Tag Archives: Loan

Who’s the One That Makes that Mortgage Payment? You, That’s Who.

mortgage payment

When you’re in the market to find a new home, it’s a big project, right? Potential buyers need to do a lot of homework – figuring out what size home they need, how many rooms, which amenities they need (and which they want), what area to live in, their budget, the school district, it seems like the list just goes on and on. And on.

And once all that is figured out, then they need to find the right Realtor® or the right home builder, go out and look at homes, imagine themselves living in that place and what the possibilities are. Then once they find “The Perfect Home,” there’s all that paperwork to do: Make an offer, open escrow, order inspections, check the title . . . seriously, it’s a LOT of work!

So it just makes sense that after all that effort has gone into the search, discovery, selection, and purchase agreement, homebuyers just want a “break” from all the hassle. It’s not their fault – they’re just exhausted and after all, they’ve done the hard part. Shouldn’t the rest of the whole transaction be a smooth piece of cake with really delicious whipped chocolate icing on top?

“Yes, it should,” agrees Rick Piette, owner of Las Vegas-based Premier Mortgage Lending. “However, while the tendency of most homebuyers at this point is just to turn over all the rest of the transaction to their Realtor® or builder, there’s just one more little thing they need to be aware of: The need to shop around to find the best mortgage loan.

“Look, we get it. Homebuyers just want to ‘get it done’ at this point. But by giving up just one step too soon – they may discover too late that one more hour of their time may have saved them thousands of dollars. Because yes – that’s how big the difference can be between mortgage lenders.

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

That’s no exaggeration, either, as explained in more detail on Premier Mortgage’s “KnowBeforeYouOweNevada.com” website. This quick two-minute video gives a simple overview of what Marketing Services Agreements are, why they exist, who benefits from them, and how you can protect yourself from the extra costs that may be involved if you use that “recommended” mortgage lender.

“Many homebuyers may feel like they’re questioning their Realtor® or builder’s judgment if they don’t go to the mortgage lender they suggest. It can put them in a difficult place emotionally,” Piette continues. “If you think about it, you’ve already spent a lot of time working with them up to this point in choosing your home, and a relationship has been developed during that time. So you may worry there would be hurt feelings if you go against their recommendation.

“But buyers need to keep in mind that above all, this is a business transaction. The outcome will affect your finances – not theirs. That’s why you need to be smart, take an extra hour of your time, and follow three simple steps to make sure you don’t end up paying more for your mortgage loan than you should.

  1. Get a Loan Estimate from at least two different lenders. (One can certainly be the lender your Realtor® or builder refer you to, and one should be a Mortgage Broker).
  2. Compare the Interest Rates
  3. Compare the Loan Fees.

“The interest rate and the fees are the only two things that really matter when it comes to the cost of your loan,” confirms Piette. “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 – just ask them to explain why you should pay more for your mortgage loan than you need to! (That should be an interesting conversation, don’t you think?)”

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.

Exactly What Does a Mortgage Loan Cost You?

How about today, we talk about real numbers? We know you see a lot of mortgage company headlines and advertisements that talk about how they’ll give you “the best interest rates, the best service, the best” – well you name it, they’re always “the best” – have you ever noticed that?

“Of course, it’s one thing to “say” you’re the best choice for a mortgage loan – but it’s something entirely different when you back up that claim with facts,” explains Rick Piette, owner of Las Vegas-based Premier Mortgage. “And backing up that claim is what we’ve been doing for a long time at Premier. You can see it in the loan programs we offer, the videos we created to make it easier for people to understand how mortgage loans work, and in the testimonials and repeat business we receive from our customers.

“Yet even with all that, sometimes it all gets so confusing that you just want sit down and compare the actual dollars and cents to figure it out for yourself, right? So we’ve prepared a couple of “apples-to-apples” (so to speak) chart that helps home buyers see exactly how Premier Mortgage Lending stacks up against other lenders.

“Let’s start out with the home – and set up the parameters that we’ll use to compare,” continues Piette. “Like this:

Home Purchase Price: $250,000
Loan Amount (90%): $225,000
Length of Loan: 30 years

“So far, it’s pretty simple. Let’s see if we can keep it that way.

“Now, let’s consider interest rates –so that you can see how your monthly principal & interest payment would change at different rates. Why does this matter? Because not all lenders charge the same interest rate. That’s the reason at Premier Mortgage, we tell our customers the two most important things to compare when shopping for a mortgage loan are this: The fees and the rate. (And trust us, we’ll get to the fees in a moment.)

“For a 30-year, $225,000 loan, let’s assume a current mortgage rate of 4.00%. That means your payment would be $1,074.18 per month.

But the table below shows you how much that payment amount increases as the interest rate rises. Not only in the cost to you each month, but it shows how that cost adds up over time – for 5, 10, 20, or 30 years (depending on how long you live in that home).

Interest RatePaymentIncreases ByOver 5 YearsOver 10 YearsOver 20 YearsOver 30 Years
4.25%$1,106.86$32.68/month$1,960.80$3,921.60$7,843.20$11,764.80
4.50%$1,140.04$65.86/month$3,951.60$7,903.20$15,806.40$23,709.60
4.75%$1,173.71$99.53/month$5,971.80$11,943.60$23,887.20$35,830.80
5.00%$1,207.85$133.67/month$8,020.20$16,040.40$32,080.80$48,121.20

“Now you can see that even a slight change in the interest rate can end up costing you a lot of money – right out of your pocket each month – as well as over the long-term.

“From here, let’s take a look at the other most important number to compare: The Fees.

“The reason that the cost of Fees can vary from one lender to another is usually because of the type of lender you choose. On our blog, we’ve written several articles in the past that explain the difference between Banks, Mortgage Banks – and Mortgage Brokers (Premier Mortgage Lending is a Mortgage Broker, by the way). We invite you to read more about how those differences can affect you where it counts – in your wallet.

“But for now, let’s consider a few of the most common fees that borrowers are charged – and you’ll find these figures on the Loan Estimate that your lender provides to you.

“The table below shows you what those fees are called, and what the typical charges are for a Bank or Mortgage Banker, vs. what Premier Mortgage charges on a standard mortgage loan. (Keep in mind, these are fees your lender charges you at close of escrow – just for the ‘privilege’ of lending you money and charging you interest for it.)

The FeesBank or Mortgage Bank CostsPremier Mortgage Lending Costs
TOTAL:$3,245 - $5,945 + Up$0.00
Loan Origination Fee (1%-2%)$2,250 - $4,500$0.00
Processing Fee$495 - $695 & Up$0.00
Underwriting Fee$250 - $500 & Up$0.00
Document Prep Fee$250 + Up$0.00

“As you can see, for a $225,000 mortgage loan – these fees alone can cost a consumer thousands of dollars in unnecessary expense that comes right out of your pocket. Considering all the other legitimate costs that homebuyers are required to pay at closing such as recurring costs – like taxes, insurance, etc., and closing costs – like 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.

“The bottom line is that despite the ‘smoke and mirrors’ that some lenders like to confuse you with when talking about their mortgage loans – any borrower can still make their way through it all to find the real numbers – which leads them to best deal. And if they take just a few minutes to educate themselves – they can save thousands of dollars in the process,” Piette continues.

“At Premier Mortgage, that’s what we help our customers do every day. No smoke. No mirrors. Just the facts, and the reputation to back them up.”

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.

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

homeownership in Las Vegas

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.

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.

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.

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.

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.