Tag Archives: No Fee Loan Program

Homeownership: You May Be More Qualified Than You Think to Enjoy the Benefits

homeownership

Homeownership is one of the most important rites of passage many of us dream of. Homeownership means putting down roots and having a space that is truly yours. It’s truly a significant moment in your life when you finally reach the point of picking up that set of house keys and moving in. That’s why we seek it out, and why we celebrate the accomplishment with our family and friends.

But according to Rick Piette, owner of Las Vegas-based Premier Mortgage Lending, homeownership may be a dream many have given up on.

“In recent years, many families have chosen (or perhaps been forced) into a change of circumstance by renting – rather than owning – a place to live. As a result, those families are missing out on much more than just the financial benefits of homeownership. They’re also missing many of the intangible aspects of owning a home that can literally be a game-changer for their family.

“Of course, the financial benefits of buying a home are many, and include such things as building equity, increasing your net worth, property value appreciation, tax benefits – and in some cities (like Las Vegas) it may even be cheaper than renting.

“But the lifestyle and emotional advantages that come along with owning a home are perhaps even more life-altering,” explains Piette.

For example, homeowners get to enjoy these benefits, too:

It’s All Yours. That might sound simple, but there is real value in all the confidence that comes from being able to hammer a nail into your own wall. (Renters – are we right?) In fact, you can paint, make changes and improvements, have pets, plant a tree, and do a million other things to a home of your own that would never be possible in a rental property.

Your Home and Family Gain Stability. Buying a home is a big step in settling down and putting down roots. Researchers find that not only do homeowners gain a sense of stability when they settle into their first home, but they also contribute to the stability of the neighborhood. Homeowners move less often than renters, and that allows both children and adults to forge stronger bonds of friendship with neighbors – that can often last a lifetime. Students don’t have to change schools as often, and the uncertainty of being at a landlord’s whim about whether or not a lease will be renewed – just vanishes.

Stronger Community Ties are Developed. If you’re constantly moving from rental to rental, you don’t get to know your neighbors very well. But since most homeowners stay in their homes for longer periods of time, they’re more likely to form relationships and become more invested in their community as a whole. As a homeowner, you have a greater stake in your community – as well as the incentive to get to know what’s important to those in your area on a more intimate level.

You Can Create Your Dream Home. As a renter, you’re basically living in somebody else’s home and are subject to their rules. Want to change the color of the living room? Better ask permission (and be prepared to return it to the original color when you move). Want to knock down a wall to make more space for your entertainment center? Nope. But in your own home, you can pick the furniture you want, change the drapes, redecorate and even redesign your entire living space exactly as you’ve always wanted. Buying your own home is the only way to make that dream come true.

“Those are only four non-financial reasons it’s important to pursue homeownership, and certainly there are many, many more,” continues Piette. “But if you have the belief or the mindset that owning a home is not an option for you, we’d like to ask you one simple question: “How do you know?”

“We ask that because statistics show that more than half of the people who aren’t sure if they’re qualified to obtain a mortgage loan never even ask the question.  While we agree that’s a truly mind-boggling fact, it’s not hard to understand why – after the effects of The Great Recession took their toll – so many people make the assumption that their history, credit score, finances, or job situation would make them ineligible for home loan approval.

“At Premier Mortgage Lending – we know better. Because we’re a mortgage broker, we are able to work with a large network of lenders that offer loan programs to fit the needs of many different types of homebuyers,” he reveals. “Unlike a large bank or mortgage banker (who only sell their own loan products) – a broker has relationships with dozens of different lenders whose qualifying requirements can differ widely. So we’re able to cast a wider net on behalf of our clients to find a loan that will work best for them.”

Just a few of the loan options that Piette refers to include a true “No Fee Loan” program – that literally costs the buyer $0 in Loan Origination, Underwriting, Document, and Processing Fees; a “1% Down” program that helps buyers without a large down payment available, and private money financing through their Another Chance Nevada program – available to homebuyers as early as one day after a foreclosure or short sale.

“When you work with experienced Loan Officers like we have at Premier, you have an advocate on your side who can think outside the (check)box(es) to help you find your path from renting to owning a home,” adds Piette. “We’ve been helping Las Vegas residents achieve their “American Dream” for years. Isn’t it worth a phone call to find out if you and your family can enjoy all the benefits that come from living in a home of your own?”

To find out if you’re able to qualify for one of Premier Mortgage Lending’s many programs, call 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.

How New Mortgage Rules Directly Affect You

PML-6

Questions You Should Be Asking Your Lender

“Boom!”

You may recall that was the sound of the Las Vegas economy for decades – and it was especially true for real estate. When Rick Piette, founder of Premier Mortgage Lending, first arrived in Southern Nevada some 30+ years ago, he was among those who rode the wave along with everyone in the valley. Of course, it couldn’t last forever (we now know) – and it all changed in 2007 when the entire U.S. housing market came to a screeching halt.

We’re now eight years past when the crisis began, and the Las Vegas community has survived – and changed. A great deal of that change came from new laws and regulations created to keep the same domino effect from ever happening again. And Rick Piette is among those who believe that is a very, very good thing.

“Making certain that the vast majority of those who live on “Main Street U.S.A.” get a fair shake with their new mortgage loan was, to me, the most important part of the Dodd-Frank Consumer Protection Act,” states Piette. “A large portion of that Act dealt specifically with mortgage loans, but much of the public isn’t aware of how these new regulations directly affect them. That’s one of the things that we want to help homebuyers understand – because knowing what to look for and what to ask – can literally save them thousands of dollars.”

What Rick Piette is referring to are the new mortgage rules that came into effect in 2014. One of these rules puts a ‘cap’ on how much a Mortgage Broker can make on a loan, and allows that fee to be paid by the lender to whom the loan is brokered – not the consumer.

“That might sound a bit confusing for some buyers,” concedes Piette. “But here’s the thing: It doesn’t matter if you’re looking for your first mortgage loan, or you’ve had many in the past. These rules have now put the control over the cost of a loan right into the buyer’s hands. As far as I’m concerned, that’s exactly where it belongs.”

As a Mortgage Broker, Premier Mortgage Lending not only adheres to the new regulations, they embrace them. While banking institutions and mortgage bankers are not restricted in the same way when it comes to loan origination, document processing, or other ‘junk’ fees – Piette has chosen to follow the path that delivers that fair shake to homebuyers.

According to Piette, “There’s no ‘smoke and mirrors’ here; no false claims designed to lure customers with promises that can’t be kept. Our company operates on a very simple principle: Our traditional mortgage loan products pass on literally zero costs to the buyer. Our fees are capped by law and paid directly by the lender – and that is how buyers save thousands of dollars on our mortgage loans.”

“Our Fee Worksheet states it clearly,” he continues. “There is literally no charge for Loan Origination, Processing, Underwriting, or Document Fees – that’s $0. But for the exact same loan from another lender – with the same loan amount, interest rate, loan type and duration – buyers will typically find fees totaling from $3,000 – $7,000 or more. Many of our customers are simply stunned at the difference.”

In truth, Rick Piette encourages his clients to shop around for the best loan. And if they find one, “I’ll tell them to take it,” he confirms. “Why would you buy a banana for $5, when you can get the same one for 50-cents? It’s the same logic.”

That’s a philosophy that everyone at Premier Mortgage Lending adheres to: The customer deserves the best loan available, and the one that will keep as much of their own money as possible in their own pocket. Even if that means they go elsewhere. “Because the most important thing to us is that buyers know their options, what rights they have, and the right questions to ask every lender,” he continues.

Some might question why Premier Mortgage Landing would choose this course – when so many other lenders could have, but didn’t. “Premier Mortgage has always worked hard to provide great service and products to our customers. Being able to provide a tangible, easy route to potentially save large sums of money is simply a perfect fit for our company. It really matters to us that we can help homebuyers achieve their dream more affordably. We believe that a large part of Las Vegas’ economic recovery lies in getting people back into homeownership, and our No-Fee loan program can help make that happen.”

It does raise the question: How much IS that banana worth?