Category Archives: Homebuyers

Not So “Quick and Easy” Online Lenders Can Cost Borrowers Thousands

lenders

Lenders make it sound so easy. Simply fill out a quick online application, or even do it over your phone – and “poof!” – you have loan approval.

At least, that’s the cover story. But as with most things that might seem too-good-to-be-true, this one usually is, too. Not because it’s necessarily difficult to get loan approval, but because these companies aren’t really telling the whole story.

Rick Piette, owner of Las Vegas-based Premier Mortgage Lending explains it this way: “The simplest analogy would be to remind you about the last time you went to buy a new car.

“Remember how you saw and heard ads that promised you a “great deal on a new car”? Perfect timing, because you were in the market for one and this sounded like the perfect solution. But then you walked in the door and things, uh, ‘changed.’ A bunch of pesky details came up. It turned out, the deal they advertised wasn’t for the type of car you want, or you had to pay for more options than you wanted. Perhaps it required a certain credit score you didn’t have – so the payments and interest rate were higher than you were expecting. And then there was all the fine print about the warranty and the financing terms.

“The point is, they got you in the door with big promises, and even though the story changed once you were there, you already felt “invested” in the process. So maybe you stayed, accepting each of their revisions to the deal you were expecting one by one – simply to get it all over and done with.

“And there’s nothing really wrong with adjusting your expectations in a transaction – if the cost and the stakes aren’t more than you’re willing to pay. Sometimes it’s really more a matter of what your time is worth, so if we pay a little bit more for a car we really love, that’s not necessarily going to be a deal-breaker.

A home, however, is a different story. Large national banks and online mortgage companies use those same tactics to ‘get you in the door’ to capture your business – hoping that as they slowly change the details of your loan’s cost, rates and the details, borrowers will (again) be too invested in the process and will just accept it all because it’s easier than starting over somewhere new.

““Gotcha.” According to Piette, “That has to be how those lenders feel. They’ve just added another loan to their quota, another bonus to their paycheck. You just became a number, a source of income, and once they’ve hooked your application they know you’re more than likely to stay – no matter how smooth (or not) you loan process goes. It’s a sad commentary, but it’s true more often than we’d like to admit.”

However, if there’s one thing that Rick Piette would like to say to every mortgage borrower, it’s this: “Picking the wrong mortgage lender can unnecessarily cost you thousands of dollars out of pocket – because all mortgage lenders are not the same. Taking an hour or two of your time to shop around to compare interest rates and fees can easily turn into the best ‘hourly rate’ you’ve ever paid yourself!” (To see how easy it is to compare mortgage loans, visit our KnowBeforeYouOweNevada website.)

How does that work? Like this: With a bank or mortgage banker, usually your only options are for the loan programs their own institution offers. That means that no one is ‘competing’ for the opportunity to make your loan – or trying to get you the best rate and fees. It’s all done in-house, at the cost that big institution wants you to pay.

“But for a Mortgage Broker like Premier, finding the best loan out of competitive options is precisely what we do. Borrowers fill out one loan application, provide supporting documents one time – and Premier shops with its network of lenders to find the best rate and the lowest fees.

“In fact, Premier Mortgage Lending even offers a true “No Fee Mortgage” – that charges borrowers absolutely $0 for Loan Origination, Underwriting, Document, and Processing Fees. As these items can add up to as much as 4% or more of your loan amount, (that’s $10,000+ on a $250,000 loan) – you can see why choosing the right lender is critical.

“These “quick and easy” lenders also fail to explain that while filling out an application takes only a few minutes, obtaining formal loan approval is a process that takes time. It requires proper documentation provided within the proper time frame, adds Piette. “There’s a sequence, problems to address, deadlines to meet – and it must all be coordinated with the seller, inspectors, escrow and title companies.”

One other thing to remember: This process takes time. If you chose an online lender, you’re working with a “company” – not a Loan Officer that’s dedicated specifically to you and your loan, as you would be with Premier Mortgage.

“Usually with an online mortgage lender, you call an (800) number, get transferred around, mail documents, and often speak to someone new each time you call. That lack of clear communication is how questions can go unanswered, problems aren’t addressed and resolved, deadlines get missed, and you may even see your interest rate and fees unexpectedly go up at the last minute – when it’s too late for you to change lenders.

“That doesn’t happen at Premier. Because you’re working with an experienced Loan Officer who lives here in Las Vegas, knows the market, and has relationships with the Realtors, lenders, title and escrow companies who will be handling your loan,” adds Piette. “Personal service like that doesn’t come over the internet. Real people, where you live, working for you – that’s the Premier Mortgage difference.”

Learn more about the experienced professionals available to help you buy that home you’ve had your eye on by calling 702.485.6600 – or visiting the Premier Mortgage Lending website.

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, Henderson, 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.

If a Loan Officer Can’t Close Your Deal – Are They Really a Loan Officer?

Loan Officer

It’s not exactly that “If a Loan Officer falls down in the forest, do any lenders care?” – but…on second thought, maybe it is. Because if your Loan Officer ‘falls down on the job,’ guess who is going to be affected the most? Yes – that would be you.

“After all, your Loan Officer will move on to their next customer. Your lender isn’t going to yell “Stop the presses!” because your loan package fell apart,” explains Rick Piette, owner of Premier Mortgage Lending in Las Vegas.

“No – you are going to be the only one really affected by having to begin your whole loan application again with a new lender (which can be a long process). Or even worse – you could completely lose out your ability to buy that home you fell in love with because – due to your Loan Officer’s poor performance – you failed to meet the terms of the purchase agreement. And then (yikes!) – the seller went ahead and sold “your” home to someone else who can close the deal.

“That can hurt. A lot. But there are things homebuyers can do to avoid this happening to their purchase. It’s one of the reasons I stress to customers that it’s not only their choice of lender that matters – but the experience and expertise of their Loan Officer, too.

“Many people might think those are one and the same,” continues Piette. “But that’s not true. In reality, a bank, mortgage banker, or mortgage broker is only as good as the Loan Officers who handle their loan applications. Training and licensing are certainly important, but for customers – especially those with complicated or recently distressed financial situations – just as critical are the problem-solving skills that an experienced Loan Officer brings to the table.”

As a local small business Mortgage Broker that’s been in Las Vegas for many years, Premier Mortgage has maintained their status as one of the best in the business by choosing Loan Officers who bring not only years – or often decades – of mortgage lending expertise to the company, but who are also committed to providing excellent service to each and every customer. In many cases, they will also develop long-term lending relationships with clients, and the family and associates they refer to Premier.

“We know that’s something customers hear all the time. The “We have the BEST service, the BEST loans, the BEST everything” mantras from one mortgage lender after another. What customers don’t hear all the time are the reasons why it’s so important to ask a Loan Officer the tough questions about their experience in the industry and the area before they make their final choice of lender.

Piette goes on to explain that “The best Loan Officer in the world isn’t going to help you close on time with a lender that doesn’t perform. But it also won’t do you any good to pick the best lender who hires slackers as their Loan Officers.

“Knowledge, timing, and follow-through are what make the difference. Because if a loan is delayed due to a Loan Officer’s errors – for example, failure to request and submit proper documentation on time – the buyer may end up having their closing delayed, paying more money for their loan or to close escrow, not have a place to live in the interim, or even lose the deal completely.

“That’s why at Premier, we ensure that every Loan Officer that joins our team has experience, extensive industry knowledge, and can approach each loan application with creative problem-solving skills. In addition, they must be responsive and available for each and every one of their clients, and most of all – be completely up-front and honest in all their business dealings. In my opinion, any lender who doesn’t demand the same from their Loan Officers is doing their clients a disservice. That’s never a problem that Premier Mortgage Lending will share with them.”

Learn more about the experienced professionals available to help you buy that home you’ve had your eye on by calling 702.485.6600 – or visiting the Premier Mortgage Lending website.

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, Henderson, 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.

Homeownership: You May Be More Qualified Than You Think to Enjoy the Benefits

homeownership

Homeownership is one of the most important rites of passage many of us dream of. Homeownership means putting down roots and having a space that is truly yours. It’s truly a significant moment in your life when you finally reach the point of picking up that set of house keys and moving in. That’s why we seek it out, and why we celebrate the accomplishment with our family and friends.

But according to Rick Piette, owner of Las Vegas-based Premier Mortgage Lending, homeownership may be a dream many have given up on.

“In recent years, many families have chosen (or perhaps been forced) into a change of circumstance by renting – rather than owning – a place to live. As a result, those families are missing out on much more than just the financial benefits of homeownership. They’re also missing many of the intangible aspects of owning a home that can literally be a game-changer for their family.

“Of course, the financial benefits of buying a home are many, and include such things as building equity, increasing your net worth, property value appreciation, tax benefits – and in some cities (like Las Vegas) it may even be cheaper than renting.

“But the lifestyle and emotional advantages that come along with owning a home are perhaps even more life-altering,” explains Piette.

For example, homeowners get to enjoy these benefits, too:

It’s All Yours. That might sound simple, but there is real value in all the confidence that comes from being able to hammer a nail into your own wall. (Renters – are we right?) In fact, you can paint, make changes and improvements, have pets, plant a tree, and do a million other things to a home of your own that would never be possible in a rental property.

Your Home and Family Gain Stability. Buying a home is a big step in settling down and putting down roots. Researchers find that not only do homeowners gain a sense of stability when they settle into their first home, but they also contribute to the stability of the neighborhood. Homeowners move less often than renters, and that allows both children and adults to forge stronger bonds of friendship with neighbors – that can often last a lifetime. Students don’t have to change schools as often, and the uncertainty of being at a landlord’s whim about whether or not a lease will be renewed – just vanishes.

Stronger Community Ties are Developed. If you’re constantly moving from rental to rental, you don’t get to know your neighbors very well. But since most homeowners stay in their homes for longer periods of time, they’re more likely to form relationships and become more invested in their community as a whole. As a homeowner, you have a greater stake in your community – as well as the incentive to get to know what’s important to those in your area on a more intimate level.

You Can Create Your Dream Home. As a renter, you’re basically living in somebody else’s home and are subject to their rules. Want to change the color of the living room? Better ask permission (and be prepared to return it to the original color when you move). Want to knock down a wall to make more space for your entertainment center? Nope. But in your own home, you can pick the furniture you want, change the drapes, redecorate and even redesign your entire living space exactly as you’ve always wanted. Buying your own home is the only way to make that dream come true.

“Those are only four non-financial reasons it’s important to pursue homeownership, and certainly there are many, many more,” continues Piette. “But if you have the belief or the mindset that owning a home is not an option for you, we’d like to ask you one simple question: “How do you know?”

“We ask that because statistics show that more than half of the people who aren’t sure if they’re qualified to obtain a mortgage loan never even ask the question.  While we agree that’s a truly mind-boggling fact, it’s not hard to understand why – after the effects of The Great Recession took their toll – so many people make the assumption that their history, credit score, finances, or job situation would make them ineligible for home loan approval.

“At Premier Mortgage Lending – we know better. Because we’re a mortgage broker, we are able to work with a large network of lenders that offer loan programs to fit the needs of many different types of homebuyers,” he reveals. “Unlike a large bank or mortgage banker (who only sell their own loan products) – a broker has relationships with dozens of different lenders whose qualifying requirements can differ widely. So we’re able to cast a wider net on behalf of our clients to find a loan that will work best for them.”

Just a few of the loan options that Piette refers to include a true “No Fee Loan” program – that literally costs the buyer $0 in Loan Origination, Underwriting, Document, and Processing Fees; a “1% Down” program that helps buyers without a large down payment available, and private money financing through their Another Chance Nevada program – available to homebuyers as early as one day after a foreclosure or short sale.

“When you work with experienced Loan Officers like we have at Premier, you have an advocate on your side who can think outside the (check)box(es) to help you find your path from renting to owning a home,” adds Piette. “We’ve been helping Las Vegas residents achieve their “American Dream” for years. Isn’t it worth a phone call to find out if you and your family can enjoy all the benefits that come from living in a home of your own?”

To find out if you’re able to qualify for one of Premier Mortgage Lending’s many programs, call 702.485.6600.

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, Henderson, 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.

The Right Mortgage Lender for You Could Be Right Next Door

mortgage lender

Here at Premier, sure – we talk about home mortgage loans a lot (because hey – that’s what we do!). But there are reasons we are so passionate about our work, and we think those reasons make a difference – for our team, for our customers, and for our community as a whole.

You see, we’ve been here in the Las Vegas valley for a long time – and momwe’re proud to say that most of our staff has too (they’ve been with Premier for years, as well). As a small, local mortgage broker, we’ve built some serious roots in this city. We know the real estate industry, we know the people who work within the industry – and through our amazing customers, we’ve gotten to know our neighbors, made new friends, and we believe that together we all make Las Vegas a better place to live, work, and play.

So today, we’d like to share a little bit about why everyone at Premier Mortgage is so dedicated to our role in helping people get the best mortgage loan possible:  It’s because we take great pride and satisfaction in helping people move into a home of their own.

That may sound simplistic, but we’re being quite honest. Many in our city take part in creating the neighborhoods and communities here in Las Vegas. Home builders, Realtors®, title and escrow companies, inspectors, appraisers, repairmen, property managers – really, the list just goes on and on.

At Premier Mortgage, we know that for most people, getting from Point A (renting) to Point B (owning) just couldn’t happen without the services of all these professionals working together.

So yes, we’re very proud to be one of Las Vegas’ favorite local mortgage brokers and among those that help people locate, finance, and move into their homes. Not only does it support us and our great team of employees (which is good for our community) – but it gives us a chance to do our best, every single day, to make dreams and wishes come true for so many families who seek the security and lifestyle of owning a home of their own.

When it comes to getting a mortgage to buy a home, there’s a lot of media ‘shouting’ out there to promote ‘this big bank’ or ‘that online lender.’ The truth is, we know very well the substantial difference in quality and services our customers receive from Premier Mortgage Lending and its Loan Officers (as do our customers).  But we also know that as a consumer, it’s really tough to sort through all the ads and promotions to find real people who are experts at what they do, and that you can trust and rely on to do what’s best for your needs – not their bottom line.

If you think about it from this perspective, though, it might help you in making the best choice for this very important (and potentially expensive) product:  Think local. And no, we’re not just saying that because we are local here in Las Vegas. We’re saying to consider a local Mortgage Lender for your loan because there are very good reasons to expect you’ll find the best options for your needs right in your surrounding community.

Why? Here are just a few reasons:

• Local mortgage lenders understand the local market and have the industry relationships to achieve the best results for you.
• Real people you can meet face-to-face to answer your questions and discover your needs – then find the right solution.
• Money that stays local helps your community – with jobs, sales, and more.
• The people you do business with locally are neighbors who are also invested in your community.
• Service and quality matters more to local merchants – because repeat business is crucial to their success.
• Small local businesses save you money. (Less overhead/salaries = More savings for you)

To find out more about Premier Mortgage Lending and the many time- and money-saving mortgage loan opportunities that a local mortgage lender can offer you, contact 702.485.6600 or visit www.PremierMortgageLending.com. Traditional “No Fee Loans,” “1% Down,” Private Money financing, and much more.

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, Henderson, 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.

How Can It Be Your “Dream Home” if You Have a “Nightmare Mortgage?”

mortgageAhhhhh……the magic of finding “The Perfect Home.” It may be your very first home, or the one you plan to grow old in; your first “never-lived-in-before-brand-new” home, or the dream home you designed yourself and brought to life.

“Every person’s idea of their Dream Home is different, as it should be. But in the search for finding it, many forget to pay attention to one very important detail: Getting the “Dream Mortgage Loan” to go with it. Because if you spend every month giving yourself a kick when you make that mortgage payment, well . . . let’s just say that probably wasn’t what you had in mind in your dream scenario.”

As owner of Premier Mortgage Lending in Las Vegas, Nevada, Rick Piette has seen his fair share of people who found out too late that their “Dream Home” unfortunately ended up with a “Nightmare Mortgage.”

“It’s what happens when people decide to leave the decisions about financing their mortgage up to someone else – such as their builder or their Realtor®. Because if they had paid just a little closer attention to the details, I know they’d have made a better choice . . . the one that would have saved them a lot of money.

“And that’s hard for us to see, because it’s so much easier than most people think to make sure they’re getting the best deal on a loan,” Piette adds. “At Premier, we’ve spent a lot of time sharing that news in articles and on our website. We’ve even created a series of videos to break down that information into easy-to-follow steps of what to look for in your loan.

“But the main points we tell buyers to keep in mind are these:  Shop around with more than one lender, compare fees, compare interest rates – and then you’ll be equipped to see exactly which lender will cost you – and which one will save you – as much as thousands of dollars out of your pocket.

“Keep in mind, too, that a “loan pre-approval” is not a commitment – either from you (to get your loan from that lender) – or for a lender to make that loan to you. So even if your builder or Realtor® had you get a pre-approval letter from their preferred lender, you’re still not required to go with them.

“That’s a good thing. Because when you gather the Loan Estimates from two or more lenders and sit down to compare the rate and the fees, you may discover a huge discrepancy in the overall cost. Many Banks and Mortgage Bankers charge big fees for Loan Origination, Underwriting, Document, and Processing – and if you see those on their Loan Estimate, our suggestion is to run for the hills!” laughs Piette.

“But seriously – why do we say that? Because at Premier Mortgage, we offer a true “No Fee Loan” that doesn’t charge you anything for those items – and those are fees that can add up to $5-$8,000 or even more to the cost of getting your loan.”

Additionally, many buyers don’t know that Mortgage Brokers (like Premier) are regulated differently from Banks and Mortgage Bankers. Buyers may assume that the Broker will charge them a fee, but that’s not true. Instead, the lender actually pays the Broker’s commission because the Broker helps reduce the lender’s costs in several ways.

Also, a Broker can only earn income from one source, and that source is almost always the lender — not the borrower. All this is required to be disclosed directly on the Broker’s estimate – something that Banks and Mortgage Bankers aren’t required to do.

As there is no additional cost to the borrower, working with a Broker may be the buyer’s best option for these reasons:

• They have detailed knowledge about different lenders and may be able to find a lender who specializes in the type of home they’re looking for.
• They often have access to lenders that borrowers could not approach directly.
• They help borrowers get all of their documentation together with a single loan application that allows them to shop their network of lenders with less paperwork to complete.
• Brokers can assist those who do not have perfect credit or may have difficulty qualifying for a mortgage on their own.

“When you consider all the benefits of working with a Mortgage Broker like Premier Mortgage Lending: lower fees, transparency in earnings, saving you legwork, getting you information on several different loan options that are available to you – you can see how easy it is to make sure that “Dream Home” has the sweetest “Dream Mortgage” you could find to go along with it. And that just makes for a really happy ending.”

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, Henderson, 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.

Think Owning a Home Now is Out of the Question? Think Again.

owning a home

When it comes to thinking about owning a home, it seems most people place themselves into one of two categories: “Let’s Do It” . . . and “It’ll Never Happen.” But at Premier Mortgage, we’ve been pretty busy working on a third option – and one that we’d like to see become the only category – “Let’s Find a Way to Make It Happen.”

“At Premier Mortgage, our Loan Officers have been mortgage loan experts for a long time, working right here in the Las Vegas valley. In fact, altogether, we offer more than 75 years of loan experience for our customers – and that’s really important for borrowers to know,” explains Rick Piette, owner of Las Vegas-based Premier Mortgage Lending.

“Why? Because despite titles handed out to employees by many financial institutions, it’s really not inconceivable that your bank’s “Loan Officer” could have just literally started their lending career yesterday. And here’s why that should matter to a borrower: It’s one thing to ask questions and check off boxes on a form – but it’s something else entirely to use years of experience and creativity to help borrowers find real solutions for their mortgage loan needs.

“The thing is, every borrower has a different financial and life situation – so not every loan application is going to fit into the same nice, neat package for a lender,” Piette continues. “That’s one of the reasons we rarely tell a customer “We can’t get loan approval.” Instead, it could simply be “We don’t have loan approval yet.

“That “yet” is the critical thing for homebuyers to know about – because even if they aren’t able to qualify for the first, best choice of a traditional, “No Fee” loan (which Premier also offers) – there are still many other mortgage loan options available to explore.”

Rick Piette should know – as his team of expert Loan Officers have been helping people find those options for years.

“For example, one exciting new program that we’ve been able to offer our customers recently is our “1% Down Program” – that works exactly as it’s titled,” he explains. “This loan is a great chance for those who are renting and want to own their own home – and also for those who have been unable to save up 5, 10, or 20% for a down payment to put on a home purchase. The opportunities with this loan are tremendous, and with it – we’ve helped many families get into a home of their own and begin building their own financial nest egg.

“We also have a Private Money financing program for those who don’t qualify for a traditional loan right now – but that have access to put a 25% down payment on a home,” Piette goes on to explain. “This is an excellent short-term solution for buyers because it gives them the chance to buy a home now and take advantage of current prices. Then, as soon as their financial and credit situations improve – they can refinance at better rates with no prepayment penalty.”

“Those are just two samples of options for people who want to buy, but assume that they don’t have the credit, down payment, or financial capability to do so. There are many other loan options available that borrowers may not even realize they qualify for.

“That’s also why it’s so important to work with a Mortgage Broker, too. Our network of lender relationships means we’re often able to help buyers achieve what they thought was impossible: Picking up the keys to their very own home. But you’ll never know if you don’t just ask!”

For more information about how Premier Mortgage Lending’s experienced team of Loan Officers can help you assess your current homebuying status – and also provide recommendations on how you can improve that status in both the short- and long-term – contact 702.485.6600 or visit www.PremierMortgageLending.com. Las Vegas residents have been enjoying outstanding service and exceptional value from Premier for years. Why shouldn’t you be one of them?

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, Henderson, 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.

Think You Can’t Buy a Home? You Could Be Wrong and Here’s Why.

home buyers
Rick Piette, Owner of Premier Mortgage Lending

“The American Dream” of owning a home really hasn’t changed. Only the timeline people allow themselves to achieve it. What I discover is the biggest hurdle for many – especially first-time buyers – is getting past the mental block of thinking it’s simply not possible. But as a mortgage broker, I know that’s not the case. In fact, now could be the best time ever to buy.” Those might be surprising statements to some, but the truth is, Rick Piette – owner of Las Vegas-based Premier Mortgage Lending – comes across some version of this misconception every day. When he does, he and his experienced Loan Officers help their clients discover that today’s extraordinary opportunities can make owning a home a reality.

“People place limits on their homebuying ability that’s been based on outdated information,” he explains. “The past few years have given us a lot of negative headlines about the housing crash and The Great Recession because ‘bad news’ always grabs the headlines. Good news doesn’t get nearly as much press coverage. As a result, many don’t realize that the circumstances for buying a home have changed in their favor – immensely.

“What we’ve found is that many buyers have three common roadblocks they think they face, all of which couldn’t be further from the truth.

“Myth #1: It’s almost impossible to obtain a mortgage loan. Not today. Actually, more mortgage loans are being approved today than during any period in recent history. Certainly, after the housing crash, mortgage loans were infamously harder to get. But we’ve moved beyond that crisis and economic circumstances have changed considerably. Every year, more mortgage lenders loosen those previously tightened lending restrictions. Also, enough time has passed for individual credit scores to be on the rise with employment and financial stability to sustain them.

“Myth #2: Loans are too expensive. At Premier Mortgage, we can assure you that’s definitely not the truth. As a Mortgage Broker, our true “No Fee Loans” charge none of the ‘junk fees’ that banks and mortgage bankers do – and that means savings to borrowers of literally thousands of dollars.

“But fees are only half of the equation – the other half is the interest rate – and today’s buyers win on that score, too. According to a November 2016 CNBC story, interest rates have never been this low for this long in the history of our country. Since 2011, the average 30-year loan rate has been below 5%, frequently dropping below 4%. And keep in mind, these are fixed-rate loans – not Adjustable Rate Mortgages. Basically, today’s buyers can get better interest rates to buy a home than their parents – or even their grandparents – ever did.

“Myth #3: Buying a home is a bad investment. As with any industry, real estate will fluctuate over time. But if there’s one thing that is never going to change, it’s that people and families need a place to live. That’s even more important when you think beyond your own situation and take into account the needs of upcoming generations.

“For example, a recent study reveals that as of early 2017, as many as 34 million renters aged 25-44 were now credit-eligible to get a mortgage loan. That’s a huge number. Especially since as of the end of May, the total inventory of existing homes for sale in the U.S. was only 1.96 million.

“One other important detail about mortgage loans – and this is no myth – is that borrowers who take a little extra to shop around for the best deal can save even more of their hard-earned money. Unfortunately, many homebuyers don’t take this step because they’ve relied on someone else’s advice about their loan.

“When homebuyers turn their choice of lender over to the decision of their Realtor® or home builder, they’re handing their financial future over to someone who has no vested interest in the outcome,” Piette explains. “Think about it: Who’s going to be paying that mortgage each month? Certainly not them. Also, unknown to you – they may have financial incentives to steer you to a particular lender, which can put money in their pocket by taking it (in)directly out of yours.”

That’s a regret the Premier Mortgage Lending team wants to help borrowers avoid. “We advise our clients to keep in mind that above all, this is a business transaction. Be smart, take an extra hour of your time to get a Loan Estimate from at least two lenders, compare the interest rates and the loan fees – and the decision comes down to your dollars and cents.

“The interest rate and the fees are the only two things that really matter when it comes to the cost of your loan,” Piette explains. “They allow you to compare the numbers as “apples-to-apples” between lenders to see exactly how much you’ll be paying. Once you know that, you’re equipped to make the best choice for you. And if your Realtor® or builder disagrees with your decision, maybe you should ask them to explain why you should pay more for your mortgage loan than you need to?”

To learn more about the wide range of loan programs available today – from “No Fee” to “1% Down” and more, visit www.PremierMortgageLending.com, or call (702) 485-6600 to schedule an appointment.

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, Henderson, 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.

A Mortgage Broker Saves Time AND Money

mortgage broker

Saving time and saving money. That’s pretty much the mantra of our society today, it seems. We’re always in search of finding new ways to save our own valuable time (which seems to be spread far too thin anymore). And since the Great Recession, who hasn’t paid a lot more attention to how their money is spent, making sure we get the best value for our buck?

We start shopping for a car online, and often find the perfect one for the best price several states away – so we’ll have it shipped to us and still save money in the process. When it’s time to shop for a home, it’s back to the computer where we’ll take a look at everything available that fits our needs, and then try to negotiate the best price. Saving time. Saving money.

“But you know what just got missed in those transactions? Taking a little extra time to save money on the financing,” explains Rick Piette, owner of Premier Mortgage Lending in Las Vegas. “It always amazes me that people put such effort into finding those big-ticket items they want to purchase – but often completely ignore the costs involved with borrowing the money to buy it. 

“Let’s face it, those banks didn’t get “too big to fail” by making it cheap for customers to borrow money. And in the same way banks will nickel-and dime you with fees just for the privilege of holding your money for you (with service fees, ATM fees, minimum balance fees, see-a-Teller fees, and more) –  banks also maximize their income by charging mortgage borrowers plenty of fees piled on top of the mortgage interest rate they’ll be paying.

If it weren’t for the fact that when it comes to a mortgage loan – those fees they pile on can cost you thousands of dollars that you shouldn’t have to pay – it might not be that big of a deal. If all things were equal, it might be worth showing your financial institution some loyalty and keep all your business in one place. But things are not equal when it comes to mortgage loans, and that type of misplaced loyalty can be more expensive than you know.

“It’s an unfortunate truth that many homebuyers aren’t aware of,” Piette continues. “Partly because Banks and Mortgage Bankers have gone out of their way to create a scenario that makes it seem all these fees are “the normal cost of doing business” – and they’re not. 

The alternative? One example would be the true “No Fee Loan” from Premier Mortgage Lending. As a Mortgage Broker, Premier is able to save borrowers a tremendous amount by completely eliminating those income-inflating fees, such as:

1. Loan Origination Fee – which can be anywhere from 1-2% (or more) of your purchase price.
2. Processing Fee –  which can range from $495-$695 or higher.
3. Underwriting Fee – ranges from $250-$500 and more.
4. Document Prep Fee – $250 + up (and really? you have to pay for them to prepare the documents, too?)

“At Premier Mortgage, literally none of those fees apply – which for a $225,000 loan can cost a borrower upwards of $6,000, right out of pocket,” Piette explains. “There’s no smoke and mirrors with Premier, either. No bait and switch. Our traditional loans just flat out save our customers that money.

“But “time” is an important factor, too. Saving time AND money is one of the best things about working with a Mortgage Broker. Why? Because with a Mortgage Broker, you only need to fill out one loan application – and then we work with our large network of lenders to shop around to find the absolute best deal for your needs.

“That’s a real time-saver for borrowers,” he explains, “because with a Bank, your loan application is only to apply for their own loan products. There are no options to consider, no choices to make – it’s only their rates, their fees, and if you want to look for a better deal you have to go around town and fill out multiple loan applications. But since a Broker works with many lenders, we do all that legwork for you. Then we sit down with the results of our search and together we choose the best loan for you.”

Of course, saving time and money is great – as long as there’s a level of trust involved with the money part, that is.

“So, one other thing to remember is this: A Mortgage Broker is required by law to disclose all income they receive from your mortgage loan directly to you on paper . . . but Banks and Mortgage Banks…don’t,” reveals Piette. “Just something to think about when you’re shopping for your next mortgage loan!”

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, Henderson, 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.

Who’s the One That Makes that Mortgage Payment? You, That’s Who.

mortgage payment

When you’re in the market to find a new home, it’s a big project, right? Potential buyers need to do a lot of homework – figuring out what size home they need, how many rooms, which amenities they need (and which they want), what area to live in, their budget, the school district, it seems like the list just goes on and on. And on.

And once all that is figured out, then they need to find the right Realtor® or the right home builder, go out and look at homes, imagine themselves living in that place and what the possibilities are. Then once they find “The Perfect Home,” there’s all that paperwork to do: Make an offer, open escrow, order inspections, check the title . . . seriously, it’s a LOT of work!

So it just makes sense that after all that effort has gone into the search, discovery, selection, and purchase agreement, homebuyers just want a “break” from all the hassle. It’s not their fault – they’re just exhausted and after all, they’ve done the hard part. Shouldn’t the rest of the whole transaction be a smooth piece of cake with really delicious whipped chocolate icing on top?

“Yes, it should,” agrees Rick Piette, owner of Las Vegas-based Premier Mortgage Lending. “However, while the tendency of most homebuyers at this point is just to turn over all the rest of the transaction to their Realtor® or builder, there’s just one more little thing they need to be aware of: The need to shop around to find the best mortgage loan.

“Look, we get it. Homebuyers just want to ‘get it done’ at this point. But by giving up just one step too soon – they may discover too late that one more hour of their time may have saved them thousands of dollars. Because yes – that’s how big the difference can be between mortgage lenders.

“When homebuyers turn their choice of lender over to the decision of their Realtor® or home builder, what they’re doing is handing their financial future over to someone who has no vested interest in the outcome of that choice,” Piette explains. “Think about it: Who’s going to be paying that mortgage each month? Certainly not them. But even worse, they may have financial incentives to steer you to a particular lender – that can put money in their pocket, by taking it (in)directly out of yours.”

That’s no exaggeration, either, as explained in more detail on Premier Mortgage’s “KnowBeforeYouOweNevada.com” website. This quick two-minute video gives a simple overview of what Marketing Services Agreements are, why they exist, who benefits from them, and how you can protect yourself from the extra costs that may be involved if you use that “recommended” mortgage lender.

“Many homebuyers may feel like they’re questioning their Realtor® or builder’s judgment if they don’t go to the mortgage lender they suggest. It can put them in a difficult place emotionally,” Piette continues. “If you think about it, you’ve already spent a lot of time working with them up to this point in choosing your home, and a relationship has been developed during that time. So you may worry there would be hurt feelings if you go against their recommendation.

“But buyers need to keep in mind that above all, this is a business transaction. The outcome will affect your finances – not theirs. That’s why you need to be smart, take an extra hour of your time, and follow three simple steps to make sure you don’t end up paying more for your mortgage loan than you should.

  1. Get a Loan Estimate from at least two different lenders. (One can certainly be the lender your Realtor® or builder refer you to, and one should be a Mortgage Broker).
  2. Compare the Interest Rates
  3. Compare the Loan Fees.

“The interest rate and the fees are the only two things that really matter when it comes to the cost of your loan,” confirms Piette. “They allow you to compare the numbers as “apples-to-apples” between lenders to see exactly how much you’ll be paying.

“Once you know that, you’re equipped to make the best choice for you. And if your Realtor® or builder disagrees with your decision – just ask them to explain why you should pay more for your mortgage loan than you need to! (That should be an interesting conversation, don’t you think?)”

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, Henderson, 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.

No Loan Fees and the Lowest Mortgage Interest Rates in History

mortgage interest rates

At Premier Mortgage, we completely understand that most people don’t consider a mortgage loan to be “sexy.” At least not in the same way that a new car or new home can add excitement to your life. On the other hand, the path to acquiring many of the bigger-ticket items like that doesn’t necessarily need to be exciting. It just needs to be as cost-effective as possible. (Although we would take issue with the idea that “saving money” isn’t ‘sexy’!)

Unfortunately, it seems that for all the headlines and advertisements out there about the all the reasons to buy a home today – many people still don’t seem to ‘get’ the idea that their ability to buy a home truly is within their grasp; perhaps more so than ever before.

“Why? Because at no other time in the U.S. have mortgage interest rates remained so low for so long,” explains Rick Piette, owner of Premier Mortgage Lending in Las Vegas. “Since 2011, the average 30-year mortgage interest rate has been below 5%, frequently dropping below 4% in that period.”

In fact – as the 45-year graph above shows – even those who bought a home in 1970 paid higher mortgage interest rates than those available to homebuyers today.

“Still not impressed? Then let’s look further back in time with the data from this CNBC article – which shows that mortgage interest rates have never been this low in the history of our country.

“That’s a pretty stunning statement – and it speaks volumes about the opportunities available to 2017 homebuyers,” continues Piette. “Because as we explained in detail in a recent article, even minor variations in a mortgage interest rate can raise – or lower – the cost of your loan by thousands of dollars in a very short period of time.

“However, the interest rate is only half of that equation. The other half is the fees that many lenders will charge customers simply for the privilege of obtaining a loan from their company. (Seems like a strange way to earn customer loyalty, doesn’t it?)

“Those fees can add up to literally thousands of dollars that a borrower has to pay out-of-pocket and right at close of escrow,” Piette explains. “And it’s a bit like adding insult to injury, if you ask us. At least with interest rates, a variation may cost you more money over the long-term. But with loan fees, banks and mortgage bankers make sure they get their ‘pound of flesh’ from you (so to speak) – right up front.

“That’s why it’s so important that homebuyers pay attention to both interest rates AND fees. And even more important they know that some lenders – like Premier Mortgage – don’t charge any fees at all on traditional mortgage loans.”

For those who yearn to buy a home – but think it’s beyond their financial capabilities – you owe it to yourself to make the call to one of the experienced Loan Officers at Premier Mortgage Lending. They’ve been making ‘the American Dream’ come true for Las Vegas residents who never though it could happen. And often, the very things that tip the scales from “Sorry” to “This home is yours!” are the cost savings Premier has to offer with low interest rates and No Fee Loans.

“Owning a home today is simply a smarter way to spend your money,” confirms Piette. “Stability, community, building financial security and wealth – all that and a lot more are among the benefits homeowners enjoy. So if you’ve ever even thought about the possibility, then we should talk!”

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, Henderson, 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.