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.