13 Reasons To Use A Local Mortgage Broker For Your Next Loan

buy-local-300x241For decades, the ones who sold the products held the cards, set the prices, and made the rules. Today, that’s all changed. With the rise of the internet, customers have discovered they have a voice. And it’s one they don’t hesitate to share – with the companies they buy from, fellow consumers, and their friends. Now, it’s a “buyer’s market” – something companies who fail to provide great products and services to are quick to discover.

Maybe that’s why so many big corporations are trying hard to re-define their relationship with their customers. It seems their goal is to convince you they’ve always been there for you ‘as a friend and neighbor.’ And why not? After all, who wants to take their business away from a ‘friend’?

But there’s a reason they’re trying so hard to give customers that impression, and one of them is that the “Shop Local” movement in the U.S. is growing and gaining traction every day – with good cause.

Shopping locally really does make a difference. Dollars spent at community-based merchants create a multiplier in the local economy, meaning that from each $1 spent at a local independent merchant, $2 to $3.50 recirculates into the community. One result: Shopping locally is a key tool for creating more local jobs.

What’s more, local owners have a lot invested in their businesses. Not only money, but their time and reputations, too. They’ve taken care to cultivate relationships built on mutual trust because they’re your neighbors. That’s why unlike huge corporations, local businesses have a natural interest in the local community’s long-term health.

All those “shop local” reasons apply to your mortgage company, too. In fact, there are a lot of good reasons to contact a local mortgage broker when you need a loan, and here are some of the best ones:

Why Should I Use A Local Mortgage Broker? (Like Premier Mortgage)

1) We don’t have to charge as much as the big banks because we have low overhead and fewer layers of personnel. That’s one of the ways you can get a real “No Fee” loan at Premier.

2) Superior service and tangible results are simply a way of life for local businesses. After all, we’re not going anywhere – you can always find us right here. Plus, we plan to be there for you now and in the future. Not for just ‘this one deal.’

3) Smaller local lenders are held to the same degree of accountability as the large “brick and mortar” banks. But because we’re a small local company, we’re more particular about our hiring practices. The result? You get more experienced loan officers who spend more face-time with you.

4) We understand the local market and have specific area knowledge – so we’re more familiar with all of the different issues that can arise in the hectic housing and lending market in Las Vegas. You get the benefit of our expertise along with lower cost loans.

5) We serve our local community. Your business and money isn’t going to a mega-corporation with headquarters in some distant state. You’re working with like-minded individuals who care about the people of Southern Nevada.

6) With one loan application, Premier Mortgage is able to shop with multiple lenders on your behalf to find the right loan and terms for your needs. And that means underwriting flexibility you won’t find elsewhere – as well as access to very competitive rates and terms.

7) We handle the interactions with lenders and are quick to anticipate and head off any problems. Because we understand the guidelines for each lender, anything that raises a red flag – we’ll ask you about first. In short, we’re more proactive in seeking the best fit and solutions for your needs.

8) Borrowers who might not be a shoo-in for a loan (perhaps due to lagging credit or other circumstances) will find that Premier Mortgage’s multiple lending contacts give us a good sense of what your financing possibilities are.

9) Security is paramount. (When’s the last time you heard about a small mortgage broker losing your personal information? It’s the big banks that are the real target for hackers.)

10) Real estate professionals agree that they would much rather their clients had the care and customer service of a small, local Mortgage Broker. “It’s always better to have someone close that you can go to and get face-to-face with to work out any issues that arise.”

11) At larger banks more people are involved and it is hard to get updates along the way. Simply put, you are just a number to them.

12) Premier Mortgage will fight for you and your deal to go through – more than a salaried loan officer at a bank.

13) With big banks, you rarely have a direct point-of-contact because they use call centers. You could call one day and talk to Susan, then call the next day and talk to Scott. But Susan didn’t note your records about your chat, so you have to tell Scott your story all over again. Then, when you call back in 2 weeks to check on your issue, you talk to Kim and have to start over…AGAIN. With a local Mortgage Broker, this problem doesn’t exist.

“When it comes to getting a mortgage loan, consumers need to be aware how they can save on costs – which is one reason we developed our “Home Loan 101″ educational video series,” reveals Rick Piette, owner of Premier Mortgage Lending. “And any time a consumer is buying a product, of course they want to make sure they’re getting the best deal.

“But borrowers should also be aware that there’s more involved in getting the right mortgage loan than just the costs,” Piette continues. “Saving money on fees is great – but only if your loan is handled properly and on schedule. If you’re working with a lender who’s not on top of every detail and one who knows their job – those low fee loans can suddenly turn into costly mistakes, missed deadlines, delayed closings, moving inconveniences – and sometimes, it can keep you from getting to the finish line at all if your loan is denied at the last minute.

“At Premier Mortgage, we encourage our customers to ‘shop around.’ You definitely want to compare Loan Estimates, interest rates, and costs. Just as important as a good product, though, is a lender’s reputation, experience, responsiveness, and accessibility. If all five don’t come together, well then – we suggest you keep shopping.

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.

What the Fed’s Recent Decision Means for Mortgage Loans

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A couple of weeks ago, it seemed that you couldn’t open a website or turn a newspaper page without hearing all the buzz about the upcoming decision by the Federal Reserve on the key interest rate. “It’s going up” – “It’s staying the same” – it’s not like there were a lot of options, really. But media being what it is meant everyone shared their opinion as they jostled for position at the top of the search engines. (Not-so-much-of-a-Spoiler-Alert: The Fed announced September 17 that rates would not change.)

So for the time being, the interest rate stays near zero – as it has since early in the financial crisis in December 2008. Or at least until October or November of this year- as the Fed committee still has two more meetings to go – so it’s possible things could change before the end of 2015.

But what exactly does that mean when it comes to mortgage loans? If you’re currently searching for a home, or planning to in the near future, you more than likely already know that interest rates have a huge effect on your financial ability to buy a home and qualify for a mortgage.

So we’d just like to shed a little light on the answer to that question and say that it depends: Are you a glass half-full, or a glass half-empty kind of person?

On the “half-full” side, conventional wisdom indicates that mortgage interest rates won’t be seeing a huge change anytime soon. Because even if the Fed increases the interest rate before 2015 is ushered out, such an increase is anticipated to be small (a maximum of about .25%).

It does, however, open the door for additional interest rate hikes in the months to follow. But the good news is that because rates are still currently very low, it may take a year or more for such slow, incremental increases to cause any noticeable impact on the mortgage industry overall. In other words, the rate on your new mortgage loan isn’t going to change overnight.

On the flip-side – for those “half-empty” personalities, the decision by the Fed not to raise the interest rate reflects a U.S. that has not yet fully recovered from the financial crisis. While projections call for employment to continue to rise and the economic growth outlook is improved, concerns about global economies play an important role in the decision-making process. Because in many ways, what the Fed does plays a role in trade, currencies, and commodities on the world stage.

In truth, a rate hike by the Federal Reserve can have both positive and negative results. On the upside, the housing market itself can gain additional momentum simply based on the anticipation of such a hike, as home buyers get off the fence and make the decision to buy now so they can lock in low mortgage rates. Conversely, if such a rate hike hurts other economies in the world, that can ultimately impact U.S. trade and economic growth.

It’s a fine line to be sure. And it’s a call with enormous impact that reaches far beyond our borders. But the current decision, in our opinion, is a great one for the mortgage industry – and for anyone looking to upgrade, downgrade, or buy their first home.

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.