Tag Archives: Loans

“No Fee” Mortgage Loans – Are They The Same Everywhere?

Mortgage application

Are “No Fee” mortgage loans the same with every lender? No, they aren’t.

Surprised to hear that? A lot of people are. But the truth is, what is called a “No Fee” mortgage loan can be so different from one lender to the next, that the cost of getting a “No Fee” mortgage loan can cost a borrower $0 … or thousands of additional dollars they may not even realize they’re paying over the life of their mortgage loan. (Spoiler Alert: Premier Mortgage Lending has the $0 cost one.)

Then how can they call them all “No Fee” mortgage loans? Well, that’s a darn good question. And Rick Piette, owner of Las Vegas based Premier Mortgage Lending would like to help explain how that happens.

“You see, when you’re shopping for a mortgage loan, whether you’re getting what common sense tells you is an actual “No Fee” loan all depends on what type of lender you’re dealing with,” states Piette. “In other words, is it a Bank, a Mortgage Banker, or a Mortgage Broker?” (For more information about the differences between these types of lenders, see our quick explainer video here.)

“Because the kind of mortgage lender you choose is what makes the difference in the true meaning of the words “No Fee.””

To put it in the simplest terms, it’s based on these two criteria:

1. A Mortgage Broker can only earn income from one source (which is usually the lending institution). A Bank or Mortgage Banker can earn income from multiple sources (that can be the lending institution, third-party loan servicers, and the consumer).

2. A Mortgage Broker must disclose all their earnings to the borrower. A Bank or Mortgage Banker does not have to disclose to the borrower how much they earn on their loan.

The reason for the differences in requirements for these entities lie in the legislation that affects Banks and Mortgage Banks differently than the laws that affect Mortgage Brokers. To get a more detailed explanation about how these visible vs. invisible charges work, we invite you to take a look at our previous blog article, “Mortgage Loan Charges: Some You See, Some You Don’t.”

“For those currently – or soon to be – in the market for a mortgage loan, it’s important to shop around with more than one lender, and to know the right questions to ask them,” adds Piette. “We don’t ask borrowers to just take our word for it, either. We’re happy to offer them the proof – and we encourage them to ask the other lenders they speak with to offer them the same thing. After all, how can you make the best financial decision for you and your family without having all the facts?”

To learn more about the experienced professionals available to help you save money on your mortgage loan, call 702.485.6600 – or visit the Premier Mortgage Lending website.

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

First-Time Home Buyers: It’s Easier Than You Think

first-time home buyers

Did you know that 87% of non-homeowners say they’d like to buy a home in the future? And that same 87% believe that the minimum down payment required to buy a home is a 10% of the purchase price? That’s a startling statistic. It’s also one that is causing many first-time home buyers to stop their efforts to become homeowners often before they even begin.

“In fact, for the past three years, the median down payment for first-time home buyers has been 6%,” explains Rick Piette, owner of Las Vegas-based Premier Mortgage Lending, “and if that’s the median, it means many put down even less than that.

“So, if someone is looking at buying a home or condo for $200,000, that’s a difference between coming up with $12,000 (6%) – or $20,000 (10%). And for a first-time home buyer, that gap obviously presents a mental roadblock about their ability to buy a home. Which is really unfortunate, because rather than seeking out solutions about how they can become homeowners – they’re settling for paying high rents far longer than they should.

“For those who have never owned a home of their own – even if the down payment wasn’t an obstacle – there’s no doubt it can seem mind-boggling to sort your way through all the steps involved. But what many don’t realize is that by choosing the right professionals to navigate that path, the entire process can be made much easier.

“First, finding a knowledgeable Realtor® ensures that you have someone on your side to help you find the right home, in the right place, at the right price. Your Realtor® handles all the documentation and negotiations, and since they work for you – they make sure that all your rights are protected and that no surprises are going to pop up to cause you problems down the road,” continues Piette.

“Getting a mortgage loan requires the same professional expertise. But it also means making an effort to shop around for the best rates. Of course, this might be exactly where the first-time buyer gets stuck – because how do you “shop around” for the best loan, when you don’t know what you’re shopping for?

“That’s why it’s good to know that Premier Mortgage is one lender who wants to help people learn to find the best deal themselves. We don’t want you to just take our word for it that we have the best rates, the best loans, and the best service,” explains Piette. “Because nothing makes us happier than being able to show a borrower exactly where and how we can save them money compared to other lenders.”

To help borrowers and take the ‘mystery’ out of getting a home loan, Premier Mortgage created their www.KnowBeforeYouOweNevada.com website. Here, borrowers can discover what the differences are between loans and lenders, what figures to compare, how to ask for a quote, and what questions to ask your mortgage lender.

“All that information is right on our site – explained in a series of short videos that only take 15 minutes to watch – but will help consumers save literally thousands of dollars when they get a loan,” reveals Piette. “That’s not an exaggeration, either. Our “No Fee” mortgage loans actually save our customers from $8-10,000 or more – just on the cost of getting a loan. Those are real numbers that first-time buyers should pay attention to – because not having to come up with that extra cash-out-of-pocket at escrow closing – can also be the difference between getting a loan approved, or having it denied.”

To find out more about how Premier Mortgage may just be the best thing to happen to first-time homebuyers in years – visit http://www.PremierMortgageLending.com– and be sure to make a special stop at www.1percentloan.com to see if you may qualify for our true 1% Down Loan Program. (Seriously, it’s worth checking out!) Or you can always contact Premier Mortgage Lending directly at 702.485.6600.

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

Choosing the Right Mortgage Lender Matters More Than You Know

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.

The Mortgage Industry Should Continue Evolving on the Consumer’s Behalf


Bad things happen to good people. In fact, Harold Kushner even wrote a book on the topic a few years back. That was in 2004, when the economy and housing market were on a roll. The book itself dealt with human issues and the difficulties that we often face going through life. But we see an interesting correlation between that concept and the economic hardships so many millions of Americans experienced in recent years, as a result of the actions of the financial institutions in which we placed our trust.

“For decades, the final word on our biggest financial decision – buying a home – was at the whim of these large banking institutions,” reveals Rick Piette, owner of Las Vegas-based Premier Mortgage Lending. “They made the rules, bent them for some, broke them for others, and ignored them for many. A stigma arose in our society that caused many of us to look down on those whose credit scores were less-than-worthy, often making the assumption that if these people would just “do the right thing” – they’d be better, upstanding members of society.

“But when the curtain was pulled back in 2007/2008 as The Great Recession began – suddenly there were many more members unintentionally joining the ranks of those unable to meet their obligations, with all the falling credit scores and unimaginable loss of credit and financial stability that accompanied it.”

Piette continues, “Many discovered that the state of their credit could quickly become a life-changing variable. Suddenly, society came to recognize that it IS possible to ‘do everything right’ – and still wind up on the wrong side of a good credit score. You know, that credit score that decides your finances, the interest you pay, your insurance rates, and even where you’re able to live.

“At Premier Mortgage Lending, we have long believed that changes to the “old order” of things is not only desperately needed, but deserved – for the millions of people in our country who put their trust in a system many feel was rigged against them. That’s why we have embraced the changes introduced by the Consumer Financial Protection Bureau and why we deliberately choose to practice complete transparency with our borrowers.

“We’re also encouraged to learn about new changes we hope to see implemented soon, as proposed by industry-related organizations. It includes those designed to level the playing field by introducing more fairness into a process that gives full consideration to each consumer’s individual circumstances.

“After all – these are people’s lives being dealt with – on a huge scale. Those people are more than a three-digit score – which in millions of cases took a serious hit that was not only unintentional, but often out of their control.”

One example is this: In June 2016, the National Association of Realtors sent a letter to two members of Congress to declare their support of alternative credit-scoring models under the “Credit Score Competition Act of 2015,” a bill still to be considered by the House Financial Services Committee.

This bill would allow Fannie Mae and Freddie Mac (the government-sponsored entities that assist Americans to obtain home loans) to use scoring models other than the standardized FICO to consider loan approval – such as their record of paying rent and utilities on time (true indicators of fiscal consistency not currently tracked in FICO’s credit scoring). The goal is to assist middle-to-lower income Americans who are financially qualified to buy a home – but are unable to do so because of their FICO score (or lack of one altogether).

This is only one of many recommended changes headed for congress and led by many different homebuyer and consumer-related advocates and industries. While each is to be considered individually to determine its probable impact, we believe that pursuing these types of ‘fairness doctrines’ will not only help our economy continue to recover, but restore a large piece of humanity to those whose lives were (in some cases, irrevocably) damaged by the financial hardships of the last several years.

We’d love to hear your thoughts on this subject. News? Ideas? Recommendations? The more it’s open for discussion, the more likely change is to occur. Share your comments below.

Visit our website at www.PremierMortgageLending.com for more information about our true “No Fee Mortgage” loans. 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.

7 things mortgage lenders like to see from borrowers

The most complex aspect of the home buying process is securing a mortgage in our current market. Mortgage lenders require detailed information from borrowers in order to determine eligibility and the interest rate of your mortgage.

Here are seven things mortgage lenders will ask for as part of this process:

  1. Social Security numbers or taxpayer identification numbers for all borrowers.
  2. Current financial status, including but not limited to: account numbers and status of all checking, savings, money market, retirement, and credit card accounts. They will also want to see copies of at least 2 to 3 months of checking and savings account statements and balances.
  3. Proof of employment, i.e. recent W-2s or pay stubs to prove your financial stability.
  4. Information on any consumer debts, i.e. complete credit history, from car loans to student loans, etc.
  5. If you are receiving financial help from a friend/relative for the down payment on your mortgage, then your mortgage lender will ask to see a Gift Letter showing the funds are a gift and do not have to be repaid. This letter needs to be written, signed and notarized by the person lending the funds.
  6. Proof of utility bill payments and rent payments. This exemplifies your payment history and revolving debt.
  7. Finally, your entire federal income tax returns. Why? Just another added level of protection against fraud or misrepresentation of income to the lender.

Mortgage lenders may well ask for additional information depending on your marital status, employment status or credit history.

For more information on Premier Mortgage Lending’s Finance options, please visit our website or contact us on 702-485-6600 today.

Meet Andrea Hall, Operations Manager at Premier Mortgage Lending

Andrea HallAndrea Hall is the Operations Manager at Premier Mortgage Lending and has been with Premier since the inception over 2 years ago. She thinks Premier stands out for one reason, our team of professionals. “Premier truly cares about our clients, we do not just do mortgage loans to close loans and make money, we make sure that the loan we are giving to the client is in their best interest.  If the client will not benefit from our program, we will not do it.”

Andrea has worked for one other mortgage company in her 20+ years in the industry. She has held all positions in the lending industry including obtaining her DE Underwriting ability for FHA loans.  Andrea’s passion in mortgage lending is the operational side. As a great problem solver she loves working with the processors and underwriters to resolve issues and of course working with the clients to get their loans closed. “That is the best feeling in the world when you know you helped make a dream come true”.

Andrea’s favorite thing to do outside of work is drag racing. Her husband retired several years ago so he could race competitively with National Hot Rod Association.  “I am lucky and get to go with him to the majority of the races he competes in.”

A little piece of advice from Andrea:

“The most important thing about finance is “understanding” what you are getting into as a borrower.  You really need to understand the loan type and terms.  Ask questions and do not stop until you are comfortable with the answers you get and that you really understand what type of loan is best for you and your circumstance.  Be comfortable with who you are dealing with, if you are not it is okay to ask to work with someone else in the company or change lenders.  This is a big decision, not matter if it is your first home or you are a seasoned homeowner.”