Category Archives: No Fee Mortgage

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.

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.

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.

Renters Ages 25-44 Moving into Homeownership

renters

Sooner or later, we all want a place to call our own. More and more, it’s beginning to look like that time has come for the next generation of homebuyers.

“A recent study reveals that as of early 2017, as many as 34 million renters aged 25-44 now had credit that made them eligible to get a mortgage loan,” states Rick Piette, owner of Las Vegas-based Premier Mortgage Lending.

“Thirty-four million. That’s a huge number. Especially when you realize that as of the end of May, the total inventory of existing homes for sale in the U.S. is only 1.96 million.

“That’s not to say, of course, that every one of those 34 million will be running out and buying a home next week. But for those who are smart and recognize the unique opportunity available to them today, it may be the perfect time to take advantage of building a financial base for both their short- and long-term goals.

“At Premier Mortgage, we’ve been working with Las Vegas residents for years, helping people and families from many different situations get into a home of their own. From those who lost their homes during the housing crash and went through a foreclosure or short sale, to finding mortgage loans for those with poor credit to overcome; and providing loans for those seeking to make the transition from renting into ownership for the first time.

“With the increase in this 25-44 age group now having the ability to qualify for mortgage loans, it’s going to have a big effect on landlords as these renters begin to vacate rental properties in growing numbers. Ultimately, this may even benefit those who continue to rent – as occupancy rates slowly decline and landlords face pressure to find new ways to retain tenants.

“While we at Premier Mortgage love the idea of helping everyone who wishes to own their own home make it a reality, we also know that for many reasons – there will always be those who need to rent and maintain flexibility in their housing situation,” Piette adds.

“But it’s important that renting also be affordable for those people, too. As we see it, this may be a positive move to help equalize the rental and ownership markets in Las Vegas. It’s definitely something we’re going to keep an eye on to see what changes transpire from these new developments.”

If you’re wondering if you are among that new group of renters who can qualify to obtain a mortgage loan, contact Premier Mortgage lending at 702.485.6600 and our experienced Loan Officers can help you discover your home ownership options. Ask about our true “No Fee Loans” that save borrowers thousands, and our real “1% Down Loans,” perfect for those who are letting the lack of 10-20% down payment savings hold them back from owning a 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.

Las Vegas Homeownership Rises, But Premier’s “No Fee Loans” Still Cost $0

Rick Piette, Owner of Las Vegas-based Premier Mortgage Lending
Rick Piette, Owner of Premier Mortgage Lending.

Las Vegas is heating up again – and that applies to a lot more than just the weather. In fact, the city is currently undergoing a slew of change and growth in areas far beyond the familiar gaming industry that fueled its initial fame. Opportunity is in full swing with better-than-pre-recession levels for jobs, the local economy, and the real estate market.

According to Rick Piette, owner of Premier Mortgage Lending in Las Vegas, it’s also fueling a revival of ‘the American dream’ of home ownership. “With the tremendous growth and development taking place now in Las Vegas – upwards of $15 billion – it not only brings construction work, but also jobs for supporting and complementary industries, too,” he explains. “Those jobs mean security and improved financial resources that make it possible for people to seriously consider owning a home – either again, or for the first time.”

The growth Piette is referring to is happening throughout the valley in both gaming and non-gaming sectors. It includes the addition of two major professional sports teams – The NHL Vegas Golden Knights, and the NFL Las Vegas Raiders – whose $1.9 billion stadium will begin construction soon; the $4 billion “Resorts World” casino moving forward on the old Stardust site; a $1.5 billion expansion of the Las Vegas Convention Center; and huge growth in medical services, such as the $1.5 billion Henderson Integrated Healthcare Center.

“It’s no secret – Las Vegas is back and our economy is strong. Our city has once again staked a claim to being one of the best places in the country to work, to live, to put down roots and to own a home. At the same time, people have recovered their credit and financial bearing so that now, not only are many ready to own a home again – but an entire new generation of homebuyers has come of age in the meantime.

“But the one thing I think we’ve all learned during these past years is how important it is to be wise with our finances and make sure we get real value for our money – especially with a major purchase like a home,” Piette explains. “Most people don’t realize, though, that it’s not only the home itself that’s the expense – the mortgage loan can be costly, too . . . especially if you choose the wrong mortgage lender.

“That may sound like a marketing pitch, but it is actually a fact many buyers don’t realize. The truth is, a borrower can go to two different lenders, get the exact same loan terms and interest rate – but one of those lenders will cost them – right out of their pocket – from $4,000-$8,000 or even more. Think about that: Same loan. Same interest rate. Same terms. But with one lender, you’re out thousands of extra dollars. Why? Fees. It’s all about the loan fees they charge you that go right to that lender’s own bottom line.

“At Premier Mortgage, we realize that many borrowers don’t know what to look for or which questions to ask when they need a loan. That’s why we make it a point to explain it in simple terms: To find the right mortgage loan, (1) Shop around with two or more lenders, (2) Compare interest rates, (3) Compare fees. Because in most cases, those are the only things you need to consider to make sure you’re getting the right loan for the lowest cost,” confirms Piette.

“As a mortgage broker, Premier Mortgage Lending is able to offer a true “No Fee Mortgage Loan.” That means we charge $0 for Loan Origination, Underwriting, Document and Prep fees – items that other lenders may charge thousands of dollars for. We also offer a wide variety of loans for borrowers with different financial needs – from our “One Percent Down” to our “Another Chance Nevada” loan programs – and many more.

“Remember – getting a mortgage loan isn’t like shopping for insurance,” continues Piette. “The “you-get-what-you-pay-for” concept doesn’t apply here. With insurance, you may choose to pay a higher premium to get better coverage. But with a mortgage loan, paying more only means . . . you’re paying more. Not that you’re getting a better loan. And what’s the advantage in that to you?”

If you’d like to learn about all the mortgage loan opportunities available to you from locally owned, Las Vegas-based Premier Mortgage Lending – including their true “No Fee Mortgage Loan” – visit their website at 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.

Exactly What Does a Mortgage Loan Cost You?

How about today, we talk about real numbers? We know you see a lot of mortgage company headlines and advertisements that talk about how they’ll give you “the best interest rates, the best service, the best” – well you name it, they’re always “the best” – have you ever noticed that?

“Of course, it’s one thing to “say” you’re the best choice for a mortgage loan – but it’s something entirely different when you back up that claim with facts,” explains Rick Piette, owner of Las Vegas-based Premier Mortgage. “And backing up that claim is what we’ve been doing for a long time at Premier. You can see it in the loan programs we offer, the videos we created to make it easier for people to understand how mortgage loans work, and in the testimonials and repeat business we receive from our customers.

“Yet even with all that, sometimes it all gets so confusing that you just want sit down and compare the actual dollars and cents to figure it out for yourself, right? So we’ve prepared a couple of “apples-to-apples” (so to speak) chart that helps home buyers see exactly how Premier Mortgage Lending stacks up against other lenders.

“Let’s start out with the home – and set up the parameters that we’ll use to compare,” continues Piette. “Like this:

Home Purchase Price: $250,000
Loan Amount (90%): $225,000
Length of Loan: 30 years

“So far, it’s pretty simple. Let’s see if we can keep it that way.

“Now, let’s consider interest rates –so that you can see how your monthly principal & interest payment would change at different rates. Why does this matter? Because not all lenders charge the same interest rate. That’s the reason at Premier Mortgage, we tell our customers the two most important things to compare when shopping for a mortgage loan are this: The fees and the rate. (And trust us, we’ll get to the fees in a moment.)

“For a 30-year, $225,000 loan, let’s assume a current mortgage rate of 4.00%. That means your payment would be $1,074.18 per month.

But the table below shows you how much that payment amount increases as the interest rate rises. Not only in the cost to you each month, but it shows how that cost adds up over time – for 5, 10, 20, or 30 years (depending on how long you live in that home).

Interest RatePaymentIncreases ByOver 5 YearsOver 10 YearsOver 20 YearsOver 30 Years
4.25%$1,106.86$32.68/month$1,960.80$3,921.60$7,843.20$11,764.80
4.50%$1,140.04$65.86/month$3,951.60$7,903.20$15,806.40$23,709.60
4.75%$1,173.71$99.53/month$5,971.80$11,943.60$23,887.20$35,830.80
5.00%$1,207.85$133.67/month$8,020.20$16,040.40$32,080.80$48,121.20

“Now you can see that even a slight change in the interest rate can end up costing you a lot of money – right out of your pocket each month – as well as over the long-term.

“From here, let’s take a look at the other most important number to compare: The Fees.

“The reason that the cost of Fees can vary from one lender to another is usually because of the type of lender you choose. On our blog, we’ve written several articles in the past that explain the difference between Banks, Mortgage Banks – and Mortgage Brokers (Premier Mortgage Lending is a Mortgage Broker, by the way). We invite you to read more about how those differences can affect you where it counts – in your wallet.

“But for now, let’s consider a few of the most common fees that borrowers are charged – and you’ll find these figures on the Loan Estimate that your lender provides to you.

“The table below shows you what those fees are called, and what the typical charges are for a Bank or Mortgage Banker, vs. what Premier Mortgage charges on a standard mortgage loan. (Keep in mind, these are fees your lender charges you at close of escrow – just for the ‘privilege’ of lending you money and charging you interest for it.)

The FeesBank or Mortgage Bank CostsPremier Mortgage Lending Costs
TOTAL:$3,245 - $5,945 + Up$0.00
Loan Origination Fee (1%-2%)$2,250 - $4,500$0.00
Processing Fee$495 - $695 & Up$0.00
Underwriting Fee$250 - $500 & Up$0.00
Document Prep Fee$250 + Up$0.00

“As you can see, for a $225,000 mortgage loan – these fees alone can cost a consumer thousands of dollars in unnecessary expense that comes right out of your pocket. Considering all the other legitimate costs that homebuyers are required to pay at closing such as recurring costs – like taxes, insurance, etc., and closing costs – like 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.

“The bottom line is that despite the ‘smoke and mirrors’ that some lenders like to confuse you with when talking about their mortgage loans – any borrower can still make their way through it all to find the real numbers – which leads them to best deal. And if they take just a few minutes to educate themselves – they can save thousands of dollars in the process,” Piette continues.

“At Premier Mortgage, that’s what we help our customers do every day. No smoke. No mirrors. Just the facts, and the reputation to back them up.”

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 Bank Says You Don’t Qualify for a Mortgage Loan. Now What?

denied mortgage loanWhen it comes to getting mortgage loan approval, most people don’t realize that there are two types of lenders: Those who say “You don’t qualify.” And those who say “You don’t qualify – yet.”

“That really is true, and there are a few reasons for it,” according to Rick Piette, owner of Premier Mortgage Lending based in Las Vegas. “In our experience – and we’ve had a lot of it over the years in Southern Nevada – it not only depends on the kind of lender you go to, but also how committed they are to you, your loan, and your personal situation.”

One of the main reasons that borrowers may run into the “You don’t qualify” type of lender is because they chose a bank or mortgage banker to apply for their loan. According to Piette, because these lenders only sell their own loan products – if a buyer doesn’t qualify under their specific guidelines, there simply are no other options.

“But with a mortgage broker like Premier, there are many other home loan opportunities to explore,” he explains. “The reason for that is that with a broker, a buyer still only fills out one loan application – but the broker can use that single loan app to shop around with many lenders – and find the best fit for each client.

“The truth is, not everyone’s employment or financial history will fit into the stricter guidelines of a bank’s loan requirements. But that doesn’t have to mean a ‘thumbs-down’ to getting a mortgage loan. Many other lenders have programs designed just for buyers with unique situations. That’s where a mortgage broker’s connections can make all the difference – by knowing the different loans that are on the market what options are available for their customers.”

As Piette explains, “It may take some creative thinking to find alternatives if the first path doesn’t work out, but that’s one of the reasons Premier Mortgage is so good at what we do. We’ll keep at it until a solution is found – so if a client doesn’t get loan approval the first time, that doesn’t mean it’s the end of the road.

“Our loan officers will work with a client often for as long as it takes. That could mean finding a different loan, working with them over time to help them raise their credit score, or helping to provide tips on exactly how to change their financial situation to that it will fit into a specific loan’s parameters.

“We’ve worked with thousands of homebuyers in Southern Nevada, and we’re proud that we can offer the best rates and no costs with our “No Fee” loan. But we also created our “Another Chance Nevada” loan program to help those who have a foreclosure in their history – or even if they just closed on a short sale yesterday. But there are also many home loan options that lie between those two extremes, and Premier Mortgage Lending helps borrowers find the one that works best for them.”

The important thing to remember is that Premier Mortgage isn’t big on saying just “no.” “We know the mortgage business better than that,” Piette adds. “And in our experience, there’s almost always a way to help a customer get into a home of their own.”

For those looking to purchase a home in Southern Nevada, get additional information about Premier’s “Another Chance Nevada” financing program by visiting their website at www.AnotherChanceNevada.com. Or, to schedule an appointment to discuss what mortgage loan options are available for your personal situation, call (702) 485-6600, or apply online at www.premiermortgagelending.com.

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.

All That Stands Between You and The Home You Want is 1%

1 Percent Down

Imagine if only one month’s rent could get you into a new home. Can you picture it? You and your family – living in a home of your own? No more landlords. No more apartments. No more worrying about rent increases. And finally being able to hang a picture, paint a room, or plant a tree without getting “permission.”

If that sounds like a dream come true – hold onto that thought. Because now, Premier Mortgage can make that particular dream a reality.

“We now have a 1 Percent Down loan program that truly is exactly that,” reveals Rick Piette, owner of Las Vegas-based Premier Mortgage Lending. “And not only are we helping people become homeowners with this program – they’re also gaining an extra 2% equity at close of escrow.

“It all sounds a bit too good to be true, I know. And to be honest, when I was first presented with this loan program, I spent a lot of time playing “Devil’s Advocate” – trying to find out what the catch was. But I’m here to say it’s the real deal. No tricks, no last-minute surprises, no catches at all. It works exactly as it’s described – and buyers are taking advantage of this loan program with us every day.

It’s called the “Conventional 1 Percent Down With Equity Boost Program” – and here’s how it works:

• The Buyer’s down payment is 1% of the purchase price. (Example: $250,000 home = $2,500 down.)
• The Lender puts an additional 2% down on your home on your behalf. ($5,000.)
• So when you close escrow, you’ll instantly have $7,500 of equity in your home – not just $2,500.
• This loan also falls under our “No Fees” program – which means $0 for Loan Origination, Document, or Underwriting Fees. (With most lenders, this can add up to 2% of the purchase price to your closing payment.)

“Those are some pretty amazing benefits,” states Piette. “And the most common question I get from customers is “Why? Why would the lender put 2% down, too?”

“The answer to that is simple: The lender charges an interest rate slightly higher than the going market rate – about .25%. And because this program results in more loans being made – they recoup their investment from that additional interest.

At a time when interest rates are still hovering just above record lows, and ownership rates continue to rise, that additional .25% interest is an easily affordable way to secure a home for you and your family and continue to build equity over time.

As Piette explains, “Say you were to purchase that home mentioned above for $250,000. With 1% down, and a loan amount of $249,000, at 4.5% interest your principal and interest payment would be $1,229. At 4.75%, the payment would be $1,265.

“That’s a difference of only $36/month. When you consider that (a) most rental rates cost more than a mortgage loan for the same property, and (b) it might take you 1 to 2 years (or even more) to save the money to put 5% down to buy a home (in this case – $12,500 – and that’s if prices and interest rates don’t rise in the meantime) – it simply doesn’t make sense not to take advantage of this loan program,” concludes Piette.

To find out more about the “Conventional 1 Percent Down With Equity Boost” loan program with Premier Mortgage, visit www.1percentloan.com, or contact Premier Mortgage Lending directly at 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.

‘Tis the Shopping Season! Is Your Mortgage Loan on Your List?

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The holiday season is upon us full force. Actually, it’s been coming on for a while, hasn’t it? When you start seeing Christmas decorations in the stores before Halloween has passed, you know that retailers are competing in vying for your dollars by offering one great deal after another. Which is great! Because with all the Before Thanksgiving, Black Friday, Shop Small Saturday, Cyber Monday, and Christmas sales going on, you can make darn sure that you’re finding the best deal you can for all the gifts on your shopping list.

Oh – if we just had one wish this holiday season, it would be that people who need a mortgage loan would follow that same logic! Because when it comes to getting a mortgage – it should be just like anything else you buy: Shopping for the best deal.

“Everyone at Premier Mortgage has been sharing that news for quite some time – but we know there are still plenty out there who don’t know that you can get a deal on a mortgage loan,” explains Rick Piette, owner of Premier Mortgage Lending in Las Vegas.

“How do we know? Because we still surprise new customers when they discover our true “No Fee” loans really do cost thousands of dollars less than the lender their Realtor or home builder sent them to. Yes, there is a difference between mortgage lenders – and it’s not that difficult to sniff out the best mortgage loan deal. In fact, we’ve created a website that explains just how to do it,” adds Piette.

The website Rick Piette is referring to is http://www.KnowBeforeYouOweNevada.com. Created for local Nevadans here in Las Vegas, it’s based on the premise of the Consumer Financial Protection Bureau’s (CFPB) website about educating consumers about the rights of borrowers when it comes to getting a mortgage loan. But Piette expanded on that idea by providing a collection of short, easy-to-understand videos that explain things such as:

• Understanding the actual cost of getting a home loan
• How to compare Loan Estimates, what to ask and what information to look for
• Seller Incentives and how they can affect the cost of your loan
• The differences between lenders
• “Visible” and “Invisible” loan charges (we told you not all lenders are the same!)
• What’s a Marketing Service Agreement, and how it can cost you money
• How your Real Estate Agent’s lending referrals can save you – or cost you – money

According to Piette, “This collection of videos altogether add up to only about 15 minutes of time – but the information contained in them is priceless. It gives home buyers an enormous advantage when it comes to not only getting the best loan for their circumstances – but saving an incredible amount of money while doing it.

“Truly, it’s not uncommon for us to save our clients anywhere from $4,000 to $10,000 – or even more. And the icing on the cake: They’ll get the same loan for less – with the best, friendliest, and most personalized service around.”

Since so many Premier Mortgage customers return over and over again for their future mortgage loan needs, and waste no time referring their family and friends to do the same – it’s a pretty safe bet there are good reasons for that.

“At Premier, we pride ourselves on providing savings, service, and long-term industry expertise,” Piette adds. “So far, we’ve found those to be our clients’ favorite reasons for coming back.”

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 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.