Category Archives: Premier Mortgage Lending Team

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.

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.

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.

Choosing the Right Mortgage Lender Matters More Than You Know

dianna-herra
Dianna Herra, Loan Officer at Premier Mortgage Lending in Las Vegas

If you’re good at your job, the odds are you’ve set pretty high standards for yourself. But if you’re an expert, you’re going to insist on working with others who share those same standards. At least, professional Loan Officer Dianna Herra knows that to be true. That’s precisely why she made the decision to join Premier Mortgage Lending when she moved to Las Vegas in 2004, and that’s also why she’s never left.

Dianna began her career in banking right out of high school in her hometown of Chicago. “Since then, I’ve worked in virtually every department, and when I became a Vice President of Loans, I knew I had found my passion,” Herra explains. “So when I arrived in Las Vegas, I immediately started researching to find the top producing mortgage company that shared not only my ethics but my desire to always find better ways to serve my clients. I found that at Premier Mortgage, and frankly, now I wouldn’t want to work anywhere else. I love it here!”

By creating an intimate setting focused on teamwork, excellence, and premium service – Premier’s owner, Rick Piette, has hit on a winning formula that excels in serving the needs of his Loan Officers and clients, alike. The Premier staff enjoys working in a smaller, non-corporate environment – where common sense is valued and changes can be made quickly to react to the market without having to deal with a lot of bureaucratic red-tape. And customers benefit from the knowledge of an experienced team, a warm, friendly atmosphere, and more importantly – the reduced expenses of a small, local mortgage broker.

That last point is critical, because it helps Premier’s customers understand the seemingly inexplicable: That Premier offers a true “No Fee” mortgage loan.

Many of Premier’s customers are shocked to discover that “No Fee” means exactly that – there are no loan origination, underwriting, or document fees. And yet, the interest rate still matches what other lenders have quoted them.

“But it’s no trick,” explains Herra. “It’s because of two simple things: Premier has lower operating expenses than large banks and mortgage bankers, and we work on smaller margins. Because we pass those savings directly on to the borrower, we’re consistently going to be the best choice for a borrower. They’ll pay no fees and get a market rate interest rate.

Another benefit for homebuyers by lowering the cost of obtaining a mortgage loan is that it gives them more buying power. This can be especially helpful for first-time buyers, or for FHA loans when the customer only has enough money for the down payment.

That’s why Herra believes it’s important for borrowers to know that getting a mortgage isn’t only about the loan itself – but also about the quality of their loan officer. “Choosing to work with an experienced loan officer – who is well-versed in current regulations and knows the local real estate market – is often what can make the difference between getting keys to their new home, or a loan denial letter.”

When borrowers “get” that they can save thousands of dollars with a loan from Premier Lending, Dianna explains that it’s rare they decide to go elsewhere. She receives many referrals from her clients and is proud of the fact that they return again and again for their subsequent loans. “That’s important to me because I’m here for the long run,” she states. “I love building relationships and helping people find financial solutions for their mortgage needs. The truth is, I don’t want to just do your loan today – I want to do your next home, and your kids’ homes, and your grandkids’ homes, too!”

To speak with Dianna Herra about your upcoming mortgage needs, call her at (702) 580-1415. And to learn more about how to save money on your next mortgage loan, visit our website 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.

THEY FOUND THE RIGHT LENDER WITH PREMIER MORTGAGE

Wolff Testimonial - Premier MortgageCouple Shopped, Compared, and Made the Right Choice

Like many families, Matthias and Deborah Wolff knew at some point in the future they were going to wish to refinance their home mortgage to take advantage of lower interest rates and better terms. As long-time homeowners, they also knew that making the right choice of which lender to work with could make a huge difference in how smoothly the whole process could go – or not. To put it more accurately, on at least one previous occasion, they had discovered the hard way that ‘choosing wisely’ for this particular service is more important than they realized.

But Deborah and Matthias are nothing if not thorough. Their past experience had given them a clear sense of the traits they planned to seek out in the next lender they worked with – so they waited, and watched, and learned. As they did, the practices of one particular mortgage lender caught their attention. So they took the next smart step: to wait, watch, and learn more.

As Deborah Wolff describes it, “Through the years, we would run across articles written about Premier Mortgage Lending here in Las Vegas and we would clip them out of the Review Journal newspaper and save them. We’re from before computers,” she added with a laugh. “But what caught our attention about these stories is they were so informative and knowledgeable, and the owner, Rick Piette, seemed like a genuinely good human being.”

Husband Matthias Wolff agrees, adding “We had a good feeling about Premier from the beginning, because the articles we read were very helpful, providing a lot of good information for borrowers. Every time we saw a new one, it sounded so thorough. It was as if they had nothing to hide – they laid everything out very clearly.”

Still, when the time came to start their refinance process, the Wolffs were smart enough to shop around – one thing that Premier Mortgage Lending owner, Rick Piette, encourages all of his customers to do.

Piette explains why: “Even today – with all the changes in financial regulations, and the information and protections being provided to the consumer by the Dodd-Frank Act – borrowers aren’t always aware they have choices when it comes to their mortgage loan. Many believe they must use the lender recommended by their homebuilder or Realtor, or that a pre-qualification letter commits them to that particular lender. Not only is that not true, but by failing to shop around for a mortgage loan like any other product – borrowers often end up paying far money than they need to, often thousands of dollars more. All lenders are not the same – that’s why we encourage customers to shop and compare rates, costs, and terms”

That’s good advice Deborah agrees, as she goes on to share more details of their experience: “We started out with Premier to see for ourselves if they would be the right fit for us. But we also checked out another lender, too. We met with him, provided information as he asked, but then he didn’t get back with us when he said he would. And when he finally did, he didn’t keep his promises. There was no follow-through, no honesty. So it didn’t take us long to head back to Premier.”

Working with the Wolffs as their Premier Mortgage Lending loan officer was Dianna Herra – and it was clear from the first meeting that theirs was a great match.

“Often on a first visit with a client, I explain the different loan options and give buyers a list of documents they need to pull together to submit with their application,” reveals Dianna. “But on the day I met with the Wolffs, they had everything with them, all organized and in a neat binder – every item that we would need to get their loan started . It was surprising – and very refreshing, too,” she recalls with a smile. “They were so delightfully open and honest and they both recognized that’s how we work at Premier, too. I knew right away that we were all on the same page.”

Once they started the ball rolling, the entire loan process was completed within a month. “That was from start to finish, and even included the time it took to wire the money at the end,” added Matthias. “We don’t have one complaint about our experience with Premier. The entire office was wonderful – kind, knowledgeable, and extremely helpful. They really cared about getting it done on-time, and everything they told us happened exactly as they said it would – or sooner.”

His wife, Deborah, was quick to add “Dianna and her assistant, Cathy Zora, could not have been better. They kept us informed, processed our loan with no complications, and as far as we’re concerned – they are pure honesty and were a real delight to work with. We really appreciated the sense of ‘morality’ in their office. That’s important to us. It was obvious to us that Rick chooses to work with people who have the same sense of that morality that he does. We felt he should know how good a business he is running, especially in this day and age. That’s why we offered to share our experience.”

When you spend a lifetime trying to do the right thing, it becomes habit. When you apply that same philosophy to your business and the way you treat your customers – people notice. More and more consumers are discovering that every day at Premier Mortgage Lending – where the talk is straight, the service is personal, and the loan programs are designed to provide customers with their best, most affordable options. It’s not a gimmick – it’s just what they do

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.

Borrowers benefit from Premier Mortgage Lending’s ‘no fee’ mortgages

Looking beyond the interest rate and reading the fine print before signing on the dotted line can be financially advantageous as the true cost can differ due to varying lender fees.

“Just because Lender A and Lender B are both offering the same interest rate, it does not necessarily mean that both mortgages will actually cost you the same in the long run because different lenders charge different fees and these can add up quickly,” said Rick Piette of Premier Mortgage Lending.

“To get a better idea of which loan is a better deal, look beyond the interest rate and find out what’s known as the APR or the ‘annual percentage rate’ because the APR includes these various lender fees. Making an informed choice can literally save you thousands of dollars.”

According to Piette, the most efficient way to shop around for a mortgage is to meet with an experienced full-service lender or broker that offers a wide variety of lending programs. Full-service lenders like Southern Nevada-based Premier Mortgage Lending is not connected to a specific bank and can connect potential borrowers to different lending institutions, which helps ensure that they find the lowest-cost program for which they are qualified.

“Hundreds of Southern Nevadans are discovering that Premier Mortgage Lending can connect them to ‘no fee’ conventional mortgages with low APRs for both home purchases and refinancing,” Piette said. “Earlier in October, one of our clients saved almost $7,000 on mortgage fees by choosing us over another lender. Why would anyone want to pay thousands more for a mortgage, when you don’t have to?”

Piette explained that some mortgage fees are the same, regardless of the lender, like sales tax based on the home’s purchase price and recording fees. Home inspection fees are competitive among companies. However, other lender-determined fees can vary greatly.

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

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

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

“Because our hands are not tied to only one bank’s programs, we help you shop around for the best deal on the best program that fits your individual needs, some of which have no fees. Whether you are looking for a conventional or jumbo loan, or are interested in FHA and VA programs, we can help,” Piette explained.

“Even if you’ve experienced a recent short sale or foreclosure you may still be able to purchase a home because of newer lending programs like Premier’s www.AnotherChanceNevada loan program which offers credit-challenged borrowers a second chance at buying a home.”

For additional information or to schedule an appointment for mortgage prequalification or refinancing, call Premier Mortgage Lending at 702-485-6600 or visit www.AnotherChanceNevada.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 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.

 

Nevada Day: Celebrating 150 Years

This year Nevada celebrates its 150th anniversary.  On October 31, 1864, President Abraham Lincoln proclaimed Nevada the 36th state to join the Union.  A common myth that has been told over and over is that the Union wanted Nevada to become a state because our silver and gold production could help finance the Civil War.  In actuality, according to former Nevada State Archivist, Guy Rocha, the reasons for Nevada’s statehood were political, not economic.

imagesOn March 2, 1861, Nevada became a U.S. Territory.  President Lincoln appointed Governor James Warren Nye, a former police commissioner in New York City, as the first governor, and one of his primary responsibilities was to ensure that Nevada sided with the Union, not the Confederacy.  As a result, the federal government was able to buy much of Nevada’s silver and gold bullion in order to support its currency, and statehood would not change that.  The primary reason Nevada became a state was that Lincoln wanted Nevada’s electoral vote in order to defeat two former generals, John Fremont and George McClellan, generals who Lincoln had relieved of their commands during the war, in the upcoming presidential election.  Lincoln also wanted Nevada’s support in ratifying the 13th Amendment abolishing slavery.

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 America Dream of Homeownership

The National Association of Home Builders reports, “A recent survey of younger Americans illustrates that the goal of homeownership remains an important part of the American Dream.” This means good things for our growing economy.” 

Millennials have not made the “traditional” movements that older generations see as the norm. Instead of graduating college, getting married, buying a home and starting a family, they have slowed down the process. Rather than buying a home and living out the “American Dream”, they live at home, rent a home or rent an apartment with friends.

With the slow wage growth and student loan debt, millennials do not see the benefit in moving too fast. However, owning a home and starting a family are still in sight. Over the next 5 years, 8.3 million new millennial households are predicted to form and 73% of millennials believe home ownership is an excellent investment.

When these young buyers begin to take the plunge, low cost, no fees mortgage loans will be to their greatest benefit. Premier Mortgage Lending has the service, mortgage loans and quality products without the fees or points and at the lowest rates.

 “Despite all of the doom-and-gloom reports about their financial situation, Millennials themselves are overwhelmingly optimistic about the future.”

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.

Purchase Options After Short Sale or Foreclosure

Jim Pic 12The lingering economic recession and the housing crash left millions of Americans and hundreds of thousands of Nevadans with the tough decision of whether to walk away from their homes. For those who did, the short sale or foreclosure now prevents them from purchasing another home with a traditional form of financing for years to come.

“For those who do not want to be renters and who want to get back into the housing market while home prices are still affordable, you need to understand your purchase options. Now there are many options in purchasing a home after a short sale or foreclosure, ranging from traditional loan with a wait time to private lending with no wait time at all,” said Rick Piette of Premier Mortgage Lending, a full-service lender based in Southern Nevada.

According to Piette, traditional financing provides two options:

  • Government-insured loans, which include VA loans and FHA loans; and
  • Conventional loans that comprise of two major groups – the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corp. (FHLMC).

The wait times for loan eligibility after a short sale or foreclosure vary among each entity.

“The shortest waiting time is a VA loan. If you’re eligible for a VA financing, you may be eligible to purchase a home two years after your previous home is transferred out of your name,” Piette said.

“The next shortest waiting time is with an FHA loan. You may be eligible to qualify for an FHA loan three years after your previous home is transferred out of you name, but remember that in Clark County the maximum FHA loan amount is currently $287,500.”

A change in conventional financing guidelines that occurred in August has doubled the “wait time” to qualify for a conventional mortgage among those who experienced a short sale.PML-4

“In August, FNMA, the largest issuer of conventional loans, upped their waiting time after a short sale to four years from the prior waiting period of two years, but with a 20 percent minimum down payment,” Piette said. “The good news is that under the new guidelines a home buyer who has experienced a short sale may now put as little as a 5 percent down payment to purchase a home, whereas the prior guidelines had a 7-year waiting period to qualify for 95 percent financing.”

The FNMA and FHLMC rules for those who experienced a foreclosure remain unchanged with a seven-year waiting period. The FHLMC also requires a seven-year wait after a short sale.

“If you do not want to wait the required timeframes that traditional loans require, you may want to consider non-traditional financing options called ‘private money loans,’” Piette said, adding that Premier Mortgage Lending offers both private lending programs and conventional loans to qualified borrowers.

“In the private money arena, both private and institutional portfolio lenders offer 15- and 30-year financing options. This type of financing allows you to purchase another home as little as one day after your short sale or foreclosure is completed,” he said. “You are often required to place a minimum 20 percent to 25 percent down payment, and these loans typically offer higher rates and fees than traditional loans.”

Premier Mortgage Lending has provided private, “second chance financing” to hundreds of Las Vegas Valley residents since 2011 through its Another Chance Nevada home loan program.PML-3

“It feels great to turn renters back into homeowners. Our customers are ecstatic to get back into the market with a home of their own,” Piette said. “I believe today, as I did in 2010 when I devised this program, that getting people back into homes of their own is fundamental to economic recovery. So goes housing, so goes the economy.”

The first step to determining one’s mortgage options is to meet with a full-service lender and go through the mortgage prequalification process, which Premier Mortgage Lending offers at no cost.

For additional information or to schedule an appointment for mortgage prequalification or refinancing, call Premier Mortgage Lending at 702-485-6600 or visit www.AnotherChanceNevada.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 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.

Are we ready to meet the housing needs of the US elder population?

As time passes everyone gets older, our health gets worse and times change. What doesn’t seem to be changing is the accessibility and supply for housing that will accommodate people over the age of 65. Housing that is in a good location, affordable and near health facilities is limited!

According to  Housing America’s Older Adults – Meeting the Needs of An Aging Population, the number of adults in the U.S. aged 50 and over is expected to grow to 132 million by 2030, an increase of more than 70 percent since 2000.

There are many things that people start to need as they grow older, health insurance being one of them! Without proper housing, elder citizens are spending their retirement and savings, along with scaling back on health coverage, just to afford a place to be living.

“As Americans age, the need for safe and affordable housing options becomes even more critical,” says Lisa Marsh Ryerson, President of the AARP Foundation. “High housing costs, aging homes, and costly repairs can greatly impact those with limited incomes. The goal in our support of this report is to address the most critical needs of these households and it is AARP Foundation’s aim to provide the tools and resources to help them meet these needs now and in the future.”

Read more about this intriguing issue that will some day affect us all! 

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., #125 Henderson, NV 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.