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

lenders

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

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

homeownership

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

The Right Mortgage Lender for You Could Be Right Next Door

mortgage lender

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

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

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

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

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

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

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

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

Why? Here are just a few reasons:

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

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

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

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

owning a home

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

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

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

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

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

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

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

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

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

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

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

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

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.

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.

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

mortgage loan

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.

What a Year It’s Been for Homeownership

looking back at the housing market

All the news and events going on in the country seem to have made a lot of us gaze back on all that’s happened in 2016 and think “Thank Goodness It’s Almost Over!” We can understand that. But it’s precisely because of that sentiment that we’d like to bring up some of the good news from the past year that we reported on in our blog posts about the state of the housing market. What’s more, as far as we can see, there’s good reason to believe that there 2017 will be great, too. Take a look and see what you think.

The Las Vegas Housing Market Has Returned
In fact, not only the housing market, but the economic status of our exciting city has bounced back from the years immediately following the Great Recession. For a long time, it seemed that the country had given up on Las Vegas – but they didn’t count on Las Vegas not giving up on itself. But we’re back, baby! And with the lowest unemployment rate since August 2008, the new T-Mobile Arena and our very own NHL hockey team (Go, Vegas Golden Knights!). Then there’s the opening of major new hotel/casinos and the start of more, new medical facilities, the possibility of an NFL team on the horizon (and did we mention IKEA?). With all that came people, families, and jobs. And following close on the heels of everything was a rise in the construction and sale of new homes, the resale market ticked up, and foreclosures came down. Plus, the year’s run of record-low interest rates helped homeownership return to numbers that naysayers never believed would happen again. Additionally, the slow and steady rise of real estate values in Las Vegas has helped many long-time homeowners escape the ‘underwater borrower’ scenario and begin to return to firm financial footing, too. In short – it’s clear that people are rebuilding their lives in Las Vegas, and thanks in no small part to the entrepreneurial spirit of our residents.

Mortgage Standards Loosened Up
Following the economic crash (can you believe it was nearly 10 years ago?) – banks and other lenders tightened their belts and made the task of obtaining a mortgage loan much more difficult than it had ever been. Partly due to new regulations, partly due to economic and social pressures – the fact is, the restrictions put in place were at such a high threshold that getting a loan became an onerous task – even for those who were gainfully employed and had good credit scores. As for those who had been financially harmed by the housing crisis, the thought of owning a home again seemed an impossibility. But 2016 saw mortgage lenders nationwide begin to ease their lending guidelines – with FHA and VA following that lead, as well. As a result, and with the passage of time that resolved many credit issues incurred due to the recession, more and more people are able to escape the rental market, invest in themselves and their family, and begin planning for the future by buying a home of their own.

Millennials Join First-Time Buyers in Huge Numbers
We mentioned this in a recent blog post, but it bears repeating here: According to recent reports from the National Association of Realtors® and Zillow – the market share of first-time buyers has risen to 35% of all homes purchased. (Big news when so many headlines reported a lack of homes in this price range!) Even more notable is that 61% of those buyers were under the age of 35. Many new statistics have confirmed this trend and further indicated that not only weren’t those Millennials going to be living in their parents’ basement forever (did you really think they would?) – but many were actually choosing to wait to buy until they could start with what would normally be considered a “2nd move up home” (which leaves that many more ‘starter homes’ available for the buyer’s market).

Since the election, many industry experts forecast that the 2017 housing market will continue to grow, but at a more moderate pace (which is something we’re all in favor of, quite honestly). Western cities will continue to lead the nation in home sales and pricing. Interest rates are anticipated to rise slightly, but since 2016 saw the record lowest home mortgage rate occur in August 2016, that’s not the worst news we’ve heard all year!

All things considered, Las Vegas and its housing market have bright futures to look forward to – both in 2017 and beyond. The even better news – is that Premier Mortgage is here to help homebuyers get the most value for every dollar. How? By offering “No Fee” loans that make sure you spend less of your hard-earned cash towards the cost of getting your mortgage loan – and more into the home you’re buying.

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.

YES – THE NEW CFPB REGULATIONS LAWS REALLY ARE HELPING CONSUMERS

Logo0_@2Going back to that “which side of the political aisle you’re on” issue that we’ve talk about before, if you’re not actually working IN the financial services industry, there’s a good chance that you just skim the headlines that talk about the effects on consumers since the CFPB (Consumer Financial Protection Bureau) was created.

So just in case that might describe your experience with how the new laws are affecting the public, we thought it might be a good time to point out some of the real benefits that have come out of the Dodd-Frank Act. Things that are helping real mortgage borrowers – people who are just like you.

Information Resources

Prior to the creation of the CFPB, the road to getting a mortgage loan was a difficult one to navigate. Basically, each mortgage company pretty much made their own rules (within certain legal guidelines) – but there wasn’t much of a way that borrowers could easily compare “apples-to-apples” per se as far as they information they were given.

Now, the CFPB not only offers excellent resources on their website that explain where to start when it’s time to search for a loan, but easy-to-understand explanations on the differences between types of loans, and even between types of lenders. For first-time buyers and others who aren’t that familiar with the mortgage loan process, the CFPB’s “Know Before You Owe” website has helped take the mystery out of the mix, and also helped people learn how to avoid shady lending practices and overcharging. Score one for the consumer!

Consistency in Disclosures, Policies and Procedures

If the only plus out of the CFPB’s creation were the two forms now used – the Loan Estimate and the Closing Disclosure – it would be a solid win for consumers all by itself. These two forms are now far easier to understand, easier to use, and required to be used by every lender so comparisons are easily made.

But there are also other benefits that came about – including the rule that borrowers get three business days to review their Closing Disclosure and ask questions before they close on their mortgage loan. (In other words, the days of “closing surprises” are gone – when the pressure was on to close or lose a deal and emotions were running high.)

“Know Before You Owe” Program Provides Borrowers with the “Big Picture” of Buying a Home

Mortgage loan officers who are more concerned with getting customers to closing and picking up their paycheck – rather than ensuring their borrowers are actually getting the right loan for their needs – have a new foe: The CFPB’s “Know Before You Owe” site, mentioned above.

But, of course, consumers need to know this information exists to allow it to help them in making the big decision of buying a home. (That’s one reason Premier Mortgage also created their KnowBeforeYouOweNevada.com website – because we agree that customers should be fully informed about the decisions they’re making.)

At the CFPB’s site, several resources are provided to help people consider all the costs and expenses involved with making a decision to buy a home. With budgets and worksheets, checklists and conversation starters, it is designed to provide borrowers an “eyes wide open” approach to home buying.

Those three things are just the tip of the iceberg about how everyday consumers are gaining benefits from the rules and requirements put in place on the financial industry following The Great Recession. If you pay closer attention to what comes underneath those ‘complaining headlines’ about the CFPB in the future, you may notice one striking similarity: Most of the grumbling is coming from the financial institutions affected by these changes . . . not from the consuming public. A little something to worth remembering!

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.