Category Archives: How-to

How to Find the Right Loan Officer for Your Mortgage

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Let’s say you’re in the market for a new mortgage loan. You’ve just made an offer on a home – it’s been accepted – you’re thrilled – and all you need now to make your dreams come true is loan approval, and you’re home free. (Well, more like, “home mortgaged” – but you catch our drift.)

If you’re working with a Realtor™, they may have sent you directly to their ‘preferred lender’ to get your loan started. Or you might have heard that it’s a smart move for you to shop around with different lenders to find the best deal – since all mortgage lenders are NOT the same. (At least, we certainly hope you’ve heard us saying that during the past few months! Like in this article.)

However, even when armed with the knowledge about how to compare Loan Estimate figures from one lender to the next (so that you are able to save literally thousands of dollars on your loan costs) there is still one other detail you need to consider: The experience and reputation of your Loan Officer. Rick Piette, owner of Premier Mortgage Lending, explains why.

“As consumers, it’s fairly common for us to narrow our wide number of choices down to one company who gives us the best numbers – and then just assume that everything will be handled as it should be. After all, a company should stand behind its product and its people, right? They should know how to get your loan from Point A to Point D, by completing steps B and C in the proper way. Unfortunately, it doesn’t always happen that way. Just think about the last time you received poor service from a store you shopped at, and you’ll see what we mean.

“But obtaining a mortgage loan is much more complex than buying an appliance, or even a car,” continues Piette. “When you think about it, no two people have exactly the same life circumstances, financial situation, or credit details. And on top of that, there is the oversight of the lending industry itself – with ongoing changes to federal regulations that affect guidelines and escrow requirements, legal disclosures, lending ratios, and so much more.

“With a mortgage loan, the details matter. That’s why you don’t want to put your loan into the hands of a person who isn’t well-versed in how to get it done right, in order, and in the timely manner that’s required. Because if it’s not, the end result can be disappointing – or even devastating – for you and your family.”

So how can you know that you’ve chosen not only the right mortgage lender – but the right Loan Officer, too? Rick Piette recommends adding the following questions to your loan shopping process to make sure you’re comfortable with your final choice.

1. “How long have you been in the mortgage business?” To be fair, we all have to begin our careers somewhere. And everyone makes mistakes at some time or another. Still, in the same way that you probably wouldn’t ask an intern to perform a complicated surgery on you – it’s in your best interests to find someone with an experienced background in exactly what you’re seeking: a residential mortgage loan. Given the economic turmoil of recent years, it’s not necessarily important for their experience to be with the same company; but it does matter if they’ve been working in your city for a period of time. Why is location important? Because knowing the local market and creating relationships with reputable industry agents – such as escrow and title companies, appraisers, underwriters, etc. – can play a huge role in your Loan Officer’s ability to anticipate, prepare for, and head off problems that can affect your end result: Loan approval.

2. “Do you have any special expertise in the type of loan I need?” If you’re planning to get an FHA or a VA loan, make sure they’re experienced in dealing with the specific requirements in those areas. Or if you’re self-employed, or need a Jumbo loan or second-chance financing, there may be extra hurdles faced for each of those situations. You don’t want to take chances that an important “i“ wasn’t dotted, or a “t” wasn’t crossed. Think about it this way: Your Loan Officer has learned something from every loan they’ve ever made. Why not stack the deck in your favor to choose one that is more than familiar with the type of loan you need?

“One other important thing to remember about getting a loan is that timing is critical for a borrower’s mortgage transaction. If a loan is delayed due to errors or a Loan Officer’s failure to request and submit proper documentation on time, the buyer may end up paying more money, not have a place to live in the interim, or even lose the deal completely. And there simply aren’t enough “I’m sorry!”s in the world to make that okay again,” explains Piette.

“At Premier, we’ve relied on a simple formula to choose the best Loan Officers to work with our company,” Piette explains. “Simple, but not easy, because they need to possess all of these traits: Experience, extensive industry knowledge, creativity, responsiveness, availability for clients, be problem-solvers, and most of all – completely up-front and honest in all their business dealings. We won’t settle for anything less, and we wouldn’t ask our customers to, either.”

Fortunately for Piette, he’s been very successful at assembling a team that meets all of those qualifications – and each individual also boasts an impressive career history. “I’ve worked with Cheryll Acevedo, Dianne Herra, and Sydnee Johnson for so long that we’re more like family than friends,” confirms Rick. “That’s one of the advantages of being a small, local Mortgage Broker, in my opinion. We’re a tight-knit team that works hard, plays hard, and we all share the same philosophy: To focus on providing our clients with the best service and the best products on the market.”

Find out more about Premier Mortgage Lending’s Loan Officers and about their true “No Fee” mortgage loans by calling (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.

Just Say “No” to Mortgage Loan Fees

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“No.” It’s a simple word, right? But it’s amazing how often we have difficulty saying it. Especially at those times when it affects our finances. If we could just get a bit more practice in using “No” as a response to tough – or even friendly sales tactics – though, we’d probably be surprised at how far those two little letters can take us down the road to getting a better deal. Especially when it comes to a mortgage loan.

How does that work, you ask? Rick Piette, owner of Las Vegas-based Premier Mortgage Lending explains: “For decades, the mortgage industry in general has subtly trained homebuyers to simply accept the idea that getting a mortgage loan costs money . . . a lot of money. Banks and mortgage bankers have added huge fees to the Loan Estimates they provide their customers – and it’s not a coincidence that those in the industry commonly refer to them as “junk fees.

The first fee homebuyers should learn to “Just Say No” to is the Loan Origination,” continues Piette. “Lenders often explain that this figure – which can add 1-2% (or even more) to your loan amount – is “necessary” to “buy down” your interest rate. That’s simply not true. While sometimes it is possible, or even wise, to do that with a Loan Origination Fee – it’s simply not something you should have to pay to get the current market interest rate for a traditional mortgage loan.

The second fee to say “No” to is the Processing Fee. This figure will vary from lender to lender, if they charge this fee at all (which Premier Lending does not),” Piette adds. “And it can reach some pretty high numbers – as much as $495-$695 and up. But think about it: Why would you have to pay a fee for someone to simply do their job and process your loan application? Don’t they already get paid for that? The answer is – yes, they do. The correct phrase to tell your lender if this fee shows up is: “No, I’m not paying this.”

Third is the Underwriting Fee. Again, another way (and a creative term, don’t you think?) for lenders to add additional income to their bottom line just for the act of making your loan to you. Just. Say. No.

And fourth, the infamous Document Prep Fee,” explains Piette. “This one is probably the most blatant junk fee of all – charging you for their time just to draw up the documents that are necessary to make your loan in the first place. Normally in the $250 or so range, I think this particular fee is the one that infuriates borrowers the most. (And imagine the satisfaction you’ll get for saying “No!” to that one!)”

“Altogether, for a $200,000 mortgage loan – these junk fees alone can cost a consumer as much $4,000 or more, and that comes right out of you pocket at escrow closing. Considering all the other legitimate costs that homebuyers are required to pay at closing – such as recurring costs (taxes, insurance, etc.), and legitimate closing costs (title search, title insurance, flood determination fee, transfer tax, etc.) – when lenders choose to add such expensive and arbitrary costs, well . . . we just don’t think that’s right,” explains Piette. “That’s why we chose to operate as a Mortgage Broker, and we can offer our customers a true, no-smoke-and-mirrors, “No Fee” loan.

It’s not that at Premier Mortgage we have anything against a business making a profit, of course. That’s a huge part of bringing jobs to a community, and we’re all for that! But we all know that some companies operate more ethically than others. And where some will take financial advantage of their customers (even illegal advantages – as in the recent Wells Fargo fiasco demonstrates) – others are committed to consistently doing the right thing, making a fair profit, and helping customers save more of their own hard-earned money.

The latter is even more common when it comes to local community-based businesses. Why? Because these are your neighbors, your friends, the people who share your love for your town and truly want to make it a better place for all its residents. Fortunately for Las Vegas homebuyers, that also happens to perfectly describe the team at Premier Mortgage Lending.

“At Premier, we want to help our customers not only get the best deal and the best rate for their mortgage loans, we want them to understand why and how we’re able to offer that to them,” Piette continues. “We’ve even created a website (www.KnowBeforeYouOweNevada.com) of short informational videos to help borrowers understand the basics that will allow them to compare lenders themselves. It’s not about us saying “We’re the best – use us for your loan!” It’s about helping people to make the best financial decisions for their situation.

“Of course, since pretty much any financial decision is going to include the desire to save money, that pretty much explains why so many homebuyers do choose Premier Mortgage Lending for their home purchase or refinance loan needs,” Piette offers.

Find out more about Premier Mortgage Lending’s true “No Fee” mortgage loans, as well as their many other products and services by calling (702) 485-6600. Their experienced loan officers are there to help with your questions and can assist you in navigating from signed purchase agreement – to getting the keys to your new 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, 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 to Discover What You Don’t Know About Getting a Mortgage

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Let’s face it: The intricacies of finance and economics are just second nature for some people. You’ve met them before – they’re the ones who can calculate interest rates, debt ratios, and payment structures all in their head within seconds. In the meantime, you’re staring at them in awe and wondering how they get their brains to work that way.

But that’s how it is with most things – we all have our strengths and weaknesses. And while they may be an auto-calculating whiz-kid, you know you could build a home around them while they try to figure out the difference between a hammer and a hacksaw. (Well, you get the point!)

“A lot of mortgage companies rely on that ‘confusion factor,’” reveals Rick Piette, owner of Las Vegas-based Premier Mortgage Lending. “In fact, for years most of the mortgage industry has gone to a lot of trouble to make getting a mortgage loan as confusing as possible for their customers. Why? Because it’s an effective strategy – one that’s allowed lenders to make a lot of money off their borrowers. And in many cases, the customer doesn’t even know that they’ve ended up paying more for their mortgage loan – a lot more – than they should have.

“The fact is,” Piette continues, “that the rules of mortgage lending have changed since The Great Recession. The passage of the Dodd-Frank Act put new regulations in place for how mortgage loans are made, and many consumers aren’t aware of these changes.

“That’s one reason the Consumer Financial Protection Bureau (CFPB) developed a “Know Before You Owe” website where borrowers can learn about those changes. But Premier Mortgage Lending took that idea even further to help demonstrate exactly how to shop for a mortgage loan, what to look for, which questions to ask – and more importantly, to be able to compare “apples-to-apples” when you compare mortgage Loan Estimates. It’s at www.KnowBeforeYouOweNevada.com.”

“As a Mortgage Broker, Premier Mortgage is required by law to be completely transparent in what your loan will cost you. So when we say we offer a “No Fee” loan – that’s exactly what you get. Unfortunately, the same thing isn’t true for Banks and Mortgage Bankers – but that’s just the beginning of the differences between lenders. (You can learn more about those differences in our previous articles here, here, and here).

“We want to let borrowers know this very important information: Mortgage loans are a lot less confusing than you think. Don’t let a lender confuse you with fancy terms and play a virtual “shell game” with your money. Take a look at our quick educational videos to get up-to-speed about mortgage loans in just 15 minutes. And if you have more questions after that, we’re always here to answer them!” concludes Piette.

For more information about how to shop wisely for your next mortgage loan – and potentially to save literally thousands of dollars – visit Premier’s “Know Before You Owe Nevada” website to be informed about how you can be in charge of the cost of 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.

YOUR MORTGAGE LOAN IS YOUR RESPONSIBILITY. SHOULDN’T IT BE YOUR CHOICE, TOO?

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Signing on the dotted line. There’s a good reason that phrase is so embedded in our consciousness and causes us to hesitate and think – one last time – before we affix our name to a document. In most cases that signature is making a financial commitment, and whoever adds theirs is incurring a (generally enforceable) responsibility to meet a payment obligation.

So we’d like you to think back to the last time your Realtor signed your loan documents, with you. Oh that’s right – they don’t, do they?

The reason we ask is to remind you that when it comes to your new mortgage loan, you are the one who’s going to be making those mortgage payments – month in and month out, year after year. Not your real estate professional. Not your mortgage lender. Just little…ol’…you.

Knowing that, it stands to reason that you need to be vigilant about ensuring you’re getting the most value, saving the most money, and getting the right mortgage loan for your needs. If you’re one of those people who just “assumes” all mortgage lenders are the same . . . then think again. Different regulations apply to different types of lenders – and that means that all lenders are not created equal. (See our recent article entitled “The Difference Between Mortgage Brokers and Mortgage Bankers” for more information on this subject.)

To help you navigate the path to the right home loan, here are the things you should know:

1. First, a “pre-qual” letter is not a commitment to make a loan. It’s simply a lender’s opinion – based on your verbal representations – of whether or not you may be likely to obtain a mortgage. So remember, it’s fine to include them in your list of lenders to shop for the best rates and fees. But you need tangible proof to compare their figures to other lenders and make sure you’re getting the best value.

2. Once you have picked the home you want, you need to get that loan, right? But if your real estate professional refers you to only one mortgage lender, consider that a red flag. (this is usually what they refer to as their “preferred lender”) Why? Because they should be encouraging you to gather written “Lender Estimates” from at least two different companies so you can properly compare their loan fees and interest rates.

The good news? If you were advised to go to only one lender, this is where you can take back control of your financial future. Go ahead and visit the first lender. But then- independently – go visit one or two other lenders to get their Loan Estimates, too.

One reason this is critical is that there are true “No Fee” mortgage loans available – in fact, Premier Mortgage makes them every day. So if you see a list of fees on your Realtor’s “preferred lender” estimate, you should be aware that’s money that you don’t have to spend.

3. Once you have at least two Lender Estimates in hand, how do you know which figures to compare? This quick 2-1/2 minute video explains in further detail, but the key things to know are this:

• Compare the interest rates

• Compare the Loan Origination charges (Loan Origination Fee, Processing Fee, Underwriting Fees, and Document Preparation Fee)

By reviewing the Lender Estimates side-by-side, you can zero in on the differences that matter: What is it going to cost you? If all other terms are equal (for example – the same loan amount, 30-year mortgage, etc.)then your best financial choice is going to be the lender that costs you ZERO in loan costs for the lowest possible interest rate. Period.

Just remember who is going to be on-the-hook for those monthly payments, and you’ll be motivated to shop around for the best rates on your mortgage loan. We guarantee it.

Premier Mortgage Lending is the home of the true “No Fee” mortgage loan. Find out more at our www.KnowBeforeYouOweNevada.com website. Our series of short educational videos explain exactly what you need to know to save big money on your next mortgage loan – and know which questions you need to make sure you ask your next mortgage lender.

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.

3 Things That Can Stop You From Getting A Mortgage Loan – And How To Change Them

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The American Dream of owning a home is alive and well. And while it’s true that some of the rules for getting a mortgage loan have recently changed, every month thousands of families enjoy the excitement and extraordinary pride of becoming a homeowner – whether again or for the first time.

And you just might be one of them – if you play your cards right. (Your “credit cards,” that is.) Because homebuyers who plan ahead can take steps to improve the odds that their application receives the coveted “Your Loan Is Approved!” stamp. (Instead of that nasty alternative.)

Of course, lenders will still be looking at your finances to reach that final determination. But by making changes today in your spending behavior, you can make a huge impact on your future home-buying opportunities. It might not happen as quickly as tomorrow, but continually making small improvements and heading in the right direction with your credit and debt will make a difference to your lender.

According to Rick Piette, owner of Premier Mortgage Lending in Las Vegas, Nevada, “There are three key areas that those planning to buy a home in the near future should concentrate on immediately. These are: your credit history, how you handle your debt, and making the effort to educate yourself about mortgage loans.”

Having a Poor Credit Score and Credit History

Getting your credit in order is vital – because poor credit can mean you’ll pay more for that mortgage you get. Or worse yet – your application could be denied because your credit score is too low.

There’s no doubt about it, in this day and age, good credit makes the rules. In fact, it’s been calculated that over a lifetime, a person with poor credit could end up paying nearly $200,000 more for the same purchases over someone with good credit – simply due to the differences in costs and interest charges.

But even if life has thrown you some curve balls (such as, oh, maybe a Great Recession) – if you take calculated steps to get back on track with your money, it will begin to show up on your credit report and score with steady improvement. These include:

• If you have any collections or judgments against you, paying them off as quickly as possible.

• Bringing your over-the-limit and past-due accounts up-to-date.

• Paying all your bills on time.

• Reducing your credit card debt to 25% or less of your credit line on each card.

• Not opening new lines of credit.

• Not closing any credit card accounts, because then you’ll be using a higher percentage of your overall credit limit.

If your credit has hit some bumps, it’s always wise to speak with a mortgage lender about your situation before shopping for a home. A reputable firm will be happy to recommend specific actions you can take with regard to your personal credit status – such as which cards to pay off if you can, and in what order to tackle your debt reduction. They can also help you understand the different type of loan programs available to you and what credit scores you will need to achieve for them.

In short – if buying a home is on your list of Things-To-Do now or in the future, get your credit checked, speak with a lender, and then take the right action to start improving it now.

Carrying Too Much Monthly Debt

Your Income + Too Much Debt = No Home For You.

Debt-to-Income Ratio – that’s an important thing to know about when you’re planning to buy a home. (That’s your monthly income divided by your monthly debt payments.) And if those percentages aren’t right, your loan can be denied.

How to fix it?

“Obviously, you want to reduce your debt,” confirms Rick Piette. “Unless you’ve hit the lottery, this probably isn’t going to happen overnight. But by formulating a plan of how to attack your debt- in ways that will make the most difference to your ratios – you can begin to turn these figures around.”

“However, as Michael F. Kay explains in his recent Forbes column, Digging Yourself Out of Debt – without changing how you think of debt, the odds are you’re not going to change your spending habits. (The old maxim really does apply here: If nothing changes, nothing changes.)

In many cases, that mindset can be altered simply by changing what you focus on before making a purchase. Instead of concentrating on momentary gratification (as in, “The Super Bowl is going to look great on this 55-inch television!”) – think about how you’re going to feel when the bill arrives. In truth, it really can be as simple as that. When it comes to money, many people need to shift their perceptions about how society has conditioned us to behave.

“Kay goes on to offer several other techniques that help to re-train our thoughts on how we spend money,” adds Piette. “Reminding yourself of the long-term goals you’ve set and asking whether an expenditure will help or hinder your ability to achieve them is one. Kay recommends ‘visualizing’ where you want to be (in a home of your own and building wealth) vs. where you don’t want to be (renting an apartment and paying huge credit card bills each month).

You’re Not Asking The Right People The Right Questions

“You don’t know if you’re able to qualify for a mortgage, so keep that to yourself and don’t make any inquiries.”

WRONG!

If you have dreams of owning a home someday, then take your questions to a professional – whether it’s a Realtor, mortgage lender, or another industry expert. Even if you’ve never bought a home before, or you’ve lost your home to foreclosure or short sale – don’t simply assume that you’re not qualified to get a mortgage. Remember: Every person’s financial situation is unique, and because of differing circumstances – what was a complication for one person may not affect someone else.

“This is one of the most common problems we run into, and it’s really a shame,” reports Piette. “Because more people are qualified now to get a mortgage loan than they realize. As we’ve mentioned in a previous article, studies show that over half the people who want to buy a home never even ask if they’ll qualify for a loan simply out of fear the answer will be “no. ” And a large percentage of those people actually are able to qualify.

“What’s important to remember, though, is that even if the answer is “no” right now – by taking an active role to improve your credit and financial stability, you’ll have the opportunity to change that to a “yes,” – and in many cases, not too far down the road.

“At Premier Mortgage, we believe it’s so important for people to know the right questions to ask about getting a mortgage loan, we created an educational series known as “Home Loans 101” to help take the mystery out of mortgages. It helps buyers understand what to ask, and gives them the chance to compare lenders equally.

“A common misconception we run into is that people often think the cost of getting a mortgage loan is the same with any lender – and that is not at all true. There’s a difference between Banks, Mortgage Bankers, and Mortgage Lenders – and unless buyers shop around for the best deal, they can end up paying thousands of dollars too much for their mortgage loan. Those costs alone can make the difference in receiving a loan approval – or a loan denial.

“That’s why buyers need to discover the facts for themselves. Just as different people have different financial circumstances, different lenders will have different loan programs. Some of those programs can price you out of being able to buy a home,” Piette confirms. “But at Premier Mortgage – home of the true “No Fee” loan – we’re making it possible every day for Las Vegans to get into a home of their own. That could include you, too. What do you have to lose by asking?”

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.

The worst things you can do before buying a home

There are so many rules in life, especially when you are looking to buy a home! Below is a list of a few things you should NOT do if you are thinking about buying a home.

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1. Swipe the credit cards

You do not want to charge anything big (boat, car, furniture, appliances) to your credit cards before closing on a home. Even be very careful with minor expenses. If you do need to obtain new credit it is important to talk with you trusted loan officer first.

2. Shuffle your money around

When applying for a loan, don’t start moving large amounts of money around. Your account activity is recorded multiple times during the process and if something seems suspicious or unnatural it could harm your chances of approval.

3. Fall behind on bills

Don’t let a late payment or missed payment collapse your deal. Payment history is a very important part of your credit score.

4. Co-signing loans

When you co-sign a loan you are taking financial responsibility for someone else’s debt. It is especially risky during the mortgage lending process because that is another monthly obligation into your overall affordability.Unknown

5. Switching up your profession

Make sure your job is stable and try not to switch in the middle of your mortgage process. Stable, reliable income makes for the easiest experience.

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.

Easy Ways to Save for a Down Payment

Regardless of the type of mortgage loan, saving for a down payment on a home can take years! Traditionally homebuyers need a down payment of 10 to 20 percent of the purchase, which is hard to come up with when you are juggling rent, living expenses, insurances and/or debt. The importance of the down payment amount varies but can majorly affect how much you need to borrow. Here are some tips to easily save for the down payment of a home:

  • Research home prices in the area you are looking to live and calculate your expenses to determine what you can and cannot afford.
  • Set up a savings plan with deadlines for reaching your goals. Find out the difference between what you pay now and what you will be paying per month with a mortgage payment.
  • Review your spending habits. If you quit using credit cards you will be more aware of the money you have on hand and how much you have spent. Use coupons, cut out the extra cable TV package or hold a garage sale are good examples of saving/earning extra cash
  • If you have student loan payments, cut back on the amount you pay per month. Adjusting your repayment plan could substantially lower your monthly loan payment.
  • Keep track of your progress by documenting every time you put money into your “down payment savings account” so that you stay motivated and are always aware of how much you have, or don’t have.

Stay focused on your goal of owning a home and don’t let the fear of a down payment stop you. Being aware of your daily, monthly or annual spending can only help you save better!

For additional information or to schedule an appointment for mortgage prequalification, call Premier MortgageLending at 485-6600 or visitwww.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.

7 things to know about applying for Home Loans.

Buying a home is a big decision and with that comes a lot of learning about home loans. We, at Premier Mortgage Lending, have outlined 7 things that all buyers should know about applying for home loans.

1) Learn about the different types of loans that are offered and their benefits. Traditional loans (i.e. FHA, VA, Conventional) will all be run through an automated underwriting system which will tell the lender if your credit is acceptable.

2) Some private lenders will offer a ‘Second Chance’ loan. Premier Mortgage Lending look at your credit history prior to the foreclosure or short sale to decide if you are an acceptable candidate for our ‘Second Chance’ program. We want to know that prior to your foreclosure or short sale, you had a history of paying your bills on time.

3) Before you apply for your home loan, calculate what you can realistically afford including taxes and insurance. You can use a mortgage calculator to help you. When calculating how much you can afford, consider making a higher down payment to reduce your mortgage payment.

4) Don’t apply for any new credit accounts before you apply for your home loan as this will alter your credit report and can impact the type of loan you’ll be able to receive.

5) Keep all of your existing credit accounts active. This will help to not only maintain a credit history but show a higher credit to debt ratio which can help to give you a better credit score and interest rate.

6) Keep a stable employment history. Lenders want to see that you have a consistent employment history to ensure that you’ll be able to pay your mortgage payments. Best case scenario is to have been employed by the same company for at least 2 years.

7) Last but not least, pay your bills on time. This will not only improve your credit score but will also help to ensure that those lenders who look at your credit report in detail can see a trustworthy candidate.

For more information on Premier Mortgage Lending financing options please contact us on 702-485-6600 or by clicking here.

Seven things to do to improve your credit score.

During the recession, hundreds of thousands of people saw their credit scores were negatively impacted. Now it’s time to get those credit scores back up. Here are 7 guidelines to follow to help improve your credit score.

1) Check your credit report. This should help to not only give you an idea of the direction your credit score is going but also to ensure that it is correct.

2) Pay your bills on time. Making sure you are making your payments on time will help to improve your credit score.

3) Pay more than the minimum payment due. Not only will this help to clear your debt quicker, but will also have a positive impact on your credit score.

4) Pay off higher interest debts first. Evaluate your credit debts and then devise a payment plan that allocated most of your available budget for debt payments towards the highest interest cards first, after you have maintained minimum payments on your other accounts.

5) Don’t apply for new credit. Shopping around for new credit will also lower your credit score, as well as opening more credit. You will also end up with higher interest rates if you already have high credit card debts.

6) Don’t close your existing credit cards. Keeping credit open but not used, helps your credit-to-debt ratio. Closing credit will actually lower your credit score. Avoid temptation by cutting your credit cards so they are not useable.

7) Manage your credit. Making sure you have more credit than debt will help to increase your credit score.

For those of you who’s credit scores have been effected by the recession, please see our Another Chance program for more information on how you could receive a Private Home loan so that you can own a home once again.