Tag Archives: loan officers

‘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.

Just Say “No” to Mortgage Loan Fees

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“No.” It’s a simple word, right? But it’s amazing how often we have difficulty saying it. Especially at those times when it affects our finances. If we could just get a bit more practice in using “No” as a response to tough – or even friendly sales tactics – though, we’d probably be surprised at how far those two little letters can take us down the road to getting a better deal. Especially when it comes to a mortgage loan.

How does that work, you ask? Rick Piette, owner of Las Vegas-based Premier Mortgage Lending explains: “For decades, the mortgage industry in general has subtly trained homebuyers to simply accept the idea that getting a mortgage loan costs money . . . a lot of money. Banks and mortgage bankers have added huge fees to the Loan Estimates they provide their customers – and it’s not a coincidence that those in the industry commonly refer to them as “junk fees.

The first fee homebuyers should learn to “Just Say No” to is the Loan Origination,” continues Piette. “Lenders often explain that this figure – which can add 1-2% (or even more) to your loan amount – is “necessary” to “buy down” your interest rate. That’s simply not true. While sometimes it is possible, or even wise, to do that with a Loan Origination Fee – it’s simply not something you should have to pay to get the current market interest rate for a traditional mortgage loan.

The second fee to say “No” to is the Processing Fee. This figure will vary from lender to lender, if they charge this fee at all (which Premier Lending does not),” Piette adds. “And it can reach some pretty high numbers – as much as $495-$695 and up. But think about it: Why would you have to pay a fee for someone to simply do their job and process your loan application? Don’t they already get paid for that? The answer is – yes, they do. The correct phrase to tell your lender if this fee shows up is: “No, I’m not paying this.”

Third is the Underwriting Fee. Again, another way (and a creative term, don’t you think?) for lenders to add additional income to their bottom line just for the act of making your loan to you. Just. Say. No.

And fourth, the infamous Document Prep Fee,” explains Piette. “This one is probably the most blatant junk fee of all – charging you for their time just to draw up the documents that are necessary to make your loan in the first place. Normally in the $250 or so range, I think this particular fee is the one that infuriates borrowers the most. (And imagine the satisfaction you’ll get for saying “No!” to that one!)”

“Altogether, for a $200,000 mortgage loan – these junk fees alone can cost a consumer as much $4,000 or more, and that comes right out of you pocket at escrow closing. Considering all the other legitimate costs that homebuyers are required to pay at closing – such as recurring costs (taxes, insurance, etc.), and legitimate closing costs (title search, title insurance, flood determination fee, transfer tax, etc.) – when lenders choose to add such expensive and arbitrary costs, well . . . we just don’t think that’s right,” explains Piette. “That’s why we chose to operate as a Mortgage Broker, and we can offer our customers a true, no-smoke-and-mirrors, “No Fee” loan.

It’s not that at Premier Mortgage we have anything against a business making a profit, of course. That’s a huge part of bringing jobs to a community, and we’re all for that! But we all know that some companies operate more ethically than others. And where some will take financial advantage of their customers (even illegal advantages – as in the recent Wells Fargo fiasco demonstrates) – others are committed to consistently doing the right thing, making a fair profit, and helping customers save more of their own hard-earned money.

The latter is even more common when it comes to local community-based businesses. Why? Because these are your neighbors, your friends, the people who share your love for your town and truly want to make it a better place for all its residents. Fortunately for Las Vegas homebuyers, that also happens to perfectly describe the team at Premier Mortgage Lending.

“At Premier, we want to help our customers not only get the best deal and the best rate for their mortgage loans, we want them to understand why and how we’re able to offer that to them,” Piette continues. “We’ve even created a website (www.KnowBeforeYouOweNevada.com) of short informational videos to help borrowers understand the basics that will allow them to compare lenders themselves. It’s not about us saying “We’re the best – use us for your loan!” It’s about helping people to make the best financial decisions for their situation.

“Of course, since pretty much any financial decision is going to include the desire to save money, that pretty much explains why so many homebuyers do choose Premier Mortgage Lending for their home purchase or refinance loan needs,” Piette offers.

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.

Choosing the Right Mortgage Lender Matters More Than You Know

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Dianna Herra, Loan Officer at Premier Mortgage Lending in Las Vegas

If you’re good at your job, the odds are you’ve set pretty high standards for yourself. But if you’re an expert, you’re going to insist on working with others who share those same standards. At least, professional Loan Officer Dianna Herra knows that to be true. That’s precisely why she made the decision to join Premier Mortgage Lending when she moved to Las Vegas in 2004, and that’s also why she’s never left.

Dianna began her career in banking right out of high school in her hometown of Chicago. “Since then, I’ve worked in virtually every department, and when I became a Vice President of Loans, I knew I had found my passion,” Herra explains. “So when I arrived in Las Vegas, I immediately started researching to find the top producing mortgage company that shared not only my ethics but my desire to always find better ways to serve my clients. I found that at Premier Mortgage, and frankly, now I wouldn’t want to work anywhere else. I love it here!”

By creating an intimate setting focused on teamwork, excellence, and premium service – Premier’s owner, Rick Piette, has hit on a winning formula that excels in serving the needs of his Loan Officers and clients, alike. The Premier staff enjoys working in a smaller, non-corporate environment – where common sense is valued and changes can be made quickly to react to the market without having to deal with a lot of bureaucratic red-tape. And customers benefit from the knowledge of an experienced team, a warm, friendly atmosphere, and more importantly – the reduced expenses of a small, local mortgage broker.

That last point is critical, because it helps Premier’s customers understand the seemingly inexplicable: That Premier offers a true “No Fee” mortgage loan.

Many of Premier’s customers are shocked to discover that “No Fee” means exactly that – there are no loan origination, underwriting, or document fees. And yet, the interest rate still matches what other lenders have quoted them.

“But it’s no trick,” explains Herra. “It’s because of two simple things: Premier has lower operating expenses than large banks and mortgage bankers, and we work on smaller margins. Because we pass those savings directly on to the borrower, we’re consistently going to be the best choice for a borrower. They’ll pay no fees and get a market rate interest rate.

Another benefit for homebuyers by lowering the cost of obtaining a mortgage loan is that it gives them more buying power. This can be especially helpful for first-time buyers, or for FHA loans when the customer only has enough money for the down payment.

That’s why Herra believes it’s important for borrowers to know that getting a mortgage isn’t only about the loan itself – but also about the quality of their loan officer. “Choosing to work with an experienced loan officer – who is well-versed in current regulations and knows the local real estate market – is often what can make the difference between getting keys to their new home, or a loan denial letter.”

When borrowers “get” that they can save thousands of dollars with a loan from Premier Lending, Dianna explains that it’s rare they decide to go elsewhere. She receives many referrals from her clients and is proud of the fact that they return again and again for their subsequent loans. “That’s important to me because I’m here for the long run,” she states. “I love building relationships and helping people find financial solutions for their mortgage needs. The truth is, I don’t want to just do your loan today – I want to do your next home, and your kids’ homes, and your grandkids’ homes, too!”

To speak with Dianna Herra about your upcoming mortgage needs, call her at (702) 580-1415. And to learn more about how to save money on your next mortgage loan, visit our website 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.

New Mortgage Loan Checklist

house-checklistPicture it: You found the house of your dreams. You shopped around for the perfect lender. Now it’s time to get all your ‘ducks in a row’ so you can move in and start enjoying it as soon as possible. Oh boy! You know what that means – Paperwork!

Actually, it’s not as bad as all that. Because you can start gathering most of the information you’ll need to provide to your mortgage lender even before you find the home you love. And to help you start planning ahead for the day you’re ready to submit your loan application, we’ve put together a checklist for you. (Because, hey – who doesn’t love checklists?)

Following is a list of the general information every lender will require for your application – although depending on your individual circumstances, your loan officer may require additional documentation. But knowing where to start is half the battle!

Identity and Income Verification

• Your full legal name, Social Security number, and birth date. (Assume you’ll be asked for a copy of your driver’s license or state-issued photo ID card, along with a copy of your Social Security card.)

• Your phone numbers, email address.

• Current residential mailing address, along with former addresses during the past two years.

Credit Verification

• Your lender will need to pull their own credit report. But it’s a good idea for you to get a copy of your credit report early. That way:

o You can check it for errors – and submit the necessary corrections ahead of time.

o Be aware of any credit issues that will require explanation (late payments, collections, or other derogatory items) – then create a written explanation for each item.

Employment Verification

• Provide the name, addresses, and phone numbers of all your employers over the past two years.

• Written explanation if employed less than two years or if an employment gap exists within the last two years.

• Documentation of compensation from employer, either monthly or bi-weekly. Online pay stubs must be signed by a company representative.

• Copies of your W-2s for the past two years.

• If you are self-employed, additional documentation will be required typically in the form of Profit & Loss Statements, tax return forms, etc. Your lender will advise you what you need to compile.

Assets / Debts

• Copies of statements from your personal and/or business checking, savings, brokerage, retirement, and money market accounts that are requested in order to verify assets, income, or the sources of large deposits, excluding paychecks. Typically, borrowers are asked to send statements from the previous two or three months. (Be sure to include all pages of the statement, including ones that are blank.)

• A list of your monthly debt obligations. (Include name, address, account number, and amount).

• Document the source of funds for any large deposits on asset or bank statements.

Tax / Legal Documents

• Federal tax returns (1040s) for the past two years.

• Your lender will have you complete a Request for Tax Transcript form. This is required on all applications and gives your lender permission to verify the income reported to the IRS. Usually requested for the previous one or two years.

• If there is a Bankruptcy in your history, provide a copy of your Bankruptcy discharge papers.

Property Purchase Documentation

• A copy of the signed Purchase Agreement or Sales Contract between the buyer and seller describing all the terms of your real estate purchase transaction.

• The name and contact information of the insurance company for your new home.

It may sound daunting – but the great news is, with a mortgage broker (like Premier Mortgage Lending) – you fill out the application and provide the necessary documentation just once – and then your Loan Officer will be able to shop around to find you the best rates and terms from multiple lenders. So shop away for that new home, and use the checklist above to get prepared in advance – and you’ll be ready to close escrow before you know it!

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.

The Difference Between Mortgage Brokers and Mortgage Bankers

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They’re two different animals – mortgage brokers and mortgage bankers. And if you don’t know the difference between them, it’s something that can end up costing you a lot of money, unnecessarily.

The truth is – not every mortgage lender is created equal. As with any business – you want to work with a reputable company that provides good service. You’re also likely to do a little online research to see what previous customers have to say about their experiences. (If there’s one thing consumers aren’t shy about, it’s letting the world know – in a very public way – how they felt about their transaction.)

“But the problem is,” according to Rick Piette, owner of Premier Mortgage Lending, “is that once you’ve gone that far, you’ve already missed the most important step: Deciding which is the right choice to begin with.”

So let’s get back to the basics with a little apples-to-apples comparison of how a Mortgage Broker compares to a Mortgage Banker.”

How a Mortgage Broker Works

1) The key advantage of a mortgage broker is that borrowers complete a single loan application – and with that information, the broker has the ability to shop with numerous banks and lenders simultaneously to find the lowest interest rate and/or the best loan program that can be structured to suit your financial goals. It’s one-stop shopping that works for you.

2) New Federal Regulations in the mortgage industry (that went into effect in 2014) – place restrictions on the amount a mortgage broker can earn on your loan. What that means to the buyer is this: A broker can now make you a true No Fee Mortgage. (Not all of them choose to do this, but Premier Mortgage Lending is one that does.)

3) Brokers are typically small, locally owned companies – consisting of people you know as part of your community, They live, work and are invested in your town – just like you. They have a low operating overhead, and with a mortgage broker, only two people will make money on your loan: The Loan Officer and the Owner.

How a Mortgage Banker Works

1) Typically, mortgage bankers are ‘direct lenders’ who offer loan programs and services from a single bank. This limits the borrower’s ability to see all the loan options available for his circumstances – unless he wants to make multiple loan applications with various banks or mortgage bankers – a task that only takes up your time and resources.

2) With new legislation passed through the Dodd-Frank Act that became law in 2014 – neither banks nor mortgage bankers are subject to earning limits on a mortgage loan. As a result, ‘invisible charges’ and ‘undisclosed income’ generates additional income for the lender that buyers may not even be aware of (but they may pay for it in the form of higher rates or higher fees).

3) Mortgage banks (and banks) are large operations with layers of low, middle and upper management. Every one of whom receives income from making your mortgage loan. So everybody gets a piece – including the Loan Officer, his Manager, District Manager, Assistant Vice President, Vice President, Sr. Vice President, and right on up the line.

What’s important to buyers is that they should be looking to find the best deal for their loan:  the one that costs them the least amount of money, either out of pocket or over the loan duration. To get there, we’d like to remind you of one very important point: A “No Fee Mortgage” from Premier Mortgage Lending is exactly that.

Unlike some loan offers that seem too good to be true (see our article entitled “Getting A Credit Towards Closing Fees”? What That Really Means.” for more information on that) – this loan product represents itself clearly : Borrowers are charged $0 for Loan Origination, Underwriting, Document Prep, or other ‘junk fees.’ And unlike mortgage bankers, the laws that govern mortgage brokers require all of our fees to be fully disclosed and visible on your Loan Estimate. (No hidden or invisible costs here.)

So when you request an initial Fee Sheet from multiple lenders, be sure to take a close look at those line items on the form. Because if they say more than $0 – you may be paying too much. Sometimes, thousands of dollars more than you need to – to get the exact same mortgage loan.

Still have questions? Rick Piette will be happy to answer them, and even if you plan to shop other lenders (which we always encourage our customers to do) – he’ll help you to understand the differences and know which questions to ask. Putting the power of choice about your mortgage loan back in your hands – it’s our mission. Visit KnowBeforeYouOweNevada.com to learn more.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas 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.