Get the best deal on your Home Loan

The purchase of a home will most likely be the single greatest expense in your life; however, the decision on a mortgage lender will be the most important. It is essential to get the best deal on a mortgage as possible. To get a truly great rate you need to shop smart.

People make the mistake of settling with the bank that they use or the lender their neighbor used. Those are both vital options when searching for the right mortgage but that should not be where you stop looking. Listen to word of mouth, check local reviews and news articles and ask your realtor.

images-1
Usually realtors have a preferred lender that they always suggest. There is no harm in getting a free quote and comparing. Some realtors may even compare rates for you. Sometimes equal interest rates do not mean equal closing costs.

 

You should always have choices when making this extremely important decision. Premier Mortgage Lending has been proven as the local low cost leader for home mortgages in Nevada. We would be happy to give you a free quote because we want you to have as many options as possible. 

For additional information or to schedule an appointment for mortgage prequalification or refinancing, call Premier Mortgage Lending at 485-6600 or visit www.PremierMortgageLending.com.

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

New mortgage rules may simplify home buying

For those planning to buy a home this year, unless they are in a position to make an all-cash offer, chances are that they will feel the effects of Consumer Finance Protection Bureau’s (CFPB) new mortgage regulations that took effect Jan. 10.

According to Rick Piette of Las Vegas-based Premier Mortgage Lending, these changes are in response to the Dodd-Frank Act and may simplify the lending process and save borrowers money.

“Just like CFPG Director Richard Cordray stated in a CNN Money article, these new mortgage rules follow a back-to-basics approach with ‘no debt traps, no surprises, no runarounds.’ The new regulations further describe what mortgage providers can and cannot do and the out-of-pocket cost of loans,” Piette said.

“Some aspects of these new regulations may make it more difficult for some to get a qualified mortgage, like the requirement for lenders to review your ‘ability to repay’ the loan by confirming your debt-to-income ratio. However, other aspects, like the 3 percent Cap Rule that places a limit on the upfront fees charged by lenders to no more than 3 percent of the mortgage balance, will get more people qualified and can dramatically reduce the cash required to close.”

Piette, a long-time mortgage professional in Southern Nevada, explained that borrowers may be able to further reduce their out-of-pocket expenses by shopping around for the best mortgage.

“So, what does all this mean to you, the home buyer? It means that now, more than ever, you should shop around for a home mortgage with a variety of lenders and consider working directly with mortgage brokers. Seeking out a mortgage broker like Premier Mortgage Lending can help you uncover the best deal, because brokers must now offer borrowers the lowest possible interest rate and fees for which they qualify,” Piette said.

“Mortgage brokers are now federally regulated in what they can charge borrowers in total compensation, but the mortgage banks, through the use of secondary market profits, have no limits on what they can charge. This gives us brokers a tremendous competitive advantage when pricing your loans.”

Mortgage brokers are typically small, privately-owned companies, and – like Premier Mortgage Lending – they can normally operate at a lower operating cost than large multi-state mortgage banks. “Because our hands are not tied to only one bank’s programs, we help you shop around for the best deal on the best program that fits your individual needs”, Piette explained.

The first step to take in “shopping around” and determining one’s mortgage program is to meet with a full-service lender and go through the mortgage prequalification process. During this process, prospective borrowers learn about the mortgage programs for which they may be eligible, the amount that they can borrow, and the out-of-pocket and overall costs associated with different mortgage programs.

“Even if you’ve experienced a short sale or foreclosure you may still be able to purchase a home because of newer lending programs. Many potential home buyers in Las Vegas are either strapped for cash or have had prior credit problems, such as a short sale, foreclosure or bankruptcy. That is why I am so happy about now being able to offer a true no-cost loan to our customers, and Premier’s www.AnotherChanceNevada loan program opens up a second chance buying opportunity to assist our credit-challenged borrowers,” Piette said.

“I’ve lived in Las Vegas for over 25 years, and this is an exciting time to be in this town! I believe as the national economy improves so goes our local economy. I feel strongly that getting people back into homes is fundamentally important to recharge the economy of not only our city, but the entire State of Nevada. I am proud that Premier Mortgage can offer borrowers the programs that give them the best chance of homeownership.”

For additional information or to schedule an appointment for mortgage prequalification or refinancing, call Premier Mortgage Lending at 485-6600 or visit www.PremierMortgageLending.com.

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

Is it time for you to buy a house?

Making the step to buy a home instead of renting one includes multiple considerations. The main two things to consider in your decision are time and money. With time you have to think about how long you want to stay in one place, does owning a home fit into your long-term goals, etc. Financially, will owning a home be a realistic expense, are you actually going to save money, can you afford to keep the lifestyle you have now, etc.

Deciding to own a home should not be impulsive or taken lightly. Before deciding one way or another, here are some assessments to think about:images-2

Home Prices
In most parts of the United States, home prices are higher than they have been in the past. When looking at the options of locking down a price before it rises or waiting for prices to drop, it is up to you. Short-term fluctuations in home prices should not matter much if you plan to stay in a home for a decade or more. The purpose of owning your own home is to provide you with a place to live as well as creating an opportunity to grow equity.

Do you have room in your budget?
How much leeway do you have after you start paying your mortgage? Some communities require homeowner’s association dues, which are not included and taxes are subject to fluctuate randomly. If these things happen will you be nervous about missing a house payment? Calculating your “wiggle room” should be a mandatory step in your decision.

Do you have money for maintenance?
Mortgages aren’t usually the only expense. As a homeowner you are now responsible for upkeep, replacing the roof, refinishing the floors or repairing broken appliances. Every year you should set aside a budget for monthly repairs. Some months you won’t spend any money and some months multiple things will need to be replaced.

How long will you stay in your home?
The length of time you plan on staying in your house, as a homeowner will make a huge impact on this decision. If you are planning to stay for more than 5 years, the closing fees of buying and selling will spread themselves out being more beneficial than only staying for 3 years or less.

Overall you want to make sure that the decision to buy a house is not impulsive. Make sure that your income is steady, there is enough flexibility in your annual budget and you have thought about living in one place for about a decade.

For additional information or to schedule an appointment for mortgage prequalification, call Premier MortgageLending 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. 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.

U.S. Housing Industry sees signs of Pickup

Rick Piette was asked to give a quote this week to Reuters regarding the housing market. As demand in the housing market rises, homebuilders, mortgage professionals and brokers are asked for their input about the different housing trends throughout the U.S. Read the full article Here

 “I have seen an uptick in demand for the pre-approvals,” Piette said. “I think the demand for the mortgages will follow, too.”

images

Housing Trends to Expect: Spring 2014

Spring has begun and this means home buying season is starting! The most important thing to remember in this process is research. Be sure to understand the market and your local lending options, which usually begin with finding the right realtor and then the right lender.

images

 

Some trends to watch for in your home buying search:

 

1.) Sellers haven’t been seeing as much equity in their homes and aren’t as willing to put their homes on the market. This means buyers are in demand of home options and sellers have the opportunity to raise prices earning the equity they desire and more homes will end up for sale.

2.) Mortgage rates are expected to slowly rise and will randomly pause throughout the year. Even with a small increase, this will still be a great year to buy a home.

3.) With more houses coming onto the market and more buyers getting qualified for loans, buyer confidence will rise even with the rise in rates. With the economy and employment rates improving the buyer confidence grows stronger.

If this is the year to buy the home you’ve been waiting and saving for, have enough confidence to get the one you deserve. Premier Mortgage Lending is your local LOW cost leader and our motive is to save you more money while still finding the loan that is best for you and your family.

For additional information or to schedule an appointment for mortgage prequalification, call Premier MortgageLending 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. 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.