102°F
weather icon Partly Cloudy

Homebuyers should shop for their mortgages

Of all the changes that take place in people’s life the first time they get the keys to their very own home, two things stand out in particular: first, a sense of accomplishment and second, security for their family. To be sure, achieving homeownership and putting down roots in a community come with benefits too numerous to list. But they include stability, community and an improved financial future.

“How ironic, then, that during that journey from finding the perfect home to making it your own, so many people end up paying much more money than they should simply by failing to shop around for the best mortgage loan,” said Rick Piette, owner of Las Vegas-based Premier Mortgage Lending.

It’s surprising but true. At the very time buyers are negotiating the cost of perhaps the largest purchase they will ever make, they are often inadvertently leaving several thousand of their own dollars on the negotiating table. Instead of keeping that money in their own bank account, buyers end up paying it to a lender — often unnecessarily.

“The sad thing is that it only happens because they don’t know the right questions to ask or the right people to ask them of,” Piette said.

“I get it. Buying a home is a lot of work,” Piette said. “There are so many things to get done in addition to preparing to move, which is an ordeal all its own. When you’re overwhelmed, it’s only natural to lean on others for help and advice, especially if you believe they’re more familiar with the subject, like where to get the best mortgage loan.

“But if that person happens to be your real estate agent or homebuilder, buyers need to remember this: They are not mortgage lenders. They may have an obligation to you in their role as an agent or builder, but their advice about where to get your mortgage loan is likely going to be based on the best experience for them, not for you.”

A recent Wall Street Journal article reported that the Consumer Financial Protection Bureau collected interesting financial information about mortgage loans from 2014 data. Over the entire market of 45 million mortgages, the estimated cost to consumers who didn’t shop around was a combined $13 billion. In each case, the researchers concluded that consumers didn’t search for better interest rates because, in layman’s terms, it’s a pain in the neck.

“At Premier Mortgage, we know it can be confusing for borrowers,” Piette said. “That’s why we created our KnowBeforeYouOweNevada.com website to help homebuyers understand how to shop around with more than one lender. In these short videos, borrowers quickly learn what to look for when comparing loans, the difference between lenders and how to understand fees and rates. With this information, buyers will know how to choose the right lender and keep from overpaying literally thousands of dollars for their loan.

“The short explanation is this: Get a loan estimate, compare the fees, compare the interest rates and then make your choice. You may find that a lender advertises no fees to get you in the door. But some may make up for that by charging you a higher interest rate.

“That doesn’t happen at Premier Mortgage, because our ‘no fee’ mortgage loan is a true no-fee loan,” Piette said. “We have no hidden fees or charges. In fact, as a mortgage broker, by law we must disclose every charge to borrowers in writing. On the other hand, banks and mortgage banks can include invisible charges they don’t have to tell you about.

“That’s one reason we believe homebuyers should know there is a difference between mortgage lenders and between mortgage loans because it’s a costly difference that could take a lot of money out of their pockets. Fortunately, that won’t happen with a no-fee loan at Premier Mortgage.”

To learn more, visit PremierMortgageLending.com, or call 702-485-6600 to schedule an appointment. Clients can also apply online at PremierLoanAp.com.

Premier Mortgage Lending, NMLS No. 393282, is at 701 N. Green Valley Parkway, Suite 125 in Henderson. The full-service lender is a member of the Las Vegas and Henderson chambers 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.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Tanager in Downtown Summerlin welcomes first residents

Las Vegas native Roberto Orellana has lived in Summerlin nearly all his life. A graduate of Bishop Gorman High School who left Nevada briefly to attend San Diego State University, the 26-year-old is now a business development executive for Aristocrat Technologies Inc., a global gaming giant that also calls the master-planned community home.

Room to grow at Cirrus

These young ladies joined their fathers, James and Justin, both employees of Pardee Homes, for the grand opening Aug. 10 of the builder’s Cirrus neighborhood. All three girls appear perfectly at home in the playhouse in the backyard of the Plan Two model.

REAL ESTATE ON THE MOVE

■ Blue Heron, a design/build firm led by founder and Las Vegas native Tyler Jones, has announced that Ryan Thompson has joined the company as chief marketing officer. Thompson will be an integral part to the growth strategy for the company, overseeing the evolution of the Blue Heron brand, strategic vision, marketing strategy and media across all platforms.

Toll Brothers’ Concord at Cadence to celebrate grand opening

Toll Brothers has announce the opening of its newest model homes at Concord at Cadence in Henderson. The professionally decorated models will open for tours during the grand opening event Aug. 17 from 11 a.m.-2 p.m.

Luxury awaits at One Las Vegas

Located on the South Strip, minutes from the developing Raiders football stadium; the bustling T-Mobile Arena; world-class shopping and dining on the Strip; and nearby Town Square, One Las Vegas, the iconic twin-tower high-rise, is showcasing its White Throne Mountain floor plan — residence No. 622.

Summerlin awards college scholarships to students

The Summerlin Children’s Forum, a nonprofit organization established in 1997 by leaders of the Summerlin master-planned community and its developer, The Howard Hughes Corp., recently awarded college scholarships to three outstanding recent high school graduates who are residents of the community.

Teams form for Candlelighters Superhero 5K

If anyone needs a superhero on their side, it’s children battling cancer and their families. They’re not only dealing with the disease’s physical effects but also with treatment, emotional impact, financial considerations and potential out-of-state travel. The biggest hero to these vulnerable kids and families is the Candlelighters Childhood Cancer Foundation of Nevada, which provides support in all these areas.

Skye Canyon to unveil five model homes

Food, fun and prizes are in store as Skye Canyon unveils five appointed models at the First Look: Northglenn and Madera by Century Communities.