Local lender offers Second Chance loans

As the economy and the housing market in Las Vegas continue to improve, things are beginning to look up for Southern Nevadans. There's an optimism that springs from seeing

unemployment rates drop, planned hotel/casinos and families looking forward to planning their futures again.

"There's no question that as the economy gets better, people want to take back control over parts of their life they lost in the downturn. And one of the most important of those is having the ability to live in a home of their own," said Rick Piette, owner of Premier Mortgage Lending.

As owners lost their homes to foreclosures and short-sales during the housing crisis, people discovered that due to federally regulated waiting periods, they might need to delay getting a new mortgage loan for years. For many, renting was the only option, and since then, rental costs have spiraled at a rate higher than inflation. In many markets (Las Vegas included), it can take up to twice as much of your paycheck to rent than it would to own the same home.

"But there is great news for those who want to own a home again. And many more people can qualify for a mortgage loan today than even they realize," Piette said.

"Fear of rejection has played a huge role in keeping families from owning a home in recent years. One recent study indicated more than half of people who said they'd like to buy a home in the next two years hadn't even asked if they could get a mortgage because they were afraid they wouldn't qualify.

"At Premier Mortgage, we encourage people to ask, because we've been helping hundreds of Southern Nevadans get those mortgage loans for some time. Even if buyers have been turned down by a bank or mortgage bank, we're often able to turn that "loan declined" response into "Here's the key to your own home."

"How is that possible? First, as a mortgage broker, Premier Mortgage Lending can work with a large number of lenders to find the right home loan for buyers, as opposed to banks or mortgage banks that typically offer only their own loan products.

"Second, we also created a private lending division designed specifically to help those who were adversely affected by the housing collapse. It's called Another Chance Nevada, and through this program, buyers are often able to get a new mortgage loan as early as one day after a foreclosure or short sale."

Because Another Chance Nevada is funded by private and institutional portfolio lenders, it's not required to follow the pre-established waiting periods required for government- sponsored loans. Both 15- and 30-year fixed rate loans are available at interest rates typically higher than traditional mortgage rates, and such loans require a minimum of 20 percent down payment.

"Another Chance Nevada gives buyers the opportunity to get back on track in many ways: They enjoy all the financial and tax benefits of owning a home; re-establish a positive mortgage loan history; and are able to provide a safe and secure home base for their family's future.

"However, it's also important to note that these loans may be refinanced at any time without penalty. That means paying a slightly higher interest rate now will allow you to refinance down the road at a more competitive rate without any pre-payment costs to worry about. Compared to the rising costs of renting during that 'waiting period,' most buyers will still find themselves saving money. It's absolutely a win-win situation."

Premier owner, Rick Piette, adds, "I designed my second chance financing program in 2010 because I saw the need to get Nevadans back into homeownership. There is a saying that I truly believe which says.....'as goes real estate so goes the economy.' Everyone deserves the opportunity to purchase a home of their own, and our second chance financing program has helped hundreds of Southern Nevada families get back on the path to financial recovery."

"As a full-service mortgage lender, we often meet with buyers who are surprised to learn they can qualify for a traditional mortgage loan — as they doubted that even a second-chance loan was an option for them. And many are excited to discover they can afford to buy the home they love — as opposed to a house they would settle for."

For more information, call 702-485-6600, or visit www.premiermortgagelending.com.

Premier Mortgage Lending, NMLS No. 393282, is at 701 N Green Valley Parkway, No. 125 in Henderson. The full-service lender is a member of the Las Vegas and Boulder City chambers of commerces, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.