Tag Archives: local mortgage brokers

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.

13 Reasons To Use A Local Mortgage Broker For Your Next Loan

buy-local-300x241For decades, the ones who sold the products held the cards, set the prices, and made the rules. Today, that’s all changed. With the rise of the internet, customers have discovered they have a voice. And it’s one they don’t hesitate to share – with the companies they buy from, fellow consumers, and their friends. Now, it’s a “buyer’s market” – something companies who fail to provide great products and services to are quick to discover.

Maybe that’s why so many big corporations are trying hard to re-define their relationship with their customers. It seems their goal is to convince you they’ve always been there for you ‘as a friend and neighbor.’ And why not? After all, who wants to take their business away from a ‘friend’?

But there’s a reason they’re trying so hard to give customers that impression, and one of them is that the “Shop Local” movement in the U.S. is growing and gaining traction every day – with good cause.

Shopping locally really does make a difference. Dollars spent at community-based merchants create a multiplier in the local economy, meaning that from each $1 spent at a local independent merchant, $2 to $3.50 recirculates into the community. One result: Shopping locally is a key tool for creating more local jobs.

What’s more, local owners have a lot invested in their businesses. Not only money, but their time and reputations, too. They’ve taken care to cultivate relationships built on mutual trust because they’re your neighbors. That’s why unlike huge corporations, local businesses have a natural interest in the local community’s long-term health.

All those “shop local” reasons apply to your mortgage company, too. In fact, there are a lot of good reasons to contact a local mortgage broker when you need a loan, and here are some of the best ones:

Why Should I Use A Local Mortgage Broker? (Like Premier Mortgage)

1) We don’t have to charge as much as the big banks because we have low overhead and fewer layers of personnel. That’s one of the ways you can get a real “No Fee” loan at Premier.

2) Superior service and tangible results are simply a way of life for local businesses. After all, we’re not going anywhere – you can always find us right here. Plus, we plan to be there for you now and in the future. Not for just ‘this one deal.’

3) Smaller local lenders are held to the same degree of accountability as the large “brick and mortar” banks. But because we’re a small local company, we’re more particular about our hiring practices. The result? You get more experienced loan officers who spend more face-time with you.

4) We understand the local market and have specific area knowledge – so we’re more familiar with all of the different issues that can arise in the hectic housing and lending market in Las Vegas. You get the benefit of our expertise along with lower cost loans.

5) We serve our local community. Your business and money isn’t going to a mega-corporation with headquarters in some distant state. You’re working with like-minded individuals who care about the people of Southern Nevada.

6) With one loan application, Premier Mortgage is able to shop with multiple lenders on your behalf to find the right loan and terms for your needs. And that means underwriting flexibility you won’t find elsewhere – as well as access to very competitive rates and terms.

7) We handle the interactions with lenders and are quick to anticipate and head off any problems. Because we understand the guidelines for each lender, anything that raises a red flag – we’ll ask you about first. In short, we’re more proactive in seeking the best fit and solutions for your needs.

8) Borrowers who might not be a shoo-in for a loan (perhaps due to lagging credit or other circumstances) will find that Premier Mortgage’s multiple lending contacts give us a good sense of what your financing possibilities are.

9) Security is paramount. (When’s the last time you heard about a small mortgage broker losing your personal information? It’s the big banks that are the real target for hackers.)

10) Real estate professionals agree that they would much rather their clients had the care and customer service of a small, local Mortgage Broker. “It’s always better to have someone close that you can go to and get face-to-face with to work out any issues that arise.”

11) At larger banks more people are involved and it is hard to get updates along the way. Simply put, you are just a number to them.

12) Premier Mortgage will fight for you and your deal to go through – more than a salaried loan officer at a bank.

13) With big banks, you rarely have a direct point-of-contact because they use call centers. You could call one day and talk to Susan, then call the next day and talk to Scott. But Susan didn’t note your records about your chat, so you have to tell Scott your story all over again. Then, when you call back in 2 weeks to check on your issue, you talk to Kim and have to start over…AGAIN. With a local Mortgage Broker, this problem doesn’t exist.

“When it comes to getting a mortgage loan, consumers need to be aware how they can save on costs – which is one reason we developed our “Home Loan 101″ educational video series,” reveals Rick Piette, owner of Premier Mortgage Lending. “And any time a consumer is buying a product, of course they want to make sure they’re getting the best deal.

“But borrowers should also be aware that there’s more involved in getting the right mortgage loan than just the costs,” Piette continues. “Saving money on fees is great – but only if your loan is handled properly and on schedule. If you’re working with a lender who’s not on top of every detail and one who knows their job – those low fee loans can suddenly turn into costly mistakes, missed deadlines, delayed closings, moving inconveniences – and sometimes, it can keep you from getting to the finish line at all if your loan is denied at the last minute.

“At Premier Mortgage, we encourage our customers to ‘shop around.’ You definitely want to compare Loan Estimates, interest rates, and costs. Just as important as a good product, though, is a lender’s reputation, experience, responsiveness, and accessibility. If all five don’t come together, well then – we suggest you keep shopping.

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.