Tag Archives: Nevada

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.

What a Year It’s Been for Homeownership

looking back at the housing market

All the news and events going on in the country seem to have made a lot of us gaze back on all that’s happened in 2016 and think “Thank Goodness It’s Almost Over!” We can understand that. But it’s precisely because of that sentiment that we’d like to bring up some of the good news from the past year that we reported on in our blog posts about the state of the housing market. What’s more, as far as we can see, there’s good reason to believe that there 2017 will be great, too. Take a look and see what you think.

The Las Vegas Housing Market Has Returned
In fact, not only the housing market, but the economic status of our exciting city has bounced back from the years immediately following the Great Recession. For a long time, it seemed that the country had given up on Las Vegas – but they didn’t count on Las Vegas not giving up on itself. But we’re back, baby! And with the lowest unemployment rate since August 2008, the new T-Mobile Arena and our very own NHL hockey team (Go, Vegas Golden Knights!). Then there’s the opening of major new hotel/casinos and the start of more, new medical facilities, the possibility of an NFL team on the horizon (and did we mention IKEA?). With all that came people, families, and jobs. And following close on the heels of everything was a rise in the construction and sale of new homes, the resale market ticked up, and foreclosures came down. Plus, the year’s run of record-low interest rates helped homeownership return to numbers that naysayers never believed would happen again. Additionally, the slow and steady rise of real estate values in Las Vegas has helped many long-time homeowners escape the ‘underwater borrower’ scenario and begin to return to firm financial footing, too. In short – it’s clear that people are rebuilding their lives in Las Vegas, and thanks in no small part to the entrepreneurial spirit of our residents.

Mortgage Standards Loosened Up
Following the economic crash (can you believe it was nearly 10 years ago?) – banks and other lenders tightened their belts and made the task of obtaining a mortgage loan much more difficult than it had ever been. Partly due to new regulations, partly due to economic and social pressures – the fact is, the restrictions put in place were at such a high threshold that getting a loan became an onerous task – even for those who were gainfully employed and had good credit scores. As for those who had been financially harmed by the housing crisis, the thought of owning a home again seemed an impossibility. But 2016 saw mortgage lenders nationwide begin to ease their lending guidelines – with FHA and VA following that lead, as well. As a result, and with the passage of time that resolved many credit issues incurred due to the recession, more and more people are able to escape the rental market, invest in themselves and their family, and begin planning for the future by buying a home of their own.

Millennials Join First-Time Buyers in Huge Numbers
We mentioned this in a recent blog post, but it bears repeating here: According to recent reports from the National Association of Realtors® and Zillow – the market share of first-time buyers has risen to 35% of all homes purchased. (Big news when so many headlines reported a lack of homes in this price range!) Even more notable is that 61% of those buyers were under the age of 35. Many new statistics have confirmed this trend and further indicated that not only weren’t those Millennials going to be living in their parents’ basement forever (did you really think they would?) – but many were actually choosing to wait to buy until they could start with what would normally be considered a “2nd move up home” (which leaves that many more ‘starter homes’ available for the buyer’s market).

Since the election, many industry experts forecast that the 2017 housing market will continue to grow, but at a more moderate pace (which is something we’re all in favor of, quite honestly). Western cities will continue to lead the nation in home sales and pricing. Interest rates are anticipated to rise slightly, but since 2016 saw the record lowest home mortgage rate occur in August 2016, that’s not the worst news we’ve heard all year!

All things considered, Las Vegas and its housing market have bright futures to look forward to – both in 2017 and beyond. The even better news – is that Premier Mortgage is here to help homebuyers get the most value for every dollar. How? By offering “No Fee” loans that make sure you spend less of your hard-earned cash towards the cost of getting your mortgage loan – and more into the home you’re buying.

Find out more about Premier Mortgage Lending’s true “No Fee” mortgage loans, as well as their many other products and services by calling (702) 485-6600. Their experienced loan officers are there to help with your questions and can assist you in navigating from signed purchase agreement – to getting the keys to your new home.

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

With First-Time Home Buyers on the Rise, Mortgage Availability Plays a Role

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.

Choosing the Right Mortgage Lender Matters More Than You Know

dianna-herra
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.

Are All “No Fee” Mortgage Loans the Same?

avoid-the-errors-which-raise-your-closing-costs

If you’re currently shopping around for a home, the odds are good that you’re also in the market for a mortgage loan. If so, you’ve probably started paying attention to all those advertisements and articles you see in magazines and newspapers lately. And you may be wondering what – exactly – is the difference between all these loans and mortgage lenders, anyway?

That’s a really good question. A really smart question, in fact. Advertising, of course, is designed to catch the eye and make one product sound more appealing than all the other options out there. But you can’t get the details and the important information you need about a product simply by looking at a flashy headline and an image of a pretty house.

“What you can do, however, is dig a little deeper into the facts about mortgage loans – and congratulations! Simply by reading this article you’re being pro-active about your finances, and smarter about knowing exactly what you should (and shouldn’t) be spending your money on,” explains Rick Piette, owner of Premier Mortgage Lending in Las Vegas.

“We’re not going to lie – we advertise, too. But at the same time, we use other methods to help educate consumers about how to shop smarter for their mortgage loan. That because it’s important to us that borrowers understand exactly what they’re getting with their mortgage loan, and just as important – that they don’t spend more money on it than they need to.”

In fact, Premier Mortgage is always working on ways to help consumers unravel the “mystery” and confusion about getting a mortgage loan. (Hint: It’s not rocket science . . . but some lenders do their best to make it complicated. That’s generally to their financial advantage – and at your expense.)

“But with articles like this, plus our lengthy backlog of blog posts on our website, we’re trying to help consumers be aware of what they’re really paying for. That’s why we try to answer those questions that home buyers ask most often about getting a home loan,” states Piette.

“We even created a website – www.KnowBeforeYouOweNevada.com – that includes short, easy-to-understand educational videos to explain how to compare loans, how to know the differences between lenders, and how borrowers can arm themselves with the right questions to ask any lender to make sure they get the best deal.”

Getting down to basics, then: What, exactly, does a mortgage loan cost? That’s often the first question borrowers ask. Consumers know that companies have to make money to stay in business, so it’s a bit puzzling when they hear lenders offering their customers “No Fee Loans.” In truth, though, it’s not really that complicated to understand.

Rick Piette explains “There really is a huge difference in “No Fee” loans from one company to the next – but most lenders aren’t too anxious to explain why. We’re not like that at Premier. As a small, locally-owned and based mortgage broker, it’s important to us that we help our neighbors here in Las Vegas get the most value for their dollar. We’re not here just to make ‘a quick buck’ from a one-time mortgage loan; we’re working hard to build long-term relationships with valued members of our community.”

So when home buyers see an ad blaring the words “No Fee Mortgage Loan!” at you – they should be aware that this is how it works:

1. First of all – determine what type of lender you’re dealing with – a Bank, Mortgage Banker, or Mortgage Broker?

2. If it’s a Mortgage Broker (like Premier Mortgage Lending) – they are required by law to operate under two strict guidelines:

a. First, a Mortgage Broker can only earn income from one source;
b. Second, they must disclose all their earnings to the borrower.

As a rule of thumb, a Mortgage Broker will get paid their fee by the lending institution. And since no other fees can be charged to the borrower – consumers actually can get (and Premier has them!) a true “No Fee” loan. That means no origination fees, no processing fees, no junk fees – just simply No Fees at all. Considering that these fees can run from 2-4% of the amount you borrow, that can save you $6-8,000 or even more.

3. But if you’re working with a Bank or Mortgage Banker, you should be aware that:

a. Both can earn their income on your mortgage loan from multiple sources (i.e., not just the lending institution, but also from loan-servicing third-parties and the consumer, as well).
b. Neither are required to disclose to the borrower how much income they make on their loan.

How does this translate to the consumer? It means a Bank or Mortgage Banker may advertise a “No Fee” loan – but they’re often just playing a ‘shell game’ with your money by raising your interest rate, instead.

“As you can see, it’s easy for Banks and Mortgage Bankers to perform a little ‘sleight of hand’ with the numbers,” adds Piette. “That’s why it’s important for consumers to pay close attention to both the Fees and the Interest Rate when they’re searching for a loan.

“All the information is right there on the Loan Estimate sheet – so it really is easy to compare, if you know what you’re looking for. That’s why we encourage everyone to shop around with more than one lender so they can compare costs. And that’s why we created our website and videos, to help to make the whole process a lot easier to understand.”

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.

The Source of Real “No-Fee” Loans? It’s Your Mortgage Broker.

image003

Shopping around for a new home loan? First of all – congratulations! We’re happy to know our advice to consider a home purchase is catching on.

Second, we’re aware that this could possibly be the very moment when you’re the most confused about all the advertising you’re noticing now from mortgage lenders. It seems everywhere you look, the words “no-cost mortgage” or “no-fee mortgage” catch your attention, and that has a really appealing ring to it. So initially, you might ask yourself, “That’s what all lenders are saying – so they must all offer the same loans, right?”

“But that’s wrong,” reveals Rick Piette, owner of locally-owned Premier Mortgage Lending in Las Vegas.

“Like most things that can sound too good to be true, this would be one of them,” Piette continues. “The truth is that many mortgage lenders make it a point to confuse this very issue – precisely to make people assume it doesn’t matter what type of lender they choose. But the reality is there’s a very big difference, and it all has to do with the regulations that govern each type of lending institution: There’s one set of rules that applies to Banks and Mortgage Bankers . . . and another set that applies to Mortgage Brokers. And the key difference is this: Full disclosure to the customer.”

Here’s how it works:

Banks and Mortgage Bankers may say they offer “no-cost mortgage” loans. And that’s just what you’re looking for, right? A way to save that extra 3%-5% of costs (which can be several thousand dollars) for Loan Origination, Processing, Underwriting, and Document Preparation Fees.

“However,” reveals Piette, “while they may be charging you nothing for those fees on your Loan Estimate, they aren’t required to disclose to you that they very probably are trading out those fees to charge you a higher interest rate, instead. What’s worse, by paying a higher interest rate over the life of your loan, it can end up costing you a lot more money than those fees would have been to begin with.

“In other words, Banks and Mortgage Bankers are allowed to present you with the illusion of paying no fees, but make no mistake – they’re not reducing the profit they’re making on your mortgage loan. They’re simply shuffling the numbers so it sounds good to you – but in the long run it can actually end up costing a borrower more money, rather than less.”

Mortgage Brokers, though, have to operate under a different set of rules:

• First, the amount of money they can make on a mortgage loan is capped by law.

• Second, they can only earn income on a mortgage loan from one source.

• Third, they are required to disclose the source and total amount they earn on the loan to the borrower.

“These might seem like three simple statements,” adds Rick Piette, “but together they make a huge difference when it comes to what the customer will actually end up paying for the mortgage loan they choose.

“How? Because when a Mortgage Broker’s Loan Estimate shows $0 in loan fees – there really are NO FEES. Borrowers actually save that money – because the Broker isn’t making up for that “great deal” by charging you more somewhere else in your loan documents. They can’t. It’s the law. Which is finally (in our opinion) – working on the side of the consumer.

“That’s why we encourage every person who is looking for a home loan to always go to at least two different lenders – and compare those Loan Estimates. (And one of them should be a Mortgage Broker.) All you need to do is compare the cost of the fees and the interest rate – and your choice is usually very simple to make,” Piette confirms. “It’s the one that costs you a lot less money!”

For more information about how to shop wisely for your next mortgage loan – and potentially to save literally thousands of dollars – visit Premier’s “Know Before You Owe Nevada” website to view the quick and informative educational videos that will put you in charge of the cost of 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.