Tag Archives: Home Buyer

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.

Wait time after short sales, foreclosure only one day through Another Chance Nevada

PremierMortgageL-RPiette-8

How long do you need to wait before you can purchase another home after a short sale or foreclosure?

Depending upon who is asked, the answer may vary: One day, one year, two or three years, or longer. All are technically correct as the answer depends upon one’s individual circumstances and the specific lending program.

“There is conflicting information out there about how long you must wait before purchasing a home after a short sale or foreclosure that it can be confusing, especially because this information changes as new lending programs are introduced,” explained Rick Piette of Premier Mortgage Lending, a full-service lender based in Las Vegas that serves Southern Nevada and the Reno-Sparks area.

According to Piette, the confusion has been caused because some new lending programs bypass the government-sponsored enterprises standards (GSEs) of at least a two- or three-year wait after a short sale and longer after a foreclosure.

“The fact is that thousands of Nevadans now have a choice and no longer have to wait a minimum of two or three years after a short sale. You can choose a lending program that follows the GSEs guidelines of a two- or three-year wait, which in reality is often longer because this benchmark is for people with near-perfect credit during those three years,” Piette said.

“However, there are other lending programs that significantly shorten this wait period. In August, the Federal Housing Administration announced the new ‘Back to Work’ mortgage program which can reduce this wait to a year. A more established program that offers an even shorter wait period is Another Chance Nevada, which Premier Mortgage Lending introduced two years ago and reduces the wait after a short sale or foreclosure to as little as a day.”

According to Piette, FHA’s “Back to Work – Extenuating Circumstances” program is designed for those whose short sale or foreclosure was a result of a financial hardship such as a 20 percent loss of income or loss of a employment, and this “economic event must be proved.”

“The new Back to Work program will re-open the doors to homeownership for thousands who lost their home due to the recession and have since recovered from that economic event. In this program you have to prove that an extenuating event was the cause of losing your home and that you’ve recovered from it by showing 12 months of timely payments. There are other requirements like meeting HUD requirements for an FHA-insured mortgage, which may make it difficult for some to actually participate,” Piette said.

“Another Chance Nevada can help the same group of displaced homeowners shorten their wait even more and offers guidelines that are clear and easy to understand. As a privately funded program, we do not have to follow GSE or HUD requirements and can take a more individualized approach in considering your personal situation.”

Another Chance Nevada is similar to conventional mortgages in that it follows full-documentation guidelines and offers fixed rates, but there are some differences:

  • Loans are made by private and institutional portfolio lenders.
  • The 15- and 30-year fixed-rate loans have interest rates that are typically higher than traditional mortgage rates.
  • At least a 20 percent down payment is required. The down payment can come from personal funds or can be obtained as a gift from family members.
  • Borrowers may close within 30 days from the time of loan approval.
  • The loan may be refinanced at any time without penalty.

An Another Chance Nevada loan may be used on the purchase of a re-sale or a new home. The lender is currently working with Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes and Del Webb, Richmond American Homes, Ryland Homes, and William Lyon Homes.

The first step in participating in Another Chance Nevada is to meet with a loan officer for complimentary prequalification. As a full-service lender, Premier Mortgage Lending can connect qualified applicants to conventional loan programs as well.

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

7 Tips on Budgeting and Saving Your Money

Everyone wishes they could have an unlimited bank account. Unfortunately, it’s time to get back in the real world. If we want something we have to work hard and earn it. Our goals and desires in life often come with a price tag attached to it and in order to achieve them we need to learn to budget our money. Yes, budgeting is hard, but it doesn’t have to be. More often than not, a substantial amount of our money is being spent on unnecessary expenses such as coffee trips. Uncovering these unnecessary expenses is the first step to learning how to budget and save your money.

1) Read your statements:

Reading your monthly statements will enable you to see exactly where your money goes. Add up all the unnecessary expenditures such as daily coffees, magazines, ATM withdraws and that expensive sandwich from the local deli that you could make at home for a quarter of the price. What’s the total? Compare that to the cost of making coffee at home, buying a hot flask, and preparing your meals at home. Ouch, it hurts right? Spending an extra 30 minutes a week prepping lunch meals and making a coffee at home can save you tons of money and give you more time to relax on your lunch break.

2) Analyze your bills:

Bills, unfortunately, are something that goes hand in hand with growing up and something you cannot avoid. However, how much you are paying for your bills is something you can change. Sit down and scrutinize every bill that comes through that door. Are you being over charged for a service you did not use? Do you really need an all inclusive phone plan? Does the A.C. really need to be on high when you’re not in the house? Stop paying more than you need to for these services and utilities by being more conscientious about your usage. You’ll be surprised how much you’ll save by opting for a cheaper phone plan, dropping those channels you never watch and turning the A.C. off when you leave the house.

3) Distinguish between luxuries and necessities:

Yes, I understand you want that new pair of shoes or the latest phone, but do you really need them? Be honest, the answer nearly always is no. Being brutal about what you actually need can reduce your monthly living costs drastically. Go one step further by cutting down on how often you pay for necessities such as getting a haircut every 6 weeks instead of every 4 weeks or by carpooling with co-workers to save on gas.

4) Prioritize:

If you know you want to buy a new home, but you also want to take a vacation abroad, and purchase a new car, prioritize! Sit down and be realistic about what is top priority for you. Can you compromise on anything? Find a budget trip to a nearby state or visit friends and family? Do you really need a brand new car or could you settle for an older model that’s been lightly used for two-thirds of the price? Do you really need a home that has 2 spare bedrooms and space for an extra car in the garage? By compromising you may find that you can achieve all these desires within your budget.

5) Open a savings account:

Open a savings account and have a percentage of your wages direct deposited straight into that account. This way the money won’t be available for you to just spend at will and you’ll find you won’t even miss the money if you don’t see it. Aim for at least 10% of each paycheck to go into savings. But, make sure you still have enough to pay all your bills and living costs.

6) Shop around:

If you must make purchases that are not necessities then do your homework and shop around for the best price. Online search engines will help you to determine the best prices for what you are looking for. Go one step further by taking these to a competitor and ask them to make you a better offer. Save money on shipping by taking the price to local stores that offer price matching services such as Best Buy and Fry’s Electronics. The savings you make, no matter how small or big, will mean you are one step closer to purchasing that house, sparkling new car, or the vacation of your dreams.

7) Budget:

Here’s the big one. Sit down and strategically allocate a sum of money for each bill and living cost. By doing this you will be able to see exactly where your money is going. You’ll also be able to tighten the strings on what you spend on each cost. Think about groceries: do you end up throwing away half the fridge by the end of the week because you shopped on impulse? Setting a budget means you’ll be more cautious to strategically buy your food shopping for the week. A great way to keep track of your budget is to use a personal finance and budget tracking app on your smart phone. JasonRPrice.com recently reviewed the best personal finance and budget apps to manage your money on the go.

By taking the time to go over your finances, living costs, and shopping around you could end up saving hundreds of dollars a month. Putting that in a high interest savings account for a year will earn you interest, improve your credit score, and help you buy that dream home. For more information on financing your next purchase contact Premier Mortgage Lending today at 702-485-6600.

Premier Mortgage Lending combats study showing ‘mortgage confusion’ and wait times after short sale or foreclosure

Mortgages and the process to secure one can be confusing with unknown terms, percentiles and conflicting advice.

According to a May CNN Money article, nearly one-third of current and prospective homeowners surveyed by Zillow could not correctly answer basic questions about financing, with 34 percent not knowing the term “annual percentage rate” and 31 percent incorrectly believing that they are unable to obtain a mortgage with a less than 5 percent down payment. Confusion continued when it came to questions about buying a home after a short sale or foreclosure, with nearly one-third of homeowners unaware that they may not have to wait seven years before they can buy a home again.

This confusion does not surprise Las Vegan Rick Piette of Premier Mortgage Lending since he and the staff at his full-service mortgage company answer these questions, and more, every day.

“It is imperative that potential home buyers fully understand the home buying and lending process along with their many options before they even begin their home search. Buying a home is often the biggest purchase in your life, and it’s important to understand everything before signing on the dotted line,” Piette said.

“The CNN article demonstrates the need for home-buyer education and why mortgage pre-qualification is important. During the pre-qualification process, lenders can help buyers understand the process, terms and many options, and develop a realistic price point in the process,” Piette explained, adding that Premier Mortgage Lending offers this service free of charge.

“What we’ve found is that many people are unnecessarily waiting to buy a home because they don’t realize that there are so many different lending programs out there,” he said. “The truth is that a 5 percent down payment is not necessarily a requirement because loans insured by the Federal Housing Administration can require as little as 3.5 percent. Plus, lending programs exist that can dramatically cut the wait time to buy a home after a foreclosure or short sale, including Premier Mortgage Lending’s Another Chance Nevada program where there’s no wait time at all.”

Another Chance Nevada connects individuals who have experienced a short sale or foreclosure with private and institutional portfolio lenders who offer 15- or 30-year, fixed-rate loans at interest rates that are typically higher than traditional mortgage rates.

Full-documentation guidelines are followed and at least a 20 percent down payment is required. The down payment can come from personal funds or can be obtained as a gift from family members. Borrowers may close within 30 days from the time of loan approval, and may refinance the loan at any time without penalty.

An Another Chance loan may be used on the purchase of a re-sale or a new home. The lender is currently working with Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes and Del Webb, Richmond American Homes, Ryland Homes, and William Lyon Homes.
“Many who are waiting along the sidelines to buy a home are becoming concerned about their future ability to buy a home because Las Vegas Valley housing prices have steadily increased during the past year. This is why hundreds of Southern Nevadans have chosen Another Chance Nevada, to help make sure that they don’t get priced out of the market,” he said. The Greater Las Vegas Association of Realtors reported that the median sales price of single-family houses increased 30.6 percent between April 2012 and 2013, while the median prices of condos and townhomes went up 41.9 percent during the same time frame.

“Hundreds of Southern Nevadans have turned to Premier Mortgage Lending for our complimentary pre-qualification service and to find out if they, too, can buy a home at today’s prices. As a full-service lender, we can help guide them to many different mortgage products ranging from traditional loans to the private and portfolio lenders of Another Chance Nevada. With this information, they can make an educated decision as to if now is a good time to buy a home of their own.”
For additional information or to schedule an appointment for mortgage pre-qualification, call Premier Mortgage at 485-6600 or visit www.AnotherChanceNevada.com.

Premier Mortgage Lending (NMLS 393282) is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117 and 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.