale or a new home. The lender is currently working with Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes and Del Webb, Richmond American Homes, Ryland Homes, and William Lyon Homes.
“Many who are waiting along the sidelines to buy a home are becoming concerned about their future ability to buy a home because Las Vegas Valley housing prices have steadily increased during the past year. This is why hundreds of Southern Nevadans have chosen Another Chance Nevada, to help make sure that they don’t get priced out of the market,” he said. The Greater Las Vegas Association of Realtors reported that the median sales price of single-family houses increased 30.6 percent between April 2012 and 2013, while the median prices of condos and townhomes went up 41.9 percent during the same time frame.

“Hundreds of Southern Nevadans have turned to Premier Mortgage Lending for our complimentary pre-qualification service and to find out if they, too, can buy a home at today’s prices. As a full-service lender, we can help guide them to many different mortgage products ranging from traditional loans to the private and portfolio lenders of Another Chance Nevada. With this information, they can make an educated decision as to if now is a good time to buy a home of their own.”
For additional information or to schedule an appointment for mortgage pre-qualification, call Premier Mortgage at 485-6600 or visit

Premier Mortgage Lending (NMLS 393282) is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117 and 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.

Homebuying: The American Dream

10054-00064lw-1If there’s one thing that millions of people across the world strive for, it’s the American Dream. What is the American Dream? The ideals of freedom and equality, with the opportunities for prosperity and success. With these ideals come a set of common attributes: home ownership and an education being two of the most sought after. Education can be argued to be the most prominent as it allows for employment opportunities which then fund home ownership and other acts of consumerism.

The stability home ownership offers attracts millions of people. The combination of the long term investment of a home and the expression of personal freedom ignites the fire behind the real estate market. Home ownership signifies financial independence, social status and freedom. All attractive qualities in today’s society. Home ownership is also symbolic as part of the ideal family life. People want to own their own home before settling down and starting a family.

Americans look at the difference between renting and owning a home in the long run. Which is more beneficial? Owning a home! Why? In short, the cost of renting is never recoverable, whilst the cost of owning a home can be recovered or even profited upon. How? Because every mortgage payment you pay adds equity to your home. Combine that with your down payment and increasing value over time and you have a solid long-term investment that doubles as a home to live in.

Even if you don’t look at home ownership as a long-term investment, it’s still more beneficial to buy than rent. If you are paying an average of $1,100 a month in rent, that’s $13,200 a year and $132,000 in 10 years that you will spend to rent a space to live in. Compare that to the cost of owning a home and after just 5 years you would start saving money. Use a Buy vs Rent Calculator to do the math for yourself.

For more information on financing your next purchase contact Premier Mortgage Lending today at 702-485-6600.



Buying trumps renting in 64% of metros after 3 years

Zillow, the online real estate database, found that in 64% of metros buying is more affordable after just 3 years than renting.

How did they calculate this? By taking into account all costs for buying and comparing them with the costs for renting. They looked at upfront payments, closing costs, insurance, utilities and maintenance. They also took into consideration expected home value appreciation rates, rental prices and rental appreciation.

Where does Las Vegas stand in the buying vs renting statistics? According to Zillow’s Breakeven Horizon 2013 Q1 chart, it will be more affordable to buy rather than rent after just 3 years.

Why? “Locally high home value appreciation in many areas, combined with historically low mortgage rates and low home prices relative to recent peaks, has made buying a home a more advantageous financial decision than renting for many would-be buyers,” said Dr. Stan Humphries, Zillow’s chief economist.

If you want to see what the cost of a mortgage payment would be in comparison to your current rent, call Premier Mortgage Lending today at 702-485-6600.


Mortgage applications highest in 3 years while late-payment rate falls.

With mortgage rates near or at record lows we saw a plummeting in the number of people buying homes. The bad economy affected everyone whether they foreclosed on their home, lost their job or weren’t financially able to make their mortgage payments. Thankfully the economy is on the up as is the mortgage market.

With mortgage rates at near or at record lows, we’re seeing a spike in the number of mortgage applications. It helps when the rates for a 15-year fixed loan are at record lows while the real estate market is still cheap. The two are working hand in hand to help the housing market recover.

The improving economy also means that there are rising job gains, with companies employing people who have been struggling to keep up with their mortgage payments. Employment gains have meant that people are starting to get back on top of their finances leading to a 21% decrease in the number of people behind on two or more of their mortgage payments in the first three months of the year compared to the same period in 2012.

The drop represents the biggest decline on record for TransUnion. “We certainly expected improvement this quarter, as the housing sector is in recovery, but the magnitude of the improvement was unexpected,” said Tim Martin, TransUnion’s group vice president of U.S. housing.

“There is no reason to believe the decline in mortgage delinquencies will not continue,” Martin said. “We do not know if the first quarter was a blip, or if it’s the beginning of a more rapid decline.”

Mortgage rates for 15-year fixed-rate loans have reached an all time low

Today brings great news to homebuyers needing mortgage financing as rates for 15-year fixed-rate loans have reached an all time low. This news is a breath of fresh air for today’s homebuying market after the recent recession and subsequent increase in foreclosure rates.

Mortgage rates are not only falling for 15-year fixed-rate loans, they are falling for all mortgage types. However, more people will opt for a 15-year fixed-rate loan, due to the lower balance held a shorter-term loan. The balance on a shorter-term loan is less than the balance on a 30-year fixed loan by an average of $75,000.

A mortgage with a shorter term “provides more protection against a downturn in home prices, since a 15-year loan builds equity more quickly,” according to Keith Gumbinger, Vice President of mortgage information service, HSH Associates. analyst Polyana da Costa notes that he wouldn’t be surprised if mortgage rates go even lower.

Premier Mortgage Lending is excited for our customers who will now find it easier to get back in the real estate market with these attractive rates.

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