Premier Mortgage Lending exec offers tips on competing in sellers’ market

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Summer is traditionally a busy time in real estate. It is no different in Las Vegas as a shift to a seller’s market has led to increasing sales prices, 75 percent of homes selling within 60 days in May, and all-cash offers.

According to Rick Piette of Premier Mortgage Lending, starting a home search prepared with a mortgage pre-qualification letter along with a “must haves in my home list” will give prospective buyers an edge in today’s competitive market.

“For many, buying a home is one of the biggest investments in life. You face not only the challenge in finding a home that meets your needs, but also figuring out how you’re going to pay for it. They go hand-in-hand as you can’t realistically choose a home without knowing if you can afford it,” Piette said.

“Meeting with a full-service lender like Premier Mortgage Lending for mortgage pre-qualification is essential. Through this complimentary service, we can help you figure out your financing options, various mortgage payment scenarios based on different home prices and down payments, and essentially if now is a good time for you to buy a home,” he said.

“You can then take this pre-qualification letter on your home search, and present it to the seller or home builder to show that you’re a serious buyer and that your purchase offer is strong.”

The Las Vegas mortgage executive says that there are many different types of mortgage programs available that range from traditional 30-year fixed financing, portfolio loans and private lenders.

A newer loan program designed for Nevadans who have experienced a recent short sale or foreclosure is Another Chance Nevada offered by Las Vegas-based Premier Mortgage Lending.

“We’ve met with hundreds of Southern Nevadans who’ve unfortunately lost their homes in a short sale or foreclosure, and they’ve been excited to learn that with an Another Chance Nevada loan they don’t have to wait years before they can become homeowners again,” Piette said.

Another Chance Nevada connects individuals 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.

“Our customers are comfortable taking out a loan with higher rates knowing that they can refinance as quickly as possible into a traditional loan,” Piette said. “They are happy to be purchasing while home prices are still so affordable.”

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.
“For many, Another Chance Nevada gives people who don’t think they have an option other than renting the choice of where and how to live. Many have opted to buy a home at today’s prices through Another Chance Nevada with the plan of refinancing without penalty when they are able,” he said.

“Unless you have cash in hand, you really don’t know if you can realistically buy a home or how much of a home without meeting with a lender. Become educated and learn about your options. If after becoming prequalified you decide that buying a home is right for you, take the next step and search for your ideal home.”

For additional information or to schedule an appointment for mortgage pre-qualification, call Premier Mortgage at 485-6600 or visit www.AnotherChanceNevada.com.

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.

Premier Mortgage Lending buyers re-enter ‘hot’ realty market after short sale or foreclosure

PremierMortgageL-RPiette-8As the summer temperatures have spiked in the Las Vegas Valley so have the valley’s median home-sale prices and the interest in buying a home now.
“The Southern Nevada housing market has definitely heated up as potential homeowners and investors are both vying to buy homes at today’s amazing prices. Reports of our market’s 32 percent year-to-year increase in median sales prices have fueled this interest and led to 75 percent of homes sold within 60 days in May,” said Rick Piette of Las Vegas-based Premier Mortgage Lending, citing May home sale statistics released last week by the Greater Las Vegas Association of Realtors (GLVAR).

In May, the valley’s median sales price of a single-family house was $170,000, a slight increase from $167,000 in April and up from May 2012’s median price of $128,000. On the other hand, the median sales price for condominiums and townhomes was $89,000, up from $85,000 in April and $62,000 in May 2012.

“With prices continuing to increase, many people think that now is a great time to buy a home. I have met many people who want to buy a home but are uncertain where to start. And there are others who don’t believe that they can qualify to purchase a home due to a recent short sale or foreclosure,” Piette said.

“The only way to find out if you can buy a home is to meet with a full-service lender like Premier Mortgage Lending and go through the complimentary mortgage pre-qualification process. I believe that becoming prequalified for a mortgage makes your home search easier because you know if you can qualify for a mortgage, the type of mortgage and the amount before even setting foot in a home for sale.”

He said that new financing programs such as his company’s Another Chance Nevada program make it possible for those who have recently experienced a short sale or foreclosure. Another Chance Nevada connects individuals 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.

“The Another Chance program is designed specifically for those folks who’ve had a recent short sale or foreclosure and gives them an opportunity to buy a home at today’s great prices, build equity and re-build their financial future,” Piette said.

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.
“Buying a home today can be challenging if you need financing,” Piette said, explaining that the GLVAR reported 57 percent of homes sold in May were purchased with cash.

“As a full-service lender, Premier Mortgage Lending can connect you to many different lending programs based on your unique situation, including traditional loans and Another Chance Nevada. We can help you compete against all-cash offers by having a mortgage pre-qualification letter in hand. Most importantly, we can help you weigh if buying a home now is the right decision for you.”

For additional information or to schedule an appointment for mortgage pre-qualification, call Premier Mortgage at 485-6600 today.

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.