Tag Archives: Real Estate

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

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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.

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.

YES – THE NEW CFPB REGULATIONS LAWS REALLY ARE HELPING CONSUMERS

Logo0_@2Going back to that “which side of the political aisle you’re on” issue that we’ve talk about before, if you’re not actually working IN the financial services industry, there’s a good chance that you just skim the headlines that talk about the effects on consumers since the CFPB (Consumer Financial Protection Bureau) was created.

So just in case that might describe your experience with how the new laws are affecting the public, we thought it might be a good time to point out some of the real benefits that have come out of the Dodd-Frank Act. Things that are helping real mortgage borrowers – people who are just like you.

Information Resources

Prior to the creation of the CFPB, the road to getting a mortgage loan was a difficult one to navigate. Basically, each mortgage company pretty much made their own rules (within certain legal guidelines) – but there wasn’t much of a way that borrowers could easily compare “apples-to-apples” per se as far as they information they were given.

Now, the CFPB not only offers excellent resources on their website that explain where to start when it’s time to search for a loan, but easy-to-understand explanations on the differences between types of loans, and even between types of lenders. For first-time buyers and others who aren’t that familiar with the mortgage loan process, the CFPB’s “Know Before You Owe” website has helped take the mystery out of the mix, and also helped people learn how to avoid shady lending practices and overcharging. Score one for the consumer!

Consistency in Disclosures, Policies and Procedures

If the only plus out of the CFPB’s creation were the two forms now used – the Loan Estimate and the Closing Disclosure – it would be a solid win for consumers all by itself. These two forms are now far easier to understand, easier to use, and required to be used by every lender so comparisons are easily made.

But there are also other benefits that came about – including the rule that borrowers get three business days to review their Closing Disclosure and ask questions before they close on their mortgage loan. (In other words, the days of “closing surprises” are gone – when the pressure was on to close or lose a deal and emotions were running high.)

“Know Before You Owe” Program Provides Borrowers with the “Big Picture” of Buying a Home

Mortgage loan officers who are more concerned with getting customers to closing and picking up their paycheck – rather than ensuring their borrowers are actually getting the right loan for their needs – have a new foe: The CFPB’s “Know Before You Owe” site, mentioned above.

But, of course, consumers need to know this information exists to allow it to help them in making the big decision of buying a home. (That’s one reason Premier Mortgage also created their KnowBeforeYouOweNevada.com website – because we agree that customers should be fully informed about the decisions they’re making.)

At the CFPB’s site, several resources are provided to help people consider all the costs and expenses involved with making a decision to buy a home. With budgets and worksheets, checklists and conversation starters, it is designed to provide borrowers an “eyes wide open” approach to home buying.

Those three things are just the tip of the iceberg about how everyday consumers are gaining benefits from the rules and requirements put in place on the financial industry following The Great Recession. If you pay closer attention to what comes underneath those ‘complaining headlines’ about the CFPB in the future, you may notice one striking similarity: Most of the grumbling is coming from the financial institutions affected by these changes . . . not from the consuming public. A little something to worth remembering!

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.

Las Vegas Bounces Back Big – Again

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There are headlines – and then there are straight-up statistics. Most of us know that the source of the news articles we read anymore is generally serving self-serving on any given position. (And if ever there is a time when this is blatantly obvious, it’s during Presidential Election season!)

But real data – facts driven by numbers and tangible, physical changes – is a much more reliable indicator of the truth. And here in Las Vegas, we can share numbers that represent a lot of great news about our town already taking place, and coming up in the very near future.

When a city is hit as hard as Las Vegas was during the economic crisis a few years back, there are only two options: Let it beat you, or use it to rise up from the proverbial ashes. Anyone who has spent any time around Las Vegans should never have doubted that we’d choose the latter. And in these past few years, we have slowly but surely continued to make gains month after month, year after year.

This is important – because as the status of our economy stabilizes and grows, so too does employment, housing, and our job market. In Las Vegas, since hitting the high watermark of unemployment in mid-2011 of 14.5%, to our current 6.1%, remarkable results are being seen.

Perhaps the most well known at the moment is the newly opened Las Vegas Arena. This $375 Million project is bringing not only major artistic talent to the city – but will quite possibly be the home to the first NHL expansion team ever to come to Las Vegas. (An announcement due to be made on June 22, 2016.) And that is BIG news.

But that’s only one of the mind-boggling new entertainment, resort, residential, and public works projects currently under way in Las Vegas or scheduled to begin soon. Overall, an estimated more than $5 billion of development and investment activity has either already begun or is on the boards to launch. After all – Las Vegas now has an IKEA of its own. Do we really need more proof than that? <wink!>

Seriously though, this return of economic growth to our valley has also prompted a rise in our previously recession-led diminishing population. And it’s at a good, consistent pace – 2% growth now, down from the more than 4% growth prior to the crash. In fact, Las Vegas is now the 28th most populous U.S. city, just ahead of Baltimore; and Henderson jumped from 71st place to 67th place in 2015.

People are rebuilding their lives in Las Vegas, where the entrepreneurial spirit is alive and well. And that means new places to live, jobs in construction, hospitality, and new industry – and as they say, a rising tide lifts all boats.

We’re a cautious people now, learning from past mistakes and working hard to keep from repeating them. That includes the state of our real estate and lending markets. The rose-colored glasses have been cast aside, new Consumer Financial Protection Bureau oversight is working on the side of consumers to ensure fairness and transparency – and Las Vegas is well on its way to rising to new heights of economically smart growth.

Premier Mortgage Lending is on the same path, helping those in search of affordable mortgages with no curtains, no sleight-of-hand – just fair, honest dealings that save consumers money. Find out more about our true “No Fee Mortgage” at www.premiermortgagelending.com.

Visit our website at www.PremierMortgageLending.com for more information about our true “No Fee Mortgage” loans. And to learn which are the most important questions to ask your mortgage lender, visit our www.KnowBeforeYouOweNevada.com website – where you’ll find quick informational videos that take the mystery out of getting the best mortgage loan for your needs.

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.

Keeping “The American Dream” Alive and Well – With Another Chance Nevada Mortgage Financing

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Owning your own home.

That’s a powerful statement, all by itself. For some people, it’s a scary thought – for others, it’s a lifelong dream. It can conjure up many different thoughts and emotions – from gaining a sense of pride to representing grown-up responsibility . . . and pretty much everything that flows between and around those ideas.

Since The Great Recession – when untold numbers of Americans saw the value of their homes drop by huge percentages, many even losing them to foreclosures or short sales, there have been those who wonder if that particular “American Dream” is over – that perhaps its time has come and gone.

But the truth is – the dream of homeownership is still very much alive and well. And that’s because owning a home isn’t simply a ‘transaction’ – it’s a mindset and a way of life. Just ask those who lost their homes in recent years due to the housing crisis – because after having owned a home, the desire to own again is even stronger. There are no ifs, ands, or buts about it: Having a home of your own provides a sense of security, belonging, and family stability that can rarely be found any other way.

At Premier Mortgage Lending, we recognize that owning a home can be the very foundation that families build their entire way of life upon. That’s why when we saw the effect the housing crash was having on the lives of thousands of our Las Vegas neighbors, we took action. We created Another Chance Nevada, so that we could offer a mortgage alternative to those whose credit had been damaged by the recession – either through losing their home or by seeing their finances and credit rating take a hit due to the developing economic crisis.

Through Another Chance Nevada, we created a source of Private Money Financing options for those who aren’t able to qualify now for traditional financing. These loan programs do require a minimum of 20% down payment, and rates and fees will be higher than for a traditional home loan. However, it’s an excellent opportunity for buyers to obtain long-term financing at competitive rates. These loans are free of any predatory loan features — and best of all, there are no pre-payment penalties.

Why is that the best part? Because it means that as you continue to work on raising your credit score and financial stability – as soon as you’re able to qualify, you can refinance to get a traditional loan at an even lower interest rate.

In fact, we even have the perfect mortgage loan for after you recover financially, too – because Premier Mortgage Lending is the home of the true No Fee Mortgage Loan. That means Zero: Loan Origination, Underwriting, or Document Fees. And you’ll still find the most competitive interest rates – so there’s a good chance you’ll end up saving thousands of dollars on your mortgage loan. (And yes – we encourage you to shop around and compare rates when that time comes. You don’t have to just take our word for it . . . you can find out for yourself!)

To learn more about how you can own a home again – in as little as one day following a short sale or foreclosure – visit us at AnotherChanceNevada.com. And to watch our short series of Home Loans #101 educational videos, visit www.KnowBeforeYouOweNevada.com. We created them to take the ‘mystery’ out of obtaining a mortgage loan. They’ll explain exactly what you need to know to save big money on your next loan – and tell you exactly which questions to ask your next mortgage lender.

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

The Real Reasons To “Shop Local” For Your Mortgage Loan

0206Shopping Local. Unless you’ve been hiding under a rock for a while now, you’ve heard the term. What began as a way to support local farmers while at the same time bringing healthier, chemical-free foods to our tables has turned into a national movement. The multiple benefits discovered by applying that “Shop Local” concept to the surrounding businesses in a community are widespread – and growing all the time.

1. Money That Stays Local Helps Your Community

Studies have proven that when people choose to spend their money with local merchants, for every $100 spent at a local business – $68 remained in that city (as opposed to only $43 if you buy at a chain retailer). The impact of that single fact is huge. Why? Because it helps your local business operate and pay employees, and that business in turn spends their dollars with other local merchants. That begins a cycle that recirculates more money locally, creates jobs, and supports the community as a whole.

Of course, when residents and communities prosper economically, that helps the housing market, too. More people employed = more homebuyers, and the overall effect stimulates virtually every segment of the local economy.

2. You Know The People You Do Business With – (and not just virtually)

We are an internet age. And if it seems that the click of a mouse and a few taps on a keyboard make doing business more ‘efficient,’ it also means that in reality, you have no idea who, exactly, you’re doing business with on the other side of that wireless connection. Unfortunately, it’s not just “The Good Guys” conducting that business (as we’ve all learned from the enormous amount of personal information that gets hacked around the world daily).

The contrast – to those nameless, faceless, “I-have-no-idea-where-these-people-even-are-in-the-world“ entities online – are your local merchants. (The key word being: Local.) You remember them: They’re the ones who live and work right in your town; they have an actual, physical office location; and it’s where you’ll find an experienced team of professionals that enjoy getting to know you personally while helping you find the products or services you need. Specifically when it comes to your finances – you need to know you’re working with people you can trust. What a concept!

3. Service Matters To Local Merchants

Ever had a problem with your cell phone bill and needed to contact your mobile phone company? Or how about the national TV satellite service you subscribe to? Don’t you just love those (800) numbers and the 7-8 times you get transferred around to different departments – only to get off the phone 30 minutes later having the same problem you called about in the first place?

It’s one of the reasons consumers recognize the following fact more and more every day:

When you do business with people you meet and get to know, you get better, faster, more personalized customer service that those huge international corporations can only dream of achieving.

It’s built into a local business owner’s DNA – because they know that if they don’t take care of their customers, they’re free to shop elsewhere – and that means the end of their livelihood. They can’t just choose to “close down the branch in this city because it’s not as profitable as our other offices.” This is their business, and this is their home. It’s likely your kids go to school with theirs, or that you belong to some of the same organizations. You live, eat, and shop in the same places they do. In short – you’re connected by virtue of the city you chose to live in – and that means you’re both in this together: Doing what it takes to keep your ‘home turf’ safe and prosperous.

4. Small Local Businesses Save You Money

It costs money to run a huge, multi-national organization. The fancy offices and the huge corporate staff. There’s a “department” for everything, and if it’s a public corporation – there are stockholders to answer to. Between the payroll, the multiple locations, the need for profits, and (let’s face it) – the bureaucratic inefficiencies that go along with huge companies and chain stores – there are a lot of reasons large business entities need to charge – you – more.

But take a look around you at your small, locally owned businesses — the ones where you get used to seeing the same faces every day – because, well, it’s their company. They have to run things more efficiently – which means the overhead is lower. In many cases, there’s a pretty direct line that goes like this: Customer Walks In Door and Works With Owner. Compare that to “The Big Guys” – where they have to cover all of these salaries for the one department that handles only what you’re shopping for: Employee, Supervisor, Manager, Department Head, Vice President, Regional Vice President. Ouch – Can you picture the size of that monthly payroll?

What’s more, small, locally owned business owners are real people – who know that you DO have choices about where to shop. So they’re likely to pass on all those operational savings and price their products to get – and KEEP – customers. The ones just like YOU.

Why Is This All Important For Your Mortgage Loan Needs?

We’re all bombarded with media images today – and the fact is, big banks and multi-national mortgage banks and lenders spend big bucks so they can pepper you repeatedly from every angle with their claims about “quick, easy, cheap mortgage loans.”

But many times, consumers choose that option only to discover at the signing table that what they’re getting isn’t what they bargained for. (For many reasons – the most important being that different types of lenders have different regulations to follow. For more about the differences between mortgage lenders, check out our previous article here.)

But what we’d like to help consumers and homebuyers realize is this:

All of the reasons we listed above for keeping your consumer business spending local to your community – also applies to getting a mortgage loan.

• Keeping money in your community

• Knowing who you’re doing business with

• Getting better and more personal service

• Saving money

This is one instance where your shopping decision can have a positive effect on both your community – and your financial bottom line. If that doesn’t sound like a recipe for finding the best mortgage loan – with competitive rates, lower fees, and premium service – then you haven’t worked with the pros at Premier Mortgage Lending yet. Because that’s exactly how it works with every customer, every time, right here in Las Vegas.

Premier Mortgage Lending is the home of the true “No Fee” mortgage loan. That means No: Loan Origination, Underwriting, or Document Fees. And you’ll still find the most competitive interest rates – so you may end up saving thousands of dollars on your mortgage loan.

Find out more at our www.KnowBeforeYouOweNevada.com website. Our series of short educational videos explain exactly what you need to know to save big money on your next mortgage loan – and know which questions you need to make sure you ask your next mortgage lender.

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

Wondering if Now is the Right Time to Buy a Home in Las Vegas? The Odds are With You.

image003When the final real estate market figures for 2015 were tallied in Las Vegas, a remarkable thing was discovered: Every zip code in the urban Las Vegas valley reported a price gain in median value over 2014.

That’s huge news – especially in a city hit so hard in the aftermath of the economic collapse. Many so-called “experts” said it wasn’t possible. Many said Las Vegas would never recover. (Seriously – “never” – direct from the Wall Street Journal.)

And yet, here we are – with Las Vegas ranked as the top state in the U.S. with a four-year value jump of nearly 75 percent. That’s not to say every homeowner in the city has fared so well, of course. Some who bought at the height of the boom prior to the housing crisis are still suffering negative equity. Unfortunate as that is, it was to be expected for a city hit as hard as we were.

“But the fact is that for those who bought real estate in Las Vegas since 2012, their homes have and continue to appreciate,” comments Rick Piette, owner of Premier Mortgage Lending. “And that is a trend that will only help those still working towards recovery – as a rise in the median value of homes is a rise for them, too.

In addition, there are several other good reasons for potential buyers to “get off the fence” and make their move into homeownership here in Las Vegas, such as:

1. Credit is becoming move available to consumers. Thanks to more and better lending models, along with renewed confidence in the U.S. housing market, more lenders are easing mortgage loan standards and issuing loan approvals.

2. Interest rates remain at near-record lows. Traditional 30-year mortgage loans remain at rates lower than 4%. That’s a figure that even our parents would have been thrilled to receive when they bought their first home. (In 1965, the average interest rate was 5.83%.)

3. Unemployment continues to drop. From a high of over 13% in 2008 to its current 6.2%, jobs are coming back to Nevada. In fact, Nevada ranked 11th in the nation for job growth from 2009 to 2015.

4. Housing in Las Vegas is poised for a strong season. Employment, income, and population are all on the rise, and analysts agree, ”Las Vegas real estate is in about the best shape it’s been in for a decade.”

According to Piette, “All of these reasons – when added to the emotional and psychological benefits of owning a home – mean that for those who have been waiting for “the perfect moment” to buy a home in Las Vegas – now is that time.

“But be smart about the entire process. Find the right Realtor® – then do your homework to make sure you find the best mortgage lender, too,” he adds. “Mortgage loans are no longer ‘one-size-fits-all’ like they used to be. There’s a huge difference between how loans are made between banks, mortgage banks, and mortgage brokers – and it’s a difference that can cost buyers who don’t know what to look for thousands of dollars out of their pocket.

“So shop around, compare interest rates, pay attention to the fees – and you’ll save money. That’s what we tell all of our clients at Premier Mortgage. And most of the time, they come back to tell us “You were right. Let’s do this.” It’s a good feeling.”

To find out more about what to ask prospective lenders, visit Premier’s www.KnowBeforeYouOwe.com website and view the quick educational videos that make it easy to understand how to shop for a loan. We’re pretty sure you’ll be glad you did,” confirms Piette.

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.

CONSUMERS HAVE BETTER MORTGAGE OPTIONS THANKS TO THE CFPB

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We hear a lot these days about the CFPB (Consumer Financial Protection Bureau). Some of it good, some of it bad – and opinions often depend which side of the political aisle you’re on. But a funny thing happens when you change your viewpoint from “Republican vs. Democrat” to one of “Consumer vs. Financial Institutions.” All of a sudden, the intent of the CFPB comes into focus: Its policies and regulations are designed to benefit the consumer, and to level the playing field between financial entities.

Recalling the not-to-distant economic crisis that the country found itself in a few years back, a new phrase entered the U.S. consciousness: “Too big to fail.” The premise, of course, being that the country could not afford to let certain corporations fail as it would be disastrous to the greater economic system.

What this concept allowed to occur, however, was for large banks and financial institutions to be held unaccountable for taking risks that would have put smaller entities out of business. Certainly, there is a veritable library of books written on this topic that offers every theory and opinion under the sun in support or detraction of this policy.

But for consumers, the bottom line is this: Particularly when it comes to mortgage loans, the Dodd-Frank Act allowed the CFPB to make the business of mortgage lending fair and more competitive among mortgage lenders.

One way that consumers have benefitted from these policies are from the recent actions taken by the Consumer Financial Protection Bureau. This legislation ensures that consumers have access to easily understood – and easily compared – information that they receive from mortgage lenders, as well as many other safeguards.

It’s still not a perfect system. For example, mortgage brokers are limited on how much they can earn from every loan they make – while banks and mortgage bankers are not. But the CFPB’s efforts to restrict banks from monopolizing the mortgage industry (which results in higher rates and fees for consumers) are gaining ground.

What does this mean for home buyers? That they now have the tools needed to make an “apples-to-apples” review of mortgage loan offers. By comparing the fees and interest rates on the Loan Estimate, consumers can now easily distinguish the most cost-effective mortgage product for their needs.

The fact is, once you close your loan, you have an interest rate and a payment – and that’s it. So the only real consideration you need to make while shopping for a loan is finding the best interest rate, with the lowest fees. (Spoiler alert: Premier Mortgage Lending happens to be the home of the true “No Fee Loan” in Las Vegas.)

In today’s more competitive mortgage lending environment, buyers are more likely to get the best loan from a small, local mortgage broker. After all – it costs money to maintain a big office, a huge staff, and a string of executives (those would be your big banks, of course). Conversely – a small, well-run mortgage broker operates on much smaller gross income – and those are savings that get passed along to the borrower. That’s you.

Premier Mortgage Lending is the home of the true “No Fee” mortgage loan. Find out more at our www.KnowBeforeYouOweNevada.com website. Our series of short educational videos explain exactly what you need to know to save big money on your next mortgage loan – and know which questions you need to make sure you ask your next mortgage lender.

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.

New Mortgage Loan Checklist

house-checklistPicture it: You found the house of your dreams. You shopped around for the perfect lender. Now it’s time to get all your ‘ducks in a row’ so you can move in and start enjoying it as soon as possible. Oh boy! You know what that means – Paperwork!

Actually, it’s not as bad as all that. Because you can start gathering most of the information you’ll need to provide to your mortgage lender even before you find the home you love. And to help you start planning ahead for the day you’re ready to submit your loan application, we’ve put together a checklist for you. (Because, hey – who doesn’t love checklists?)

Following is a list of the general information every lender will require for your application – although depending on your individual circumstances, your loan officer may require additional documentation. But knowing where to start is half the battle!

Identity and Income Verification

• Your full legal name, Social Security number, and birth date. (Assume you’ll be asked for a copy of your driver’s license or state-issued photo ID card, along with a copy of your Social Security card.)

• Your phone numbers, email address.

• Current residential mailing address, along with former addresses during the past two years.

Credit Verification

• Your lender will need to pull their own credit report. But it’s a good idea for you to get a copy of your credit report early. That way:

o You can check it for errors – and submit the necessary corrections ahead of time.

o Be aware of any credit issues that will require explanation (late payments, collections, or other derogatory items) – then create a written explanation for each item.

Employment Verification

• Provide the name, addresses, and phone numbers of all your employers over the past two years.

• Written explanation if employed less than two years or if an employment gap exists within the last two years.

• Documentation of compensation from employer, either monthly or bi-weekly. Online pay stubs must be signed by a company representative.

• Copies of your W-2s for the past two years.

• If you are self-employed, additional documentation will be required typically in the form of Profit & Loss Statements, tax return forms, etc. Your lender will advise you what you need to compile.

Assets / Debts

• Copies of statements from your personal and/or business checking, savings, brokerage, retirement, and money market accounts that are requested in order to verify assets, income, or the sources of large deposits, excluding paychecks. Typically, borrowers are asked to send statements from the previous two or three months. (Be sure to include all pages of the statement, including ones that are blank.)

• A list of your monthly debt obligations. (Include name, address, account number, and amount).

• Document the source of funds for any large deposits on asset or bank statements.

Tax / Legal Documents

• Federal tax returns (1040s) for the past two years.

• Your lender will have you complete a Request for Tax Transcript form. This is required on all applications and gives your lender permission to verify the income reported to the IRS. Usually requested for the previous one or two years.

• If there is a Bankruptcy in your history, provide a copy of your Bankruptcy discharge papers.

Property Purchase Documentation

• A copy of the signed Purchase Agreement or Sales Contract between the buyer and seller describing all the terms of your real estate purchase transaction.

• The name and contact information of the insurance company for your new home.

It may sound daunting – but the great news is, with a mortgage broker (like Premier Mortgage Lending) – you fill out the application and provide the necessary documentation just once – and then your Loan Officer will be able to shop around to find you the best rates and terms from multiple lenders. So shop away for that new home, and use the checklist above to get prepared in advance – and you’ll be ready to close escrow before you know it!

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.