Tag Archives: No Fee Loans

‘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.

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

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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.

With Home Sales On The Rise – Are You Prepared?

home-sales

It’s news you’re hearing a lot these days. Home sales are starting to heat up across the country. From the Wall Street Journal to Bloomberg – and from many other sources who track the condition of the housing market in the U.S. Home sales, prices and demand has risen sharply in the past couple of months.

If you’ve been postponing your decision to buy a home until “the time is right,” these latest statistics indicate it could be exactly that moment. With the price of homes inching upwards – along with projected interest rate increases – waiting too long can mean a difference of tens of thousands of dollars. And that is money that we know you’d rather keep in your own pocket. Whether you’re a first-time homebuyer, moving up, down, or returning to homeownership again – the answer to the following questions will help you start to determine if you’re prepared to make the leap.

Have You Chatted Up You Credit Lately?

Seems like you can’t change the TV channel anymore without hearing about all the free credit scores that are out there just for the taking. The truth is, of course, “free” is a relative term. (Some of those free credit scores may not cost you cash out of pocket, but they often make up for that by requesting you give up your privacy. Information is money these days, after all.)

The better way to get a free score – if you’re seriously in the market to buy a home – is to apply for a pre-qualification with a mortgage lender. Then be sure to ask them to give you a copy of your entire credit report. There may be errors in there that affect your credit score, and if so, now’s the time to fix them. Such corrections can save you a lot of money in interest expense not only on a mortgage loan, but for many other purchases you make. (It’s been estimated that upwards of 25% of credit reports include errors – so it’s worth checking out.)

But regardless of where you get your credit score, you need to know what that magic number is. It will help you determine if you’re eligible for a mortgage loan – and if so, what type and at what interest rate. Keep in mind though, a pre-qualification letter from a lender is not a commitment to make your loan. It simply indicates based on the information you provide, and under those circumstances, you should be able to qualify for one. Just remember that if your credit score is on your side, you’ll still want to shop around for the best and most affordable loan option.

How Much Home Can You Afford?

Just won MegaBucks? Congrats! You can buy whatever home you choose, cash on the barrel. But if you’re like most people, you’re going to need a mortgage loan. The good news is that rates are still low, which makes qualifying for a loan more affordable and budget-friendly. And it can also mean the difference between buying a home you like, and living in the neighborhood you love. (For example, at 4% interest – a mortgage loan for $250,000 costs less than $250/month more than a loan for $200,000.)

The most important thing is to determine your mortgage limits before you start shopping for a home. That way, you’re less likely to overextend your finances because you fall in love with a home that’s not right for your finances. Getting a pre-qualification letter from a mortgage lender is a start – but rates, fees and costs can vary tremendously from one lender to another and can easily swing the final answer from “denied” to “approved.”

Also, due to changes to lending regulations, you may be better off working with a mortgage broker (who can shop around for the best deal with multiple lenders) – rather than going straight to your bank (who normally offers only their own loan products). (FYI-Premier Mortgage Lending is a mortgage broker, and even better, we specialize in No Fee Loans. )

What’s Your Five-Year Plan?

It might seem like a no-brainer to own a home if the mortgage payment would be substantially less than your rent amount. But when you buy a home, you should know that you’re going to live there for at least the next five years. Why? Because the own-vs.-rent cost comparison doesn’t take into account the other costs of homeownership, such as maintenance, repairs, and mortgage-related fees. (Spoiler Alert: Premier Mortgage’s No-Fee Loans actually tip those scales in your favor.) But if your employment is secure and you’re looking to put down roots, then add this to your “+” column as a good reason to own.

Of course, the answers to these three questions are just the start. If all indicators point towards “Let’s find our new home, honey!” – there will be many more to follow. Just remember you don’t have to do it alone. Your Realtor and mortgage lender are there to help you navigate your way from “We love it!” to “We own it!” Happy home shopping!

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

Trends Converge Illustrating Home Ownership Is On The Rise

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It’s not uncommon to find conflicting stories about current trends in the U.S. that pertain to the status quo of home ownership. Since the housing market collapse in 2008, it’s as if everyone suddenly acquired their own ‘crystal ball’ – claiming to know when, or how or where to make your next move into real estate.

But now, enough time has passed to allow us to view things in perspective. Actual data replaces “best guesses” and reveals real economic, geographic, and demographic statistics as they affect (and reflect) the state of the U.S. housing market. Plus, studies conducted by industry leaders have been implemented and tracked over time to help us determine how best to serve the homebuyers of the future.

Right now, there are several trends that indicate our industry is on the verge of a new upswing, for several different reasons.

Home Sales in 2015 Expected To Be At Highest Point Since 2006 This growth projection by the National Association of Realtors is driven by the combination of strong job growth, low interest rates and a gradual loosening of lending standards. Early results this year indicate that buyers who have been kept out of the market by those restrictions are beginning to return, and it is anticipated that 2015 will be the first time since 2008 that single-family home starts will exceed apartment starts.

Did you know? In most markets, the cost of renting is roughly twice the cost of owning a home. In reality – people have to live somewhere – whether they own their residence or not. And many are now realizing that it just makes more financial sense to buy than to keep renting.

The Future Plans For Most Millennials Include Home Ownership. Millennials, or “Generation Y” – whatever the popular term you use to describe them (maybe it’s even “son” or “daughter” in your case), they’re big numbers in our society. Approximately 80 million in the U.S. alone meet this demographic description, generally acknowledged to be those between 19-36 years of age today. And according to a recent study by the Urban Land Institute, this group is poised to begin moving into the home buyer’s market in droves – an estimated 70% are planning to do so within the next 5 years. And that’s a whole bunch of first-time homebuyers entering the marketplace.

Department of Commerce data shows that in 2014, more millennials moved from the city to the suburbs, a significant change for a trend that has historically operated in reverse. And this is a generation that faced a host of new challenges: mounting student debt, stricter mortgage qualification standards, and until the past year, weak job and wage growth. It’s becoming clear that these hurdles may delay the step, but ultimately, they want to own homes of their own for reasons that will sound very familiar: marriage, starting families of their own, or even simply this: “I want a yard.”

Financial Regulations Continue To Evolve In Favor of Consumers. As we have reported before, the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act has brought sweeping changes to the home mortgage industry – and additional regulations continue to go into effect as the calendar progresses. In addition to laws that now limit the fees able to be collected from buyers by mortgage brokers (although the same does not apply to banks or mortgage bankers) – this fall is scheduled to see new rules go into in effect with regard to documentation, Good Faith Estimates, and advance disclosures prior to close of escrow regarding your mortgage loan’s terms (translation: No more surprises for consumers.)

Buyers Have More – and More Affordable Options – For Home Mortgages. Gone are the days when banks and mortgage bankers held all the cards for buyers when it came to obtaining a home loan. In the lending industry – as in every other area of consumer spending today – buyers are more in control of their mortgage destiny than ever before. Shopping for the best interest rates and the lowest costs for a new loan can yield tremendous savings for home buyers that still comes as a shock to many (the ones that are used to ‘the old ways’). One example: Premier Mortgage’s clients literally save thousands of dollars in cash-out-of-pocket at close of escrow using our popular “No Fee Loans.” “The ability for consumers to close a home loan and pay absolutely no lender fees is a huge plus for homebuyers,” says Rick Piette, owner of Premier Mortgage Lending.

These are just a few of the recent reports hitting the newsstands these days, and taken collectively, it all points to the fact that for consumers, the “home buying playing field” is finally leveling off. That just might make now the best time in a long time to plan on moving into a home of your own.

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