Tag Archives: mortgage broker

The Right Mortgage Lender for You Could Be Right Next Door

mortgage lender

Here at Premier, sure – we talk about home mortgage loans a lot (because hey – that’s what we do!). But there are reasons we are so passionate about our work, and we think those reasons make a difference – for our team, for our customers, and for our community as a whole.

You see, we’ve been here in the Las Vegas valley for a long time – and momwe’re proud to say that most of our staff has too (they’ve been with Premier for years, as well). As a small, local mortgage broker, we’ve built some serious roots in this city. We know the real estate industry, we know the people who work within the industry – and through our amazing customers, we’ve gotten to know our neighbors, made new friends, and we believe that together we all make Las Vegas a better place to live, work, and play.

So today, we’d like to share a little bit about why everyone at Premier Mortgage is so dedicated to our role in helping people get the best mortgage loan possible:  It’s because we take great pride and satisfaction in helping people move into a home of their own.

That may sound simplistic, but we’re being quite honest. Many in our city take part in creating the neighborhoods and communities here in Las Vegas. Home builders, Realtors®, title and escrow companies, inspectors, appraisers, repairmen, property managers – really, the list just goes on and on.

At Premier Mortgage, we know that for most people, getting from Point A (renting) to Point B (owning) just couldn’t happen without the services of all these professionals working together.

So yes, we’re very proud to be one of Las Vegas’ favorite local mortgage brokers and among those that help people locate, finance, and move into their homes. Not only does it support us and our great team of employees (which is good for our community) – but it gives us a chance to do our best, every single day, to make dreams and wishes come true for so many families who seek the security and lifestyle of owning a home of their own.

When it comes to getting a mortgage to buy a home, there’s a lot of media ‘shouting’ out there to promote ‘this big bank’ or ‘that online lender.’ The truth is, we know very well the substantial difference in quality and services our customers receive from Premier Mortgage Lending and its Loan Officers (as do our customers).  But we also know that as a consumer, it’s really tough to sort through all the ads and promotions to find real people who are experts at what they do, and that you can trust and rely on to do what’s best for your needs – not their bottom line.

If you think about it from this perspective, though, it might help you in making the best choice for this very important (and potentially expensive) product:  Think local. And no, we’re not just saying that because we are local here in Las Vegas. We’re saying to consider a local Mortgage Lender for your loan because there are very good reasons to expect you’ll find the best options for your needs right in your surrounding community.

Why? Here are just a few reasons:

• Local mortgage lenders understand the local market and have the industry relationships to achieve the best results for you.
• Real people you can meet face-to-face to answer your questions and discover your needs – then find the right solution.
• Money that stays local helps your community – with jobs, sales, and more.
• The people you do business with locally are neighbors who are also invested in your community.
• Service and quality matters more to local merchants – because repeat business is crucial to their success.
• Small local businesses save you money. (Less overhead/salaries = More savings for you)

To find out more about Premier Mortgage Lending and the many time- and money-saving mortgage loan opportunities that a local mortgage lender can offer you, contact 702.485.6600 or visit www.PremierMortgageLending.com. Traditional “No Fee Loans,” “1% Down,” Private Money financing, and much 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, 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.

Think Owning a Home Now is Out of the Question? Think Again.

owning a home

When it comes to thinking about owning a home, it seems most people place themselves into one of two categories: “Let’s Do It” . . . and “It’ll Never Happen.” But at Premier Mortgage, we’ve been pretty busy working on a third option – and one that we’d like to see become the only category – “Let’s Find a Way to Make It Happen.”

“At Premier Mortgage, our Loan Officers have been mortgage loan experts for a long time, working right here in the Las Vegas valley. In fact, altogether, we offer more than 75 years of loan experience for our customers – and that’s really important for borrowers to know,” explains Rick Piette, owner of Las Vegas-based Premier Mortgage Lending.

“Why? Because despite titles handed out to employees by many financial institutions, it’s really not inconceivable that your bank’s “Loan Officer” could have just literally started their lending career yesterday. And here’s why that should matter to a borrower: It’s one thing to ask questions and check off boxes on a form – but it’s something else entirely to use years of experience and creativity to help borrowers find real solutions for their mortgage loan needs.

“The thing is, every borrower has a different financial and life situation – so not every loan application is going to fit into the same nice, neat package for a lender,” Piette continues. “That’s one of the reasons we rarely tell a customer “We can’t get loan approval.” Instead, it could simply be “We don’t have loan approval yet.

“That “yet” is the critical thing for homebuyers to know about – because even if they aren’t able to qualify for the first, best choice of a traditional, “No Fee” loan (which Premier also offers) – there are still many other mortgage loan options available to explore.”

Rick Piette should know – as his team of expert Loan Officers have been helping people find those options for years.

“For example, one exciting new program that we’ve been able to offer our customers recently is our “1% Down Program” – that works exactly as it’s titled,” he explains. “This loan is a great chance for those who are renting and want to own their own home – and also for those who have been unable to save up 5, 10, or 20% for a down payment to put on a home purchase. The opportunities with this loan are tremendous, and with it – we’ve helped many families get into a home of their own and begin building their own financial nest egg.

“We also have a Private Money financing program for those who don’t qualify for a traditional loan right now – but that have access to put a 25% down payment on a home,” Piette goes on to explain. “This is an excellent short-term solution for buyers because it gives them the chance to buy a home now and take advantage of current prices. Then, as soon as their financial and credit situations improve – they can refinance at better rates with no prepayment penalty.”

“Those are just two samples of options for people who want to buy, but assume that they don’t have the credit, down payment, or financial capability to do so. There are many other loan options available that borrowers may not even realize they qualify for.

“That’s also why it’s so important to work with a Mortgage Broker, too. Our network of lender relationships means we’re often able to help buyers achieve what they thought was impossible: Picking up the keys to their very own home. But you’ll never know if you don’t just ask!”

For more information about how Premier Mortgage Lending’s experienced team of Loan Officers can help you assess your current homebuying status – and also provide recommendations on how you can improve that status in both the short- and long-term – contact 702.485.6600 or visit www.PremierMortgageLending.com. Las Vegas residents have been enjoying outstanding service and exceptional value from Premier for years. Why shouldn’t you be one of them?

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.

Think You Can’t Buy a Home? You Could Be Wrong and Here’s Why.

home buyers
Rick Piette, Owner of Premier Mortgage Lending

“The American Dream” of owning a home really hasn’t changed. Only the timeline people allow themselves to achieve it. What I discover is the biggest hurdle for many – especially first-time buyers – is getting past the mental block of thinking it’s simply not possible. But as a mortgage broker, I know that’s not the case. In fact, now could be the best time ever to buy.” Those might be surprising statements to some, but the truth is, Rick Piette – owner of Las Vegas-based Premier Mortgage Lending – comes across some version of this misconception every day. When he does, he and his experienced Loan Officers help their clients discover that today’s extraordinary opportunities can make owning a home a reality.

“People place limits on their homebuying ability that’s been based on outdated information,” he explains. “The past few years have given us a lot of negative headlines about the housing crash and The Great Recession because ‘bad news’ always grabs the headlines. Good news doesn’t get nearly as much press coverage. As a result, many don’t realize that the circumstances for buying a home have changed in their favor – immensely.

“What we’ve found is that many buyers have three common roadblocks they think they face, all of which couldn’t be further from the truth.

“Myth #1: It’s almost impossible to obtain a mortgage loan. Not today. Actually, more mortgage loans are being approved today than during any period in recent history. Certainly, after the housing crash, mortgage loans were infamously harder to get. But we’ve moved beyond that crisis and economic circumstances have changed considerably. Every year, more mortgage lenders loosen those previously tightened lending restrictions. Also, enough time has passed for individual credit scores to be on the rise with employment and financial stability to sustain them.

“Myth #2: Loans are too expensive. At Premier Mortgage, we can assure you that’s definitely not the truth. As a Mortgage Broker, our true “No Fee Loans” charge none of the ‘junk fees’ that banks and mortgage bankers do – and that means savings to borrowers of literally thousands of dollars.

“But fees are only half of the equation – the other half is the interest rate – and today’s buyers win on that score, too. According to a November 2016 CNBC story, interest rates have never been this low for this long in the history of our country. Since 2011, the average 30-year loan rate has been below 5%, frequently dropping below 4%. And keep in mind, these are fixed-rate loans – not Adjustable Rate Mortgages. Basically, today’s buyers can get better interest rates to buy a home than their parents – or even their grandparents – ever did.

“Myth #3: Buying a home is a bad investment. As with any industry, real estate will fluctuate over time. But if there’s one thing that is never going to change, it’s that people and families need a place to live. That’s even more important when you think beyond your own situation and take into account the needs of upcoming generations.

“For example, a recent study reveals that as of early 2017, as many as 34 million renters aged 25-44 were now credit-eligible to get a mortgage loan. That’s a huge number. Especially since as of the end of May, the total inventory of existing homes for sale in the U.S. was only 1.96 million.

“One other important detail about mortgage loans – and this is no myth – is that borrowers who take a little extra to shop around for the best deal can save even more of their hard-earned money. Unfortunately, many homebuyers don’t take this step because they’ve relied on someone else’s advice about their loan.

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

That’s a regret the Premier Mortgage Lending team wants to help borrowers avoid. “We advise our clients to keep in mind that above all, this is a business transaction. Be smart, take an extra hour of your time to get a Loan Estimate from at least two lenders, compare the interest rates and the loan fees – and the decision comes down to your dollars and cents.

“The interest rate and the fees are the only two things that really matter when it comes to the cost of your loan,” Piette explains. “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, maybe you should ask them to explain why you should pay more for your mortgage loan than you need to?”

To learn more about the wide range of loan programs available today – from “No Fee” to “1% Down” and more, visit www.PremierMortgageLending.com, or call (702) 485-6600 to schedule an appointment.

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.

A Mortgage Broker Saves Time AND Money

mortgage broker

Saving time and saving money. That’s pretty much the mantra of our society today, it seems. We’re always in search of finding new ways to save our own valuable time (which seems to be spread far too thin anymore). And since the Great Recession, who hasn’t paid a lot more attention to how their money is spent, making sure we get the best value for our buck?

We start shopping for a car online, and often find the perfect one for the best price several states away – so we’ll have it shipped to us and still save money in the process. When it’s time to shop for a home, it’s back to the computer where we’ll take a look at everything available that fits our needs, and then try to negotiate the best price. Saving time. Saving money.

“But you know what just got missed in those transactions? Taking a little extra time to save money on the financing,” explains Rick Piette, owner of Premier Mortgage Lending in Las Vegas. “It always amazes me that people put such effort into finding those big-ticket items they want to purchase – but often completely ignore the costs involved with borrowing the money to buy it. 

“Let’s face it, those banks didn’t get “too big to fail” by making it cheap for customers to borrow money. And in the same way banks will nickel-and dime you with fees just for the privilege of holding your money for you (with service fees, ATM fees, minimum balance fees, see-a-Teller fees, and more) –  banks also maximize their income by charging mortgage borrowers plenty of fees piled on top of the mortgage interest rate they’ll be paying.

If it weren’t for the fact that when it comes to a mortgage loan – those fees they pile on can cost you thousands of dollars that you shouldn’t have to pay – it might not be that big of a deal. If all things were equal, it might be worth showing your financial institution some loyalty and keep all your business in one place. But things are not equal when it comes to mortgage loans, and that type of misplaced loyalty can be more expensive than you know.

“It’s an unfortunate truth that many homebuyers aren’t aware of,” Piette continues. “Partly because Banks and Mortgage Bankers have gone out of their way to create a scenario that makes it seem all these fees are “the normal cost of doing business” – and they’re not. 

The alternative? One example would be the true “No Fee Loan” from Premier Mortgage Lending. As a Mortgage Broker, Premier is able to save borrowers a tremendous amount by completely eliminating those income-inflating fees, such as:

1. Loan Origination Fee – which can be anywhere from 1-2% (or more) of your purchase price.
2. Processing Fee –  which can range from $495-$695 or higher.
3. Underwriting Fee – ranges from $250-$500 and more.
4. Document Prep Fee – $250 + up (and really? you have to pay for them to prepare the documents, too?)

“At Premier Mortgage, literally none of those fees apply – which for a $225,000 loan can cost a borrower upwards of $6,000, right out of pocket,” Piette explains. “There’s no smoke and mirrors with Premier, either. No bait and switch. Our traditional loans just flat out save our customers that money.

“But “time” is an important factor, too. Saving time AND money is one of the best things about working with a Mortgage Broker. Why? Because with a Mortgage Broker, you only need to fill out one loan application – and then we work with our large network of lenders to shop around to find the absolute best deal for your needs.

“That’s a real time-saver for borrowers,” he explains, “because with a Bank, your loan application is only to apply for their own loan products. There are no options to consider, no choices to make – it’s only their rates, their fees, and if you want to look for a better deal you have to go around town and fill out multiple loan applications. But since a Broker works with many lenders, we do all that legwork for you. Then we sit down with the results of our search and together we choose the best loan for you.”

Of course, saving time and money is great – as long as there’s a level of trust involved with the money part, that is.

“So, one other thing to remember is this: A Mortgage Broker is required by law to disclose all income they receive from your mortgage loan directly to you on paper . . . but Banks and Mortgage Banks…don’t,” reveals Piette. “Just something to think about when you’re shopping for your next mortgage loan!”

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.

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.

‘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

image003

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

three

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

no-thanks

“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.