Ever feel like all those mortgage loan deals you see advertised seem too good to be true? It’s easy to be skeptical about them. After all, when it comes to advertising, most of us have experienced the “bait-and-switch” of getting you in the door with one deal but finding out it doesn’t really apply to you in the end.
Mortgage loans can seem that way, too. But at Premier Mortgage Lending it’s different, and the perfect example of that is the true “No Fee” loan they offer. It’s one loan benefit that isn’t too good to be true.
“At Premier Mortgage we keep it simple: Our ‘No Fee’ loan is exactly as it sounds, and our customers are often amazed at the savings,” said Rick Piette, owner of Las Vegas-based Premier Mortgage Lending.
“Our loan estimates for traditional loans literally show $0 for loan origination, underwriting and document fees. Since it’s not uncommon for those fees to equal as much as 2.5 percent of your total loan amount, that can add up to saving as much as $7,500 on a $300,000 loan. And that’s a real savings to you — not a charge that’s been moved to where you can’t see it and don’t know about it.”
That happens because Premier is a mortgage broker, and the regulations on disclosure of what your loan is costing you are stricter.
As Piette explained: “Where people often get confused by that ‘No Fee’ label with other lenders is that banks and mortgage bankers can tell you they’re not charging those fees, but instead you’ll pay a higher interest rate to make up for it. Because their disclosure requirements are different than those for mortgage brokers, they’re not required to show you that you’ll be paying more over the life of your loan. You have to know how to look for that.”
Simply put, Premier Mortgage chooses to earn less money on your loan by eliminating the fees. Banks and mortgage banks choose to make up that income with a little sleight of hand.
Many consumers don’t understand these fees and simply accept them as the cost of obtaining the loan. That’s a shame because just a little due diligence in shopping their loan around might save them from having to pay the fees at all.
“That’s one of the reasons we created our Know Before You Owe Nevada website. It’s a series of short videos that explain to borrowers what to look for when shopping for a mortgage loan. And in the less than 15 minutes it takes to watch them, consumers can learn how to save thousands of dollars.”
In fact, it’s not uncommon for the loan officers at Premier Mortgage to suggest that borrowers compare their loan estimate rates with that of at least one other lender before choosing the one you want to work with.
“Some of our customers are surprised to hear us say that, but the truth is we’re not hiding anything at Premier,” Piette said. “When borrowers compare costs and interest rates, they see for themselves that we’re being honest and open about our ‘No Fee’ loan, and they really will save money with us.
That can be critical for some buyers, too. Because those additional costs (or a higher interest rate) can actually affect a borrower’s ability to receive loan approval by skewing their loan ratios.
“At Premier, we believe it’s a privilege to gain the trust and business of our customers, not something they should have to pay exorbitant fees for. That’s why we offer a true ‘No Fee’ mortgage loan — where buyers will never see those or any other ‘junk fees’ on our loan estimates.”
Saving money is great, of course. But when it comes to your mortgage loan, you need to know you’re working with an experienced loan officer who knows how to navigate the lending process and get you to your closing on time. If you aren’t, all the savings in the world won’t be of much use if your dream home purchase falls through because of your lender dropping the ball.
“When a big online lender or Wall Street bank does that, they lose a customer and go on their merry way. But when a small local business like Premier Lending loses a customer, it’s a big deal,” Piette said. “Our success is based on long-term relationships with our customers. We truly value each and every client — and make it a point to let them know that. That’s just how it works at Premier.”
For additional information or to schedule an appointment to discuss the real ‘No Fee’ mortgage loans available through Premier Mortgage Lending, call 702-485-6600. Or, apply online at premiermortgagelending.com. To discover facts on how much a mortgage loan should cost you, visit KnowBeforeYouOweNevada.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, Henderson and Boulder City 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.