Tag Archives: Home ownership

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.

Think You Can’t Buy a Home? You Could Be Wrong and Here’s Why.

home buyers
Rick Piette, Owner of Premier Mortgage Lending

“The American Dream” of owning a home really hasn’t changed. Only the timeline people allow themselves to achieve it. What I discover is the biggest hurdle for many – especially first-time buyers – is getting past the mental block of thinking it’s simply not possible. But as a mortgage broker, I know that’s not the case. In fact, now could be the best time ever to buy.” Those might be surprising statements to some, but the truth is, Rick Piette – owner of Las Vegas-based Premier Mortgage Lending – comes across some version of this misconception every day. When he does, he and his experienced Loan Officers help their clients discover that today’s extraordinary opportunities can make owning a home a reality.

“People place limits on their homebuying ability that’s been based on outdated information,” he explains. “The past few years have given us a lot of negative headlines about the housing crash and The Great Recession because ‘bad news’ always grabs the headlines. Good news doesn’t get nearly as much press coverage. As a result, many don’t realize that the circumstances for buying a home have changed in their favor – immensely.

“What we’ve found is that many buyers have three common roadblocks they think they face, all of which couldn’t be further from the truth.

“Myth #1: It’s almost impossible to obtain a mortgage loan. Not today. Actually, more mortgage loans are being approved today than during any period in recent history. Certainly, after the housing crash, mortgage loans were infamously harder to get. But we’ve moved beyond that crisis and economic circumstances have changed considerably. Every year, more mortgage lenders loosen those previously tightened lending restrictions. Also, enough time has passed for individual credit scores to be on the rise with employment and financial stability to sustain them.

“Myth #2: Loans are too expensive. At Premier Mortgage, we can assure you that’s definitely not the truth. As a Mortgage Broker, our true “No Fee Loans” charge none of the ‘junk fees’ that banks and mortgage bankers do – and that means savings to borrowers of literally thousands of dollars.

“But fees are only half of the equation – the other half is the interest rate – and today’s buyers win on that score, too. According to a November 2016 CNBC story, interest rates have never been this low for this long in the history of our country. Since 2011, the average 30-year loan rate has been below 5%, frequently dropping below 4%. And keep in mind, these are fixed-rate loans – not Adjustable Rate Mortgages. Basically, today’s buyers can get better interest rates to buy a home than their parents – or even their grandparents – ever did.

“Myth #3: Buying a home is a bad investment. As with any industry, real estate will fluctuate over time. But if there’s one thing that is never going to change, it’s that people and families need a place to live. That’s even more important when you think beyond your own situation and take into account the needs of upcoming generations.

“For example, a recent study reveals that as of early 2017, as many as 34 million renters aged 25-44 were now credit-eligible to get a mortgage loan. That’s a huge number. Especially since as of the end of May, the total inventory of existing homes for sale in the U.S. was only 1.96 million.

“One other important detail about mortgage loans – and this is no myth – is that borrowers who take a little extra to shop around for the best deal can save even more of their hard-earned money. Unfortunately, many homebuyers don’t take this step because they’ve relied on someone else’s advice about their loan.

“When homebuyers turn their choice of lender over to the decision of their Realtor® or home builder, they’re handing their financial future over to someone who has no vested interest in the outcome,” Piette explains. “Think about it: Who’s going to be paying that mortgage each month? Certainly not them. Also, unknown to you – they may have financial incentives to steer you to a particular lender, which can put money in their pocket by taking it (in)directly out of yours.”

That’s a regret the Premier Mortgage Lending team wants to help borrowers avoid. “We advise our clients to keep in mind that above all, this is a business transaction. Be smart, take an extra hour of your time to get a Loan Estimate from at least two lenders, compare the interest rates and the loan fees – and the decision comes down to your dollars and cents.

“The interest rate and the fees are the only two things that really matter when it comes to the cost of your loan,” Piette explains. “They allow you to compare the numbers as “apples-to-apples” between lenders to see exactly how much you’ll be paying. Once you know that, you’re equipped to make the best choice for you. And if your Realtor® or builder disagrees with your decision, maybe you should ask them to explain why you should pay more for your mortgage loan than you need to?”

To learn more about the wide range of loan programs available today – from “No Fee” to “1% Down” and more, visit 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.

1% Down Mortgage Loan Makes Renting a Thing of the Past

One Percent Home Loan

Let’s face it, owning a home really is a big deal – and not only for the financial benefits it can bring. (Although really, we think that should be reason enough!) There’s also a significant emotional boost when you’re handed the keys to your very own home. There’s an incredible sense of accomplishment, of knowing you’re providing a secure foundation for your family, feeling a part of the community, and having the ability to build the life you choose. It can literally affect everything else going on in your life and that of your family.

But surprisingly, many people just make the assumption that buying a home is something that’s out of their reach. In fact, some studies show as many as 50% of renters would prefer to own rather than paying a landlord each month – but they never even inquire if they’re eligible for a home loan.

To Rick Piette, owner of Las Vegas-based Premier Mortgage Lending, that’s just giving up on your dream. “Sometimes, people don’t think their credit is good enough; or often, they think it means saving up for a big down payment plus a lot of closing costs – and they’ll just figure they’ll never be able to come up with that much money at once.”

But now there’s a way to get into a home without that big cash outlay. In fact, buyers can now buy a home for about the same as the cost of moving into a rental apartment or home – with Premier Mortgage’s new “Conventional One Percent Down with Equity Boost” mortgage loan.

“This loan program is successfully turning many renters into homeowners. And if you look at the numbers, it’s easy to see why,” explains Piette.

“Imagine finding a home to rent for $1,500/month. By the time you pay the first and last months’ rent, plus security, cleaning, pet, and other deposits, it’s probably going to cost you $4,000+ just to move in.

“But what if instead, you buy a $285,000 house. Your down payment will be $2,850, and your total monthly mortgage payment (with taxes and insurance) will be about $1,750. However, since you gain tax advantages by owning, your tax-adjusted payment (assuming a typical 25% tax rate) would be under $1,400 per month. That means you’ll actually save money on both your initial investment cost and your monthly payment.”

“It gets even better, though,” Piette reveals. “It’s a 30-year, fixed conventional loan, so the mortgage payment never changes. It also falls within our “No Fee” loan structure, which means borrowers pay $0 for Loan Origination, Documents, Underwriting, and Prep fees.

“And the icing on the cake? At close of escrow, the lender contributes an additional 2% down, so as soon as the buyer is handed the keys, they have 3% equity ownership, not just 1%.”

“The bottom line is that our 1% Down program takes a lot of the “scary” out of getting a mortgage loan,” Piette continues. “And when you compare the numbers of renting vs. buying with this loan, it’s tough to come up with an argument not to buy a home!”

To learn more about the qualifying conditions for this loan, visit Premier’s website at www.1PercentLoan.com. For additional information or to schedule an appointment to discuss Premier Mortgage Lending’s many other available loan programs, call (702) 485-6600. Or, apply online at www.premiermortgagelending.com.

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

Proof That Buying a Home is Smarter Than Renting

Home buying

If you rent a home in Las Vegas, you probably located that home through the usual methods. Checking online ads, driving neighborhoods, scanning through Zillow, Trulia, and other similar sites to find one that works for you. Or perhaps just to find one at all – since rental homes in Las Vegas are in high competition, and each one usually has multiple applicants.

“During that process, you probably couldn’t help but notice (especially on the real estate sites) the estimated value of those homes, or how much they last sold for,” explains Rick Piette of Premier Mortgage Lending. “Those well-placed ‘home financing’ ads caught your eye, and somewhere along the line you started thinking, “Jeez – the mortgage payment would be less than the rent!”

“And therein lies the point. In fact, we’re not telling you anything you don’t already know – because it’s no secret that owning a home is infinitely better than renting, for many reasons. Not only stability and security for your family, but financial benefits, equity building, and more, Piette continues. “Keep in mind, too, landlords wouldn’t be very smart if they rented their properties for less than their mortgage payments, would they?

“So, what is it that stops most people from home buying – when all indications are that it’s the smarter decision? In almost every case, it’s fear,” explains Piette. “Fear that they don’t have the down payment saved up, fear that they won’t qualify for a mortgage loan – or both. But as a FDR once reminded us, “We have nothing to fear but fear itself.” And that’s true- especially when it comes to getting a mortgage loan.”

“That’s why I’m excited to share the news about Premier Mortgage Lending’s new 1% Down Loan Program. This loan is helping many people who shared those fears leave the uncertainty and high cost of renting behind to step into a home of their own – and it’s simply life-changing,” Piette reveals.

How does this new “Conventional One Percent Down with Equity Boost” loan work?

• Requires only 1% of the purchase price as a down payment.
• No savings? No problem. This 1% down payment can be in the form of a gift from a family member.
• The Lender adds another 2% down on your home on your behalf. (You’ll instantly have 3% equity in your home at closing.)
• It falls under our true “No Fees” program.
• 30-year, fixed rate loan.

“To be honest, even I wasn’t sure if this loan was as good as it seemed – until I started helping our borrowers use it to buy a home. And I can confirm that it’s every bit what it promises,” adds Piette. “Our 1% Down Loan is really having an impact for Las Vegas homebuyers – making the expensive (and non-recoupable) costs of renting a thing of their past.

“If saving up for a 5, 10, or 20% down payment has been your biggest hurdle to buying a home – then we need to talk. Because you have the power to change your life and start building financial freedom, and Premier Mortgage is here to help make that happen,” Piette assures.

To find out more about how Premier Mortgage may just be the best thing to happen to homebuyers in years – visit www.1percentloan.com for more details and see if you may qualify for our true 1% Down Loan Program. Then call us to find out more 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.

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.

All That Stands Between You and The Home You Want is 1%

1 Percent Down

Imagine if only one month’s rent could get you into a new home. Can you picture it? You and your family – living in a home of your own? No more landlords. No more apartments. No more worrying about rent increases. And finally being able to hang a picture, paint a room, or plant a tree without getting “permission.”

If that sounds like a dream come true – hold onto that thought. Because now, Premier Mortgage can make that particular dream a reality.

“We now have a 1 Percent Down loan program that truly is exactly that,” reveals Rick Piette, owner of Las Vegas-based Premier Mortgage Lending. “And not only are we helping people become homeowners with this program – they’re also gaining an extra 2% equity at close of escrow.

“It all sounds a bit too good to be true, I know. And to be honest, when I was first presented with this loan program, I spent a lot of time playing “Devil’s Advocate” – trying to find out what the catch was. But I’m here to say it’s the real deal. No tricks, no last-minute surprises, no catches at all. It works exactly as it’s described – and buyers are taking advantage of this loan program with us every day.

It’s called the “Conventional 1 Percent Down With Equity Boost Program” – and here’s how it works:

• The Buyer’s down payment is 1% of the purchase price. (Example: $250,000 home = $2,500 down.)
• The Lender puts an additional 2% down on your home on your behalf. ($5,000.)
• So when you close escrow, you’ll instantly have $7,500 of equity in your home – not just $2,500.
• This loan also falls under our “No Fees” program – which means $0 for Loan Origination, Document, or Underwriting Fees. (With most lenders, this can add up to 2% of the purchase price to your closing payment.)

“Those are some pretty amazing benefits,” states Piette. “And the most common question I get from customers is “Why? Why would the lender put 2% down, too?”

“The answer to that is simple: The lender charges an interest rate slightly higher than the going market rate – about .25%. And because this program results in more loans being made – they recoup their investment from that additional interest.

At a time when interest rates are still hovering just above record lows, and ownership rates continue to rise, that additional .25% interest is an easily affordable way to secure a home for you and your family and continue to build equity over time.

As Piette explains, “Say you were to purchase that home mentioned above for $250,000. With 1% down, and a loan amount of $249,000, at 4.5% interest your principal and interest payment would be $1,229. At 4.75%, the payment would be $1,265.

“That’s a difference of only $36/month. When you consider that (a) most rental rates cost more than a mortgage loan for the same property, and (b) it might take you 1 to 2 years (or even more) to save the money to put 5% down to buy a home (in this case – $12,500 – and that’s if prices and interest rates don’t rise in the meantime) – it simply doesn’t make sense not to take advantage of this loan program,” concludes Piette.

To find out more about the “Conventional 1 Percent Down With Equity Boost” loan program with Premier Mortgage, visit www.1percentloan.com, or 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.

‘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.

With First-Time Home Buyers on the Rise, Mortgage Availability Plays a Role

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According to recent reports from the National Association of Realtors®, 2016 has shown some positive and interesting developments when it comes to the sale of residential real estate. The market share of first-time home buyers has risen to a high of 35 percent of all homes purchased. Even more impressive is that 61 percent of those buyers were under the age of 35. Those figures could actually be even higher, as Zillow recently released data indicating first-time home buyers were actually 47 percent of the market. But either way, it’s good news for them and good news for U.S. real estate. (Watch out – here come the Millennials!)

It’s an exciting development that shows young adults are choosing – and more importantly are able – to realize the dream of homeownership. However, it’s also a trend many weren’t expecting. Not long ago, papers were filled with articles suggesting the majority of Millennials were deciding to live at home during their college years and possibly even planning to take up permanent residency there. Accordingly, the housing market began actively promoting the development of multi-generational home designs to accommodate this generational shift.

But this newly reported uptick in Millennial first-time buyers wasn’t surprising news to Rick Piette, owner of Premier Mortgage Lending.

As he explains, “A lot of times, the “trends” that media sources report don’t reflect the big picture. It was only this past May the ‘experts’ (such as Bloomberg and the Washington Post) were predicting this age group was more likely to continue living in their parents’ basements indefinitely – simply out of financial necessity. “In essence, they were saying that an entire generation of young Americans may not be ever want, or be able, to become homeowners.

“But at Premier, we had a much different take,” continues Piette. “We were seeing signs that this market growth was coming some time ago. (Click here to view our article from May 2015 on the subject.). And the three indicators that led us to our conclusion were these:

1. “Naturally, the first was due to the sheer volume of the Millennial Generation. At 75.4 million, their numbers have surpassed even the Baby Boomer presence of 74.9 million. That fact is going to have an impact, any way you slice it.

2. “Next, we were seeing that lending restrictions were slowly loosening up in the years after the economic crash. Because we work so closely every day with many different lenders – and we’re always educating our team about changing mortgage rules and regulations – it was clear to us that mortgage loans would be working more in favor of first-time buyers at almost precisely the same time Millennials were planning to head out on their own. Making the move into buying a home was the next logical step,” adds Piette.

3. “Finally, we know something about what the desire and opportunity to own a home means to people. Times may change, the economy may have its ups and downs (okay, sometimes very low downs) – but the innate need to create a nest or a safe haven for yourself and your family has never wavered. It’s simply human nature, perhaps even more so in our society. The fact is, there are few things that instill such a sense of achievement, pride, and self-worth than the ability to own a home.

“I suppose what I’m saying is that at Premier, we know the mortgage lending industry. Not only because we need to – so that we can provide the most knowledgeable service to our customers. But because we simply love what we do. In fact, sometimes I wonder if all our Loan Officers carry a ‘mortgage lending DNA’ gene,” Piette says with a smile.

That type of intimate industry knowledge is one of the prime benefits of choosing Premier Mortgage as your lender. Another is that – unlike huge multi-state banks or online lenders – Premier’s clients work directly with their Loan Officer in a personal, one-on-one relationship. As a locally owned Mortgage Broker, borrowers get the highest quality service from a tight-knit team of professionals that know their local Las Vegas market. In most cases, Premier’s Loan Officers are personally acquainted with the agents, builders, escrow and other individuals that are involved with every mortgage transaction – and their customers benefit from those relationships.

As Piette states, “Las Vegas is our town, too. This is the community where we live, work, raise our families, play, and participate. It is personal to us, because our clients are our neighbors and often become friends, too. Without staying on top of our game – with a team of experts and great programs like our true “No Fee” mortgage loans – we wouldn’t be able to give them the extraordinary service and outcomes they deserve. The great news for Millennials is that we’re happy to be here to make the dream come true for our next homebuying generation, too!”

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.

How to Find the Right Loan Officer for Your Mortgage

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Let’s say you’re in the market for a new mortgage loan. You’ve just made an offer on a home – it’s been accepted – you’re thrilled – and all you need now to make your dreams come true is loan approval, and you’re home free. (Well, more like, “home mortgaged” – but you catch our drift.)

If you’re working with a Realtor™, they may have sent you directly to their ‘preferred lender’ to get your loan started. Or you might have heard that it’s a smart move for you to shop around with different lenders to find the best deal – since all mortgage lenders are NOT the same. (At least, we certainly hope you’ve heard us saying that during the past few months! Like in this article.)

However, even when armed with the knowledge about how to compare Loan Estimate figures from one lender to the next (so that you are able to save literally thousands of dollars on your loan costs) there is still one other detail you need to consider: The experience and reputation of your Loan Officer. Rick Piette, owner of Premier Mortgage Lending, explains why.

“As consumers, it’s fairly common for us to narrow our wide number of choices down to one company who gives us the best numbers – and then just assume that everything will be handled as it should be. After all, a company should stand behind its product and its people, right? They should know how to get your loan from Point A to Point D, by completing steps B and C in the proper way. Unfortunately, it doesn’t always happen that way. Just think about the last time you received poor service from a store you shopped at, and you’ll see what we mean.

“But obtaining a mortgage loan is much more complex than buying an appliance, or even a car,” continues Piette. “When you think about it, no two people have exactly the same life circumstances, financial situation, or credit details. And on top of that, there is the oversight of the lending industry itself – with ongoing changes to federal regulations that affect guidelines and escrow requirements, legal disclosures, lending ratios, and so much more.

“With a mortgage loan, the details matter. That’s why you don’t want to put your loan into the hands of a person who isn’t well-versed in how to get it done right, in order, and in the timely manner that’s required. Because if it’s not, the end result can be disappointing – or even devastating – for you and your family.”

So how can you know that you’ve chosen not only the right mortgage lender – but the right Loan Officer, too? Rick Piette recommends adding the following questions to your loan shopping process to make sure you’re comfortable with your final choice.

1. “How long have you been in the mortgage business?” To be fair, we all have to begin our careers somewhere. And everyone makes mistakes at some time or another. Still, in the same way that you probably wouldn’t ask an intern to perform a complicated surgery on you – it’s in your best interests to find someone with an experienced background in exactly what you’re seeking: a residential mortgage loan. Given the economic turmoil of recent years, it’s not necessarily important for their experience to be with the same company; but it does matter if they’ve been working in your city for a period of time. Why is location important? Because knowing the local market and creating relationships with reputable industry agents – such as escrow and title companies, appraisers, underwriters, etc. – can play a huge role in your Loan Officer’s ability to anticipate, prepare for, and head off problems that can affect your end result: Loan approval.

2. “Do you have any special expertise in the type of loan I need?” If you’re planning to get an FHA or a VA loan, make sure they’re experienced in dealing with the specific requirements in those areas. Or if you’re self-employed, or need a Jumbo loan or second-chance financing, there may be extra hurdles faced for each of those situations. You don’t want to take chances that an important “i“ wasn’t dotted, or a “t” wasn’t crossed. Think about it this way: Your Loan Officer has learned something from every loan they’ve ever made. Why not stack the deck in your favor to choose one that is more than familiar with the type of loan you need?

“One other important thing to remember about getting a loan is that timing is critical for a borrower’s mortgage transaction. If a loan is delayed due to errors or a Loan Officer’s failure to request and submit proper documentation on time, the buyer may end up paying more money, not have a place to live in the interim, or even lose the deal completely. And there simply aren’t enough “I’m sorry!”s in the world to make that okay again,” explains Piette.

“At Premier, we’ve relied on a simple formula to choose the best Loan Officers to work with our company,” Piette explains. “Simple, but not easy, because they need to possess all of these traits: Experience, extensive industry knowledge, creativity, responsiveness, availability for clients, be problem-solvers, and most of all – completely up-front and honest in all their business dealings. We won’t settle for anything less, and we wouldn’t ask our customers to, either.”

Fortunately for Piette, he’s been very successful at assembling a team that meets all of those qualifications – and each individual also boasts an impressive career history. “I’ve worked with Cheryll Acevedo, Dianne Herra, and Sydnee Johnson for so long that we’re more like family than friends,” confirms Rick. “That’s one of the advantages of being a small, local Mortgage Broker, in my opinion. We’re a tight-knit team that works hard, plays hard, and we all share the same philosophy: To focus on providing our clients with the best service and the best products on the market.”

Find out more about Premier Mortgage Lending’s Loan Officers and about their true “No Fee” mortgage loans by calling (702) 485-6600.

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