Tag Archives: Homeownership

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.

Homeownership in Las Vegas is Still Affordable – and Now Even Easier

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In a city with so much wide open space, it’s not surprising that Las Vegas evolved “out” instead of “up.” Even though recent years have seen resorts and hotels on the Strip head more in the direction of hi-rises (because there’s only so much Las Vegas Strip real estate) – our city is so unique and diverse that we don’t have the same housing limitations as other places (think San Francisco and New York).

“That’s one of the reasons that homeownership in Las Vegas is still affordable. Jobs aren’t all concentrated in one section of the city, they’re all throughout the valley,” explains Rick Piette, owner of Las Vegas-based Premier Mortgage Lending. “That makes it possible for people to take advantage of reasonable home prices that can be found in all corners of Las Vegas. And having a place to call your own is still not only highly desirable – it’s doable.”

In fact, it’s even more doable now than it has been recently – with the introduction of Premier’s new 1% Down Loan Program.

As Piette explains, “Right now, there are two huge demographics entering the home buying market: Millennials, with some 61% of prospective home buyers this year under the age of 35; and Baby Boomers – those 55+ who are making significant life changes that include relocating, downsizing, and/or retirement plans.

“For a long time, many assumed that younger generations would bypass homeownership opportunities altogether, but obviously, that’s not the case,” continues Piette. “Why? For the same reasons that applied for previous generations: Marriage, family, space, privacy, financial security.”

“But there has been one hurdle many have had to overcome: Saving up a 10-20% down payment to qualify for a loan. That’s caused many to delay their desire to buy a home for years. However, I’m happy to announce that now – here in Las Vegas – Premier Mortgage has removed that obstacle. Our new 1% Down Loan Program is changing lives and bringing the pride of homeownership to buyers of all generations,” Piette explains. “And perhaps most surprising to many is that this loan really is exactly as it sounds.

“Not only does it require only 1% of the purchase price as a down payment, but that amount can even be a gift – which means there’s no need to document the long-term accumulation of a large down payment in your bank accounts. Plus – and this part is real, even though it sounds hard to believe: The lender contributes an additional 2% down, so when you close escrow you immediately have 3% equity.

“It’s also a 30-year, fixed conventional loan – so there’s no adjusted payments over time,” continues Piette. “Your mortgage payment is a firm amount. And by taking advantage of the current low interest rates – buyers realize they can even afford to buy more home than they might have thought.

“Even better – buyers are finding they can buy and own a home for less money than they would spend on just the rent and deposits needed to lease a home. That’s an eye-opening discovery for most people!”

Learn more today about Premier Mortgage Lending’s 1% Down Loan Program by visiting www.1percentloan.com. You’ll discover more details about the benefits and requirements of this program there – then call us at 702.485.6600 and we’ll help you determine if you quality for this great opportunity.

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

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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.

Is Buying a Home Right For You? Some Things to Consider.

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With all the upheaval of the American economy and the housing markets during the past few years, it’s only natural that those who lost a home during that time would think twice about buying another one.

And actually, that’s not only a good thing when it comes to a major investment like a home – it’s a necessary thing. With homes – as with most things in life – there’s no easy “One Answer Fits All” solution. But there are some things that those who are on the fence and undecided should consider, and those include:

The Emotional Benefits of Owning a Home

Security

There are few things more unsettling than living in a home at the whim of a landlord. The drawbacks include not knowing when/if they’ll want you to move, and if the rent will be increased (and if it is, can you afford it?). But there are other proven benefits to owning a home that many don’t think about, such as access to neighborhoods with better schools, better social and physical conditions, and single-family homes are generally maintained at a higher quality – which results in lower crime rates, too.

Pride

Owning a home is a huge accomplishment – one that still exemplifies the American Dream – and no matter what anyone may tell you, Americans do still dream of owning a home. It’s a place to call your own, that you can personalize to suit your needs and your tastes. It gives people more confidence in themselves and often spurs them to pursue even more life goals. Taking pride in not only acquiring a home but in making improvements to improve your lifestyle – that’s a really big deal. And if you’ve owned a home before, you remember that feeling.

Community

When you own a home, there is a great sense of belonging to a community that comes along with it. You’re more connected with your neighborhood, your community, the people, and even your town. You’ve put down roots and in many cases make lifelong friends. And your kids will have the security of knowing that “home” means just that. It belongs to them, and they don’t have to worry about suddenly having to change schools and reestablish their friends and lives at the whim of a landlord. Studies also indicate better school performance and youth behaviors in children who live in a home of their own, in addition to developing greater self-esteem.

Financial Benefits

Definitely worth remembering is this: Historically, the primary path that Americans have used to create wealth has been through homeownership. Not through their jobs, not through stock market investments (and certainly not by buying lottery tickets!) – but by owning a home. Just think about it, because at it’s base, it makes perfect sense: Rather than contributing to a landlord’s net worth with a rent payment, your monthly mortgage payment continually contributes to YOURS.

There are many things to think about when planning to make the leap into homeownership. Fortunately, at Premier Mortgage Lending, our experienced loan officers know what those things are. We can help you consider all the factors involved, let you know the costs of obtaining financing, and help you determine if the time is right for you to make that move.

As a locally owned mortgage broker, It’s simply what we’ve been doing for our neighbors here in Las Vegas for years. We know the city. We know the neighborhoods. And we’re the home of the true traditional No-Fee Mortgage – which means our clients save thousands of dollars when they buy a home with a Premier Mortgage Lending loan.

Visit our website at www.PremierMortgageLending.com for more information. And to learn which are the most important questions to ask your mortgage lender, visit our www.KnowBeforeYouOweNevada.com website – where you’ll find quick informational videos that take the mystery out of getting the best mortgage loan for your needs.

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.

Keeping “The American Dream” Alive and Well – With Another Chance Nevada Mortgage Financing

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Owning your own home.

That’s a powerful statement, all by itself. For some people, it’s a scary thought – for others, it’s a lifelong dream. It can conjure up many different thoughts and emotions – from gaining a sense of pride to representing grown-up responsibility . . . and pretty much everything that flows between and around those ideas.

Since The Great Recession – when untold numbers of Americans saw the value of their homes drop by huge percentages, many even losing them to foreclosures or short sales, there have been those who wonder if that particular “American Dream” is over – that perhaps its time has come and gone.

But the truth is – the dream of homeownership is still very much alive and well. And that’s because owning a home isn’t simply a ‘transaction’ – it’s a mindset and a way of life. Just ask those who lost their homes in recent years due to the housing crisis – because after having owned a home, the desire to own again is even stronger. There are no ifs, ands, or buts about it: Having a home of your own provides a sense of security, belonging, and family stability that can rarely be found any other way.

At Premier Mortgage Lending, we recognize that owning a home can be the very foundation that families build their entire way of life upon. That’s why when we saw the effect the housing crash was having on the lives of thousands of our Las Vegas neighbors, we took action. We created Another Chance Nevada, so that we could offer a mortgage alternative to those whose credit had been damaged by the recession – either through losing their home or by seeing their finances and credit rating take a hit due to the developing economic crisis.

Through Another Chance Nevada, we created a source of Private Money Financing options for those who aren’t able to qualify now for traditional financing. These loan programs do require a minimum of 20% down payment, and rates and fees will be higher than for a traditional home loan. However, it’s an excellent opportunity for buyers to obtain long-term financing at competitive rates. These loans are free of any predatory loan features — and best of all, there are no pre-payment penalties.

Why is that the best part? Because it means that as you continue to work on raising your credit score and financial stability – as soon as you’re able to qualify, you can refinance to get a traditional loan at an even lower interest rate.

In fact, we even have the perfect mortgage loan for after you recover financially, too – because Premier Mortgage Lending is the home of the true No Fee Mortgage Loan. That means Zero: Loan Origination, Underwriting, or Document Fees. And you’ll still find the most competitive interest rates – so there’s a good chance you’ll end up saving thousands of dollars on your mortgage loan. (And yes – we encourage you to shop around and compare rates when that time comes. You don’t have to just take our word for it . . . you can find out for yourself!)

To learn more about how you can own a home again – in as little as one day following a short sale or foreclosure – visit us at AnotherChanceNevada.com. And to watch our short series of Home Loans #101 educational videos, visit www.KnowBeforeYouOweNevada.com. We created them to take the ‘mystery’ out of obtaining a mortgage loan. They’ll explain exactly what you need to know to save big money on your next loan – and tell you exactly which questions to ask your next mortgage lender.

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

Time Is On The Side Of Home Ownership

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If there is only one maxim that is true for virtually every business, it’s that “Time Marches On.” For industry, that means planning ahead – whether it’s for the ‘next big thing’ or the needs of the next generation. For the U.S. home market, the passage of time actually provides a two-fold benefit.

First, it will ultimately bring the 20-somethings of today into the realm of renter, and then potential future homeowner. Second, it is giving previous homeowners the opportunity to rebuild their credit and finances, then re-enter the housing market.

According to 1st quarter 2015 Commerce Department statistics, the growth of total renting households in the U.S. is rising significantly – up by 1.8 million in the past year. And while homeownership has actually dropped in that same period by 386,000 – those figures still represent societal upheavals in residential living arrangements.

In short, the teens of the 2007/2008 housing market crash are now grown up and entering new life phases. With their educations completed, this generation will, in many ways, follow the natural course of events: career, marriage, and family. As their household needs continue to grow, the availability of suitable rental properties will shrink, even as the cost for those rentals will rise. (A trend that’s already occurring.) Ultimately, these facts, combined with low mortgage interest rates and recovering job markets, will make the prospect of home ownership not only emotionally appealing, but a wise financial move, as well. (According to a recent Zillow report, renting is now twice as expensive as buying.)

And while homeownership has yet to return to pre-recession rates, “time” is also on the side of those homeowners who struggled with foreclosures during that period. Because time, along with financial planning, are what it takes to rebuild credit and accumulate down payment funds. Many former homeowners have used that time wisely to rebuild and recoup, and are now beginning to venture back into the home buying market.

Fortunately for both groups – first-time and returning home buyers – the playing field for mortgage lending has been leveled in the interim by the reform provided through the Dodd-Frank Wall Street Reform and Consumer Protection Act. Which means that the increased availability of mortgage financing is now offering one more helping hand to the U.S. real estate market.

However, it’s important for buyers to remember that no two mortgage loans will cost the same. In fact, if you sought financing through a traditional banking institution or a mortgage banker and were denied, it’s possible that the very costs of obtaining that mortgage may have played a role in having your loan turned down.

As a mortgage broker, Premier Mortgage Lending offers several loan opportunities for home buyers – including “Second Chance” and “No-Fee” mortgages. The first helps those who have been turned down previously with private money lending; while our “No-Fee” mortgage loans literally cost buyers $0. No origination fees, no junk fees – and that translates to less cash out-of-pocket, lower APRs, and more home for your money.

If you’re not sure about your ability to qualify for a mortgage loan, isn’t it better to find out what your options are? For additional information or to schedule an appointment for mortgage prequalification or refinancing, call Premier Mortgage Lending at 702-485-6600 or visit 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 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.

Another Chance Nevada Unlocks Doors to Homeownership

Trulia.com real estate listing service’s recent ranking of the Las Vegas Valley as the third best place to buy a home among 50 major U.S. cities has flamed interest among renters and those undergoing a short sale or foreclosure. Many ask the questions:  “Can I buy a home at today’s low prices?” and “Can I have a mortgage payment lower than rent or my previous mortgage?”

Answering these questions can be very complicated and require the weighing of various factors such as one’s finances, credit history, personal goals, and lifestyle considerations. Being proactive and becoming educated in new financing options are key in deciding whether to join the thousands who are buying homes at today’s low prices.

According to Rick Piette of Premier Mortgage Lending, the first step is seeking the guidance of an experienced mortgage professional well-versed in not only conventional mortgages but also new finance programs designed for borrowers with less-than-stellar credit and who have recently experienced a short sale or foreclosure. Among these is a new program offered by the Las Vegas-based, full-service lender:  Another Chance Nevada.

“Deciding whether to buy a home or to rent is a highly personal decision and should be made only after you have all of the facts and fully understand your options. I have met many people who currently rent and agree that this is now a good time to buy a home with today’s low housing prices. However, some are reluctant because they just don’t know if they can qualify for a mortgage or they feel apprehensive of the home buying or mortgage lending process,” Piette said.

“The only way to find out if homeownership makes financial sense for your family is to be proactive and to learn about all of your options. One way to do this is by meeting with a lending specialist at Premier Mortgage Lending, learning about the different mortgage programs, and finding out if you, too, can buy a home through our complimentary mortgage pre-qualification,” Piette said.

“Many people have been happily surprised when they learn that our Another Chance Nevada can help re-open the doors to homeownership to those who have had a recent short sale or foreclosure. For many, an Another Chance loan makes financial sense when they consider today’s housing prices and compare the potential mortgage payment to rent.”

Through Another Chance Nevada, private and institutional portfolio lenders offer home loans following full-documentation underwriting guidelines. These 15- or 30-year, fixed-rate loans carry interest rates that are typically higher than traditional mortgage rates.  At least a 20 percent down payment is required.

Borrowers may close within 30 days from the time of loan approval, and may refinance the loan at any time without penalty.

“Another Chance Nevada offers those who are currently unable to obtain a conventional mortgage the advantages of homeownership today and, when they’re able, the opportunity to refinance into a conventional loan without penalty,” Piette said. “The program has grown in popularity, giving hundreds of Southern Nevadans the choice of where they live.”

An Another Chance loan may be used on 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.

“I think that it is vital for anyone who is interested in buying a home to visit with us and participate in the mortgage pre-qualification process. We can help you determine not only if you can qualify for a mortgage, but also weigh the monthly mortgage payments and decide if now is financially a good time for you to buy a home.”

For additional information or 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 Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.