Tag Archives: borrower

First-Time Home Buyers: It’s Easier Than You Think

first-time home buyers

Did you know that 87% of non-homeowners say they’d like to buy a home in the future? And that same 87% believe that the minimum down payment required to buy a home is a 10% of the purchase price? That’s a startling statistic. It’s also one that is causing many first-time home buyers to stop their efforts to become homeowners often before they even begin.

“In fact, for the past three years, the median down payment for first-time home buyers has been 6%,” explains Rick Piette, owner of Las Vegas-based Premier Mortgage Lending, “and if that’s the median, it means many put down even less than that.

“So, if someone is looking at buying a home or condo for $200,000, that’s a difference between coming up with $12,000 (6%) – or $20,000 (10%). And for a first-time home buyer, that gap obviously presents a mental roadblock about their ability to buy a home. Which is really unfortunate, because rather than seeking out solutions about how they can become homeowners – they’re settling for paying high rents far longer than they should.

“For those who have never owned a home of their own – even if the down payment wasn’t an obstacle – there’s no doubt it can seem mind-boggling to sort your way through all the steps involved. But what many don’t realize is that by choosing the right professionals to navigate that path, the entire process can be made much easier.

“First, finding a knowledgeable Realtor® ensures that you have someone on your side to help you find the right home, in the right place, at the right price. Your Realtor® handles all the documentation and negotiations, and since they work for you – they make sure that all your rights are protected and that no surprises are going to pop up to cause you problems down the road,” continues Piette.

“Getting a mortgage loan requires the same professional expertise. But it also means making an effort to shop around for the best rates. Of course, this might be exactly where the first-time buyer gets stuck – because how do you “shop around” for the best loan, when you don’t know what you’re shopping for?

“That’s why it’s good to know that Premier Mortgage is one lender who wants to help people learn to find the best deal themselves. We don’t want you to just take our word for it that we have the best rates, the best loans, and the best service,” explains Piette. “Because nothing makes us happier than being able to show a borrower exactly where and how we can save them money compared to other lenders.”

To help borrowers and take the ‘mystery’ out of getting a home loan, Premier Mortgage created their www.KnowBeforeYouOweNevada.com website. Here, borrowers can discover what the differences are between loans and lenders, what figures to compare, how to ask for a quote, and what questions to ask your mortgage lender.

“All that information is right on our site – explained in a series of short videos that only take 15 minutes to watch – but will help consumers save literally thousands of dollars when they get a loan,” reveals Piette. “That’s not an exaggeration, either. Our “No Fee” mortgage loans actually save our customers from $8-10,000 or more – just on the cost of getting a loan. Those are real numbers that first-time buyers should pay attention to – because not having to come up with that extra cash-out-of-pocket at escrow closing – can also be the difference between getting a loan approved, or having it denied.”

To find out more about how Premier Mortgage may just be the best thing to happen to first-time homebuyers in years – visit http://www.PremierMortgageLending.com– and be sure to make a special stop at www.1percentloan.com to see if you may qualify for our true 1% Down Loan Program. (Seriously, it’s worth checking out!) Or you can always contact Premier Mortgage Lending directly at 702.485.6600.

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

How to Discover What You Don’t Know About Getting a Mortgage

Things I know

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

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

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

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

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

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

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

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

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