Tag Archives: no fee mortgage loans

First-Time Home Buyers: It’s Easier Than You Think

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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.

How to Find the Right Loan Officer for Your Mortgage

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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.

Are All “No Fee” Mortgage Loans the Same?

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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.

IS IT REALLY POSSIBLE TO GET A “NO-FEE” MORTGAGE LOAN?

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It’s one of those things that you seem to hear about when you’re not really looking for one. While you’re driving, you’ll hear a radio spot about “no fee mortgage loans,” or you’ll see an ad while flipping through a magazine advertising the same. Maybe you’ll run across an article in the newspaper that touts the benefits of a “no fee mortgage.”

Then one day, you actually need to find a mortgage yourself – and you start to wonder, “How can that work? It can’t really be “no fees” because the company has to have a way to make money, right?”

That’s a great question – and there’s a simple and honest answer to it – at least there is if you’re dealing with Premier Mortgage in Las Vegas.

“I get that question a lot from potential clients,” reveals Rick Piette, owner of locally owned Premier Mortgage Lending. “It can be confusing, and it seems when people hear the words “No Fee” they often translate that in their mind to “free” – which of course would make it difficult for a mortgage lender to stay in business,” smiles Piette. “

Of course Premier Mortgage generates income from the mortgage loans we make, but there are two very important differences between how we do business as a “mortgage broker,” versus how banks and “mortgage bankers” are allowed to operate.

“First, Premier’s earnings – as a mortgage broker – are capped by law. We operate with complete transparency, and we are required to disclose our total earnings to the borrower in writing.

“Second, many borrowers don’t know that banks and mortgage bankers can add “invisible charges” to the cost of your loan – and they don’t even have to tell you you’re paying for it,” explains Piette. “To see if these invisible charges are being applied to your loan, all you need to do is compare the interest rates. For example, if one lender is showing a 4.0% interest rate and another 4.25% – that second lender will be earning an additional .25% on your loan amount over the life of your loan. And that can add up.”

“But there can also be charges for your loan that are shown right on the Loan Estimate form,” he continues.

By definition: In order for a mortgage loan to truly be called a “No Fee” loan, there should be zero costs associated with the Origination Fees that are shown on the Loan Estimate.

That means $0 for Loan Origination Fee, Processing Fee, Underwriting Fee, and Lender Doc Prep Fee.

At Premier, there are no charges for those items on our traditional loans. But with other lenders, those four things can add up to $3,500-$4,000 – or even more,” explains Piette. “That’s money that comes directly from the borrower – out of pocket – at closing. And it’s been our experience that homebuyers have much better things to do with that kind of money than pay it to their mortgage lender!”

For more information about how to shop wisely for your next mortgage loan – and to save literally thousands of dollars – visit Premier’s “Know Before You Owe Nevada” website to view the quick educational videos. According to Rick Piette, “If ten minutes of your time can save you at least $4,000 on your next loan – then we think you’ll agree that’s time well spent!”

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.