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

first-time home buyers

Did you know that 87% of non-homeowners say they’d like to buy a home in the future? And that same 87% believe that the minimum down payment required to buy a home is a 10% of the purchase price? That’s a startling statistic. It’s also one that is causing many first-time home buyers to stop their efforts to become homeowners often before they even begin.

“In fact, for the past three years, the median down payment for first-time home buyers has been 6%,” explains Rick Piette, owner of Las Vegas-based Premier Mortgage Lending, “and if that’s the median, it means many put down even less than that.

“So, if someone is looking at buying a home or condo for $200,000, that’s a difference between coming up with $12,000 (6%) – or $20,000 (10%). And for a first-time home buyer, that gap obviously presents a mental roadblock about their ability to buy a home. Which is really unfortunate, because rather than seeking out solutions about how they can become homeowners – they’re settling for paying high rents far longer than they should.

“For those who have never owned a home of their own – even if the down payment wasn’t an obstacle – there’s no doubt it can seem mind-boggling to sort your way through all the steps involved. But what many don’t realize is that by choosing the right professionals to navigate that path, the entire process can be made much easier.

“First, finding a knowledgeable Realtor® ensures that you have someone on your side to help you find the right home, in the right place, at the right price. Your Realtor® handles all the documentation and negotiations, and since they work for you – they make sure that all your rights are protected and that no surprises are going to pop up to cause you problems down the road,” continues Piette.

“Getting a mortgage loan requires the same professional expertise. But it also means making an effort to shop around for the best rates. Of course, this might be exactly where the first-time buyer gets stuck – because how do you “shop around” for the best loan, when you don’t know what you’re shopping for?

“That’s why it’s good to know that Premier Mortgage is one lender who wants to help people learn to find the best deal themselves. We don’t want you to just take our word for it that we have the best rates, the best loans, and the best service,” explains Piette. “Because nothing makes us happier than being able to show a borrower exactly where and how we can save them money compared to other lenders.”

To help borrowers and take the ‘mystery’ out of getting a home loan, Premier Mortgage created their www.KnowBeforeYouOweNevada.com website. Here, borrowers can discover what the differences are between loans and lenders, what figures to compare, how to ask for a quote, and what questions to ask your mortgage lender.

“All that information is right on our site – explained in a series of short videos that only take 15 minutes to watch – but will help consumers save literally thousands of dollars when they get a loan,” reveals Piette. “That’s not an exaggeration, either. Our “No Fee” mortgage loans actually save our customers from $8-10,000 or more – just on the cost of getting a loan. Those are real numbers that first-time buyers should pay attention to – because not having to come up with that extra cash-out-of-pocket at escrow closing – can also be the difference between getting a loan approved, or having it denied.”

To find out more about how Premier Mortgage may just be the best thing to happen to first-time homebuyers in years – visit http://www.PremierMortgageLending.com– and be sure to make a special stop at www.1percentloan.com to see if you may qualify for our true 1% Down Loan Program. (Seriously, it’s worth checking out!) Or you can always contact Premier Mortgage Lending directly at 702.485.6600.

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

How to Find the Right Loan Officer for Your Mortgage


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.

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.

3 Things That Can Stop You From Getting A Mortgage Loan – And How To Change Them


The American Dream of owning a home is alive and well. And while it’s true that some of the rules for getting a mortgage loan have recently changed, every month thousands of families enjoy the excitement and extraordinary pride of becoming a homeowner – whether again or for the first time.

And you just might be one of them – if you play your cards right. (Your “credit cards,” that is.) Because homebuyers who plan ahead can take steps to improve the odds that their application receives the coveted “Your Loan Is Approved!” stamp. (Instead of that nasty alternative.)

Of course, lenders will still be looking at your finances to reach that final determination. But by making changes today in your spending behavior, you can make a huge impact on your future home-buying opportunities. It might not happen as quickly as tomorrow, but continually making small improvements and heading in the right direction with your credit and debt will make a difference to your lender.

According to Rick Piette, owner of Premier Mortgage Lending in Las Vegas, Nevada, “There are three key areas that those planning to buy a home in the near future should concentrate on immediately. These are: your credit history, how you handle your debt, and making the effort to educate yourself about mortgage loans.”

Having a Poor Credit Score and Credit History

Getting your credit in order is vital – because poor credit can mean you’ll pay more for that mortgage you get. Or worse yet – your application could be denied because your credit score is too low.

There’s no doubt about it, in this day and age, good credit makes the rules. In fact, it’s been calculated that over a lifetime, a person with poor credit could end up paying nearly $200,000 more for the same purchases over someone with good credit – simply due to the differences in costs and interest charges.

But even if life has thrown you some curve balls (such as, oh, maybe a Great Recession) – if you take calculated steps to get back on track with your money, it will begin to show up on your credit report and score with steady improvement. These include:

• If you have any collections or judgments against you, paying them off as quickly as possible.

• Bringing your over-the-limit and past-due accounts up-to-date.

• Paying all your bills on time.

• Reducing your credit card debt to 25% or less of your credit line on each card.

• Not opening new lines of credit.

• Not closing any credit card accounts, because then you’ll be using a higher percentage of your overall credit limit.

If your credit has hit some bumps, it’s always wise to speak with a mortgage lender about your situation before shopping for a home. A reputable firm will be happy to recommend specific actions you can take with regard to your personal credit status – such as which cards to pay off if you can, and in what order to tackle your debt reduction. They can also help you understand the different type of loan programs available to you and what credit scores you will need to achieve for them.

In short – if buying a home is on your list of Things-To-Do now or in the future, get your credit checked, speak with a lender, and then take the right action to start improving it now.

Carrying Too Much Monthly Debt

Your Income + Too Much Debt = No Home For You.

Debt-to-Income Ratio – that’s an important thing to know about when you’re planning to buy a home. (That’s your monthly income divided by your monthly debt payments.) And if those percentages aren’t right, your loan can be denied.

How to fix it?

“Obviously, you want to reduce your debt,” confirms Rick Piette. “Unless you’ve hit the lottery, this probably isn’t going to happen overnight. But by formulating a plan of how to attack your debt- in ways that will make the most difference to your ratios – you can begin to turn these figures around.”

“However, as Michael F. Kay explains in his recent Forbes column, Digging Yourself Out of Debt – without changing how you think of debt, the odds are you’re not going to change your spending habits. (The old maxim really does apply here: If nothing changes, nothing changes.)

In many cases, that mindset can be altered simply by changing what you focus on before making a purchase. Instead of concentrating on momentary gratification (as in, “The Super Bowl is going to look great on this 55-inch television!”) – think about how you’re going to feel when the bill arrives. In truth, it really can be as simple as that. When it comes to money, many people need to shift their perceptions about how society has conditioned us to behave.

“Kay goes on to offer several other techniques that help to re-train our thoughts on how we spend money,” adds Piette. “Reminding yourself of the long-term goals you’ve set and asking whether an expenditure will help or hinder your ability to achieve them is one. Kay recommends ‘visualizing’ where you want to be (in a home of your own and building wealth) vs. where you don’t want to be (renting an apartment and paying huge credit card bills each month).

You’re Not Asking The Right People The Right Questions

“You don’t know if you’re able to qualify for a mortgage, so keep that to yourself and don’t make any inquiries.”


If you have dreams of owning a home someday, then take your questions to a professional – whether it’s a Realtor, mortgage lender, or another industry expert. Even if you’ve never bought a home before, or you’ve lost your home to foreclosure or short sale – don’t simply assume that you’re not qualified to get a mortgage. Remember: Every person’s financial situation is unique, and because of differing circumstances – what was a complication for one person may not affect someone else.

“This is one of the most common problems we run into, and it’s really a shame,” reports Piette. “Because more people are qualified now to get a mortgage loan than they realize. As we’ve mentioned in a previous article, studies show that over half the people who want to buy a home never even ask if they’ll qualify for a loan simply out of fear the answer will be “no. ” And a large percentage of those people actually are able to qualify.

“What’s important to remember, though, is that even if the answer is “no” right now – by taking an active role to improve your credit and financial stability, you’ll have the opportunity to change that to a “yes,” – and in many cases, not too far down the road.

“At Premier Mortgage, we believe it’s so important for people to know the right questions to ask about getting a mortgage loan, we created an educational series known as “Home Loans 101” to help take the mystery out of mortgages. It helps buyers understand what to ask, and gives them the chance to compare lenders equally.

“A common misconception we run into is that people often think the cost of getting a mortgage loan is the same with any lender – and that is not at all true. There’s a difference between Banks, Mortgage Bankers, and Mortgage Lenders – and unless buyers shop around for the best deal, they can end up paying thousands of dollars too much for their mortgage loan. Those costs alone can make the difference in receiving a loan approval – or a loan denial.

“That’s why buyers need to discover the facts for themselves. Just as different people have different financial circumstances, different lenders will have different loan programs. Some of those programs can price you out of being able to buy a home,” Piette confirms. “But at Premier Mortgage – home of the true “No Fee” loan – we’re making it possible every day for Las Vegans to get into a home of their own. That could include you, too. What do you have to lose by asking?”

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.

Shopping For A Mortgage Loan Can Find You A Bargain, Too


Shopping. It’s one of our favorite American pastimes. For ourselves, for others, for our homes. But surprisingly, many homebuyers spend more time researching the best laptop or even the perfect outfit for a special occasion – than they do searching for the best deal on their mortgage loan.

One of the misconceptions that lead to this phenomena is this: Homebuyers often don’t realize they have a choice. (Spoiler alert: They do.)

Part of the reason is that navigating the maze of purchasing real estate is confusing to begin with. It can start with a Realtor or a homebuilder, then buyers need to select options, gather financial records, pick an insurance company, and the list goes on. The buyer is very busy during the whole process, and relies on the advice they get from their agent or builder to get to the finish line. Eventually, they find themselves signing a pile of papers at the escrow company, and the next day – voila! Here’s the keys to your new home!

But if you were paying close attention to that last paragraph, you may have noticed that no one mentioned “You know, we need to shop around to find the best mortgage loan for you, too.” And the reason for that is often that a Realtor or a homebuilder has a convenient relationship with a particular lender, and buyers are led to assume that the pre-qualification letter they receive from them is a commitment FROM that lender, and TO that lender to get your mortgage loan from them.

The problem is – it’s not.

In fact, while you’re jumping through all the other hoops that have been set before you on the exciting road to owning a home, you’re missing out on one very simple way to save potentially thousands of dollars on your mortgage loan. We’re talking about money that comes out of your pocket when it’s time to sit down and sign those escrow papers. And yes, we said “thousands of dollars.”

Why would there be such a difference?

You may have heard of the Dodd-Frank Consumer Protection Act. The one that was signed into law after the financial crisis of 2008. But what you may not have heard (or remember) is that a large portion of that Act was created specifically to address consumer protections for mortgage loans. It’s legislation that has slowly entered into law over the past few years, and a very important part of it went into effect in 2014.

According to Rick Piette, owner of Premier Mortgage Lending in Las Vegas, Nevada, “One of these new rules actually places a ‘cap’ on how much a Mortgage Broker can make on your loan; and it allows that fee to be paid by the lender directly to the mortgage broker.”

What does that mean to borrowers? It means that their loan can actually cost them no money; that’s zero dollars. The broker makes his income directly from the lender in an amount that cannot be exceeded or inflated. And the final result is that the consumer is the winner in this transaction.

“In essence, the law gives the consumer control of the cost of his own mortgage,” continues Piette. “We think that’s a great thing, and as a mortgage broker, we are bound by these regulations.

What most people don’t realize, however, is that the type of lender you choose makes a huge difference. “This law doesn’t place the same restriction on banks or mortgage bankers,” Piette adds. “And that means they’re able to add costs and junk fees of their own to the actual price of your loan – and require you to pay for them out of your pocket. Ultimately, those are the costs that require you to bring extra money to the closing table.”

But once buyers understand this distinction, the “shopping” part of finding the right loan gets easier.

Simply contact a variety of lenders – and compare the numbers on their written Fees Worksheet. This is your apples-to-apples moment – where you can see clearly what it will cost to obtain your mortgage. Compare the interest rates, see if there’s a list of costly fees, add them up, and you’ve now got a very clear picture.

To illustrate what we mean, consider the difference in how Premier Mortgage Lending – a mortgage broker – works on your behalf:

1. First, as a mortgage broker, we will shop your loan among several different lenders in order to find you the best deal. This differs from how banks and mortgage banks operate, as they are ‘direct lenders’ who normally only sell their own loan products. (That’s the difference between several choices – and only 1.)

2. Second, Premier Mortgage Lending will charge you $0 for Loan Origination, Processing, Underwriting, and Doc Prep. Other lenders can include charges for these items that literally total thousands of dollars.

3. Third, by eliminating all these fees, Premier Mortgage makes it possible for you to potentially qualify for a larger loan, or leave you with extra funds after move-in so you can buy that new furniture that will look great in your new home.

4. Fourth, working with a local mortgage broker like Premier, you’ll not only get personal, face-to-face service, but because our costs and overhead are lower, we don’t need to charge our customers all those unnecessary fees. We’re paid one regulated amount by your lender at closing, much the same way your Realtor is compensated.

The bottom line is this: With very little effort, homebuyers can manage to save thousands of dollars, keeping that money in their own pocket. (Or maybe using it to buy that new laptop and the special outfit!) We just think it should be your choice to make. Don’t you?

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.

With Home Sales On The Rise – Are You Prepared?


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.

New No Fee Mortgage Can Save Homebuyers Thousands In Closing Costs

Rick PiettePurchasing a home will probably be one of the biggest and most expensive decisions in one’s life. You want to buy at the lowest cost, and the seller wants to sell at the highest price. Discovering the best mortgage deal can help home buyers to save thousands of dollars at closing time.

“Buying a home can be nerve-wracking because of all the paperwork and the money that’s involved. Finding the right home that meets your needs for a good price can be tricky, and sifting through all of your mortgage options in search of the best deal can be downright confusing,” said Rick Piette of Premier Mortgage Lending.

The first step in the home buying process, after selecting a Realtor, is getting a “pre-qualification letter” from a mortgage lender.

“Normally your Realtor will guide you to this first mortgage source. With ‘pre-qual letter’ in hand, you’ll now be able to go home shopping,” Piette said.

“But most people get so caught up in the home buying process – and don’t realize that they still need to shop for the best mortgage deal – a step that can save you thousands. You are led to believe that the loan officer who issued your pre-qual letter has to close your loan … but that is just not true.”

Piette encourages home shoppers and those thinking of refinancing to meet with a full-service mortgage broker like Premier Mortgage Lending, in addition to mortgage bankers, to become educated of all of their financing options.

“A real advantage to working with a mortgage broker is that you can obtain a home loan with no lender fees. Also a broker can connect you to multiple lending institutions with a multitude of loan products that have varying interest rates and costs. To find the best mortgage deal for your specific circumstances, take your time to compare multiple programs and their different interest rates, APRs, monthly payments for different loan amounts, and out-of-pocket-closing-cost scenarios. If you do not understand something, just ask,” Piette said, adding that his company connects borrowers to multiple lending programs including the popular no-fee traditional loans as well as second chance financing for those who have experienced a short sale or foreclosure.

“With all of this information in hand, you can make an educated, financially sound decision,” he said. “For obvious reasons, our no fee mortgage is a popular choice because its out-of-pocket costs are significantly less and we don’t charge ‘junk fees’ like others do.”

The price difference and “junk fees” can be found in the “origination charges” – one of three types of charges found in your good faith estimate. “Origination charges” can vary between lenders, unlike the “prepaid charges” (taxes, insurance and homeowners association fees) and the “title and escrow” charges which will end up to be the same regardless of the lender chosen.

“Most lenders charge one percent of your loan amount for the origination fee. If you look at your mortgage paperwork, you may notice that it’s more than the typical one percent because some lenders tack on ‘junk fees’ that are sometimes listed as mortgage processing or underwriting fees,” Piette said. “You don’t have to pay an origination fee or those ‘junk fees.’ You can save money by shopping around for a lender that doesn’t charge them like Premier Mortgage Lending.”

Piette explained that brokers’ origination fees are now considerably less than banks or mortgage bankers because 2014 federal regulations capped what mortgage brokers can charge consumers as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

“These new rules are great for the consumer because it can save you money on one of the biggest purchases that you’ll ever make in your life. Where you get your mortgage loan does not really matter. What matters is finding the home that’s right for your family and not paying any more than you have to for your home or your loan,” Piette said.

The first step in finding the best loan deal is completing the complimentary mortgage prequalification process and analyzing the paperwork that is provided.

For additional information or to schedule an appointment for mortgage prequalification or refinancing, call Premier Mortgage Lending at 702-485-6600 or visit premiermortgagelending.com.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas 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.