Premier Mortgage Lending offers choices

It wasn't all that long ago that shoppers really didn't have a lot of options.

If you can think back that far, you might recall when it was easy to buy a Ford, Chevy or GM vehicle nearby, but not much else. Your doctor and dentist were usually the ones found closest to your home, and the neighborhood grocery store was pretty much the only game in town.

That's all changed, and today it's a new world. Buyers no longer have to settle for less because they have more choices than ever before. Companies now offer more value to earn customer loyalty, and when there's competition like that, the consumer usually comes out ahead. One industry where that's especially true is mortgage loans, and borrowers are discovering that such competition can literally save them thousands of dollars on a loan.

Richard Cordray, director of the Consumer Financial Protection Bureau, was recently quoted as saying "... almost nobody looks only at one house and decides to stop right there. The same should be true of choosing among possible mortgage loans."

Rick Piette, owner of Premier Mortgage Lending, believes it's a very good thing that today's consumers are starting to realize that not all mortgage lenders are the same.

"In the past, buyers were often led to believe that getting a mortgage loan was something that they should leave up to "the experts" — such as their homebuilder or real estate professional," Piette said. "So they would place their financial trust in the hands of these preselected lenders without question, assuming they would receive the best product and value. But the economic and housing crisis ultimately turned that belief on its head."

The good news is that since the passage of the Dodd-Frank Act and new mortgage legislation, more buyers are starting to discover they can save money simply by shopping their mortgage loan with several lenders to compare rates and fees. In Las Vegas, Premier Mortgage is making those comparisons particularly obvious with their No Fee mortgage loan program.

"At Premier Mortgage, our No Fee loan is exactly as it sounds," Piette said, "and our customers are often amazed at the savings with this program. With "zero" on the loan origination, underwriting and document fee lines, the difference between our mortgage loans and those offered by banks and mortgage bankers can add up to savings of $4,000 to $8,000, or more."

Recently, an industry report revealed that more than half of Americans say they're likely to buy a home in the next five years, and 78 percent of them plan to get preapproved before they start home shopping.

"But the CFPB reports that still half of mortgage borrowers consult only one lender or broker when shopping for a mortgage," Piette said. "And that's a mistake, because choosing the right mortgage lender is one way borrowers can most easily reap the biggest savings. It's an opportunity to shop around that shouldn't be overlooked because the cost of your loan can actually affect how much — and which — home you're able to buy."

Why? Because as tempting as it might be to just "go with the flow" and continue with the lender who gave you that prequalification letter, if a big chunk of money is going to them for costs and higher interest rates, then those funds aren't available to help you qualify for as much home as you want.

"Many people don't realize that large banks and mortgage bankers don't always offer the best rates available," Piette said. "Some add large fees or increased interest rates that can cost borrowers in both the short and long term. The fact is, many consumers don't understand these fees and simply accept them as the cost of obtaining the loan. When if they performed a little due diligence in shopping their loan around, they may be able to avoid having to pay these fees at all.

"With any financial transaction, complacency shouldn't play a role in your decision. Especially as only another phone call or just applying online with a different lender can mean the difference between saving enough money to buy the home you love, rather than the one you just "like." In fact, those extra fees can be the difference between having your loan approved, or rejected."

For additional information or to schedule an appointment to discuss the true No Fee mortgage loans available through Premier Mortgage Lending, call 702-485-6600. Or, apply at www.premiermortgagelending.com. To discover facts on how much a mortgage loan "should cost you", visit www.KnowBeforeYouOweNevada.com.

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