Category Archives: Private Home Loans

‘No fee’ mortgages reduce out-of-pocket costs

Changes in lending regulations combined with no-cost loans and fewer all-cash home buyers benefit Southern Nevadans in the market to buy a home.

“Many homes buyers have lowered their out-of-pocket mortgage costs thanks to new Consumer Finance Protection Bureau’s mortgage regulations that took effect earlier this year and through Premier Mortgage Lending’s ‘no fee’ mortgage program,” Rick Piette of Premier Mortgage Lending said. “The ‘3 percent cap rule’ placed a limit on the upfront fees charged by lenders to no more than 3 percent of the mortgage balance. This has reduced the cash that you must bring to the table in order to close on your home.”

Home buyers who “shop around” for their mortgage have discovered even more savings, especially those who have turned to mortgage brokers who offer multiple mortgage programs from different banks and private lenders.

“Mortgage brokers, like Premier Mortgage Lending, can help you uncover the best deal because we work with a variety of lenders and must offer borrowers the lowest possible interest rate and fees for which you qualify. We are federally regulated in what we 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 you. This gives us brokers a tremendous competitive advantage when pricing your loans.”

Among the many programs that the full-service, Henderson-based lender can offer qualified borrowers are “no fee” mortgages.

“Southern Nevadans who are looking to save out-of-pockets costs of a new mortgage or in refinancing their current one have been impressed by our new ‘no fee’ mortgage program. Through this program, you’ll still have to pay the typical mortgage fees which are the same regardless of the lender, like sales tax based on the home’s purchase price, recording fees and a home inspection. However, this program can help you save literally thousands of dollars because you avoid other fees that some lenders tack on,” Piette said.

In order to compare the actual cost of mortgages, the longtime Las Vegan advises his clients to compare the APR or the “annual percentage rate” rather than the interest rate because the APR incorporates these various fees.

According to Piette, the first step in finding the “best mortgage deal” is to participate in the complimentary prequalification process with a full-service lender. In addition to connecting qualified borrowers to a “no fee” mortgage and other programs, Premier Mortgage Lending also offers Another Chance Nevada, a program that offers credit-challenged borrowers a second chance at purchasing a home, including those who recently experienced a short sale or foreclosure.

“Becoming prequalified for a mortgage not only helps you understand your mortgage options and how expensive of a home that you may buy. It also gives you an edge in our valley’s competitive real estate market,” Piette said.

“Now is really a great time to buy a home in the Las Vegas Valley because our housing market has stabilized and many of those investors and home flippers have moved on with their all-cash offers,” he said, citing a Greater Las Vegas Association of Realtors report that showed all-cash sales were just over 34 percent in September, a tremendous decline from February 2013 when over 59 percent were cash sales.

“This is great news to those who want to buy a home to live in and, like most typical people, need a mortgage to do so. Having a mortgage prequalification letter in hand is essential because it shows the seller that you have done your research, you know your purchase power, and that you’re serious about buying their 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.

Are restrictive standards and new mortgage rules affecting home sales?

New mortgage standards have mandated a four-year waiting period for most home loans, to “keep risky buyers on the sidelines.” This nearly doubles the time that some homeowners, who experienced short sale or foreclosure, must wait to qualify for a new loan. Is this keeping the risk out of home buying or homeowners?

Rick Piette, Premier Mortgage Lending, said he believes the new standard will hurt closings, though already-tight regulations will head off big cuts. Even before the four-year waiting period, buyers with recent mortgage troubles had to put 20 percent down. And in Las Vegas, where the effective un­employment rate hovered near 25 percent at the recession’s nadir, not many buyers have the savings or home equity to make the cut.

The National Association of Home Builders asked builders if they had lost sales over the past couple month directly relating to new mortgage qualifications. Eighty-three percent said yes and it was estimated that 18,700 new-home sales were lost because of it.

Premier Mortgage Lending believes there are thousands of Las Vegans who deserve the opportunity of owning homes of their own. For those who have lost a home to short sale or foreclosure, we are your second chance at homeownership!

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.

Things to avoid when selling your home

Not getting Pre-Approved
Before you try to sell your home make sure that you talk to a mortgage lender, like Premier Mortgage Lending, even if you prefer to pay in cash. You want to be sure that you can get pre-approved for your next home.

Failing to de-clutter
When people come to look at your home with anticipation to buy, make sure that it looks clean and welcoming. You don’t want it to be completely empty but you also don’t want it to be cluttered. They want to be able to see themselves living in that home.

Pricing your home incorrectly
Make sure to research what new homes are selling for. How many bedroom, how many square feet, how many bathroom, etc. and compare those houses with your own. Pricing too high can lead to no offers so be ready to compromise and stay flexible.

Marketing your home with bad quality images
If you really want to sell your home you have to present it in a way that makes someone else want to buy it. Easier said than done, right? Make sure you are proud of the photos your take and then set out for the world to see. If you wouldn’t want to buy the house, neither will anyone else.

imagesRefusing to make minor repairs
If you have a buyer interested but there are minor “fixes” that need to happen, make sure not to fight them on it. You could miss out on the sale completely
by refusing to make repairs or making false promises.

It is a long and sometimes difficult process to sell your home but if you research and ask for a little help, it should not be impossible.

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.

Get the best deal on your Home Loan

The purchase of a home will most likely be the single greatest expense in your life; however, the decision on a mortgage lender will be the most important. It is essential to get the best deal on a mortgage as possible. To get a truly great rate you need to shop smart.

People make the mistake of settling with the bank that they use or the lender their neighbor used. Those are both vital options when searching for the right mortgage but that should not be where you stop looking. Listen to word of mouth, check local reviews and news articles and ask your realtor.

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Usually realtors have a preferred lender that they always suggest. There is no harm in getting a free quote and comparing. Some realtors may even compare rates for you. Sometimes equal interest rates do not mean equal closing costs.

 

You should always have choices when making this extremely important decision. Premier Mortgage Lending has been proven as the local low cost leader for home mortgages in Nevada. We would be happy to give you a free quote because we want you to have as many options as possible. 

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.

Premier Mortgage Lending – Another Chance Mortgage

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Whether it’s one day, two years or three, if you have experienced a short sale or foreclosure, you CAN purchase a home again! There are new private home loan programs that make buying easier than ever before. 

“Having had a foreclosure with extenuating circumstances, I was amazed that I could ever get a mortgage again. Premier handled everything to perfection and kept me amazed.”

Stop throwing away money on rent and let us help you get back on the road to financial recovery. Homeownership gives you tax advantages, the potential for equity increases and it gives you and your family a place to call “home”.

“My wife and I would like to thank Premier Mortgage for their Second Chance Program. Without it, we would have lost our on the opportunity to become homeowners again”

Put an end to the confusion and call the EXPERTS at Premier Mortgage Lending for your private mortgage lending. We have the experience and determination offering “Another Chance” to get you and your family back on the road to financial recovery.

“We are EXTREMELY happy with out home loan experience with Premier Mortgage. The process was very fast and efficient.”

For additional information or to schedule an appointment for mortgage prequalification, call Premier Mortgage Lending 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.

Premier Mortgage Lending Featured in Bloomberg Article

As a private-lender, Premier Mortgage Lending gives people a Second Chance at their credit.

After the economic downfall many people were left forced to foreclose or short sale their home. While most lenders are turning away these people for conventional financing, we are looking at the person’s credit history prior to the foreclosure or short sale and offering them our Second Chance program.

Bloomberg stated the following in their ‘Americans Seize Second Chance Mortgages Post-Foreclosure:

“Some borrowers who don’t qualify for conventional financing are turning to private money lenders such as Rick Piette, owner of Las Vegas-based Premier Mortgage Lending, which gets funding from individuals and institutional investors. Piette says he spends about $15,000 a month on advertising his “second chance” mortgages in the Las Vegas market and has given out about 200 of them since June 2011.”

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.

Premier Mortgage Lending is not a ‘hard money’ lender

A question we at Premier Mortgage Lending are frequently asked is:

I have friends who took out one of those ‘hard money’ loans and they ended up losing their home. Could that happen to me?

Answer: We do not consider ourselves to be a ‘hard money’ lender or a predatory lender. Our rates are normally substantially below “hard money” rates, and all of our loans have NO pre-payment penalties. You can pay off your loan at any time without penalty or additional fees.

Contact us today for more information 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.

 

If I declared bankruptcy, am I still eligibile to receive financing?

A question we are frequently asked here at Premier Mortgage Lending is

If I’ve had to declare bankruptcy, am I still eligible for your loan program?

Answer: Yes. We realize that the only way out for some of our borrowers was to seek the protection of the courts. Certain conditions apply, so you will need to advise us of your particular situation.

Find out more about our Another Chance Nevada Program here: http://www.premiermortgagelending.com/second-chance-loans.html