Think you can’t buy a home? You could be wrong and here is why

“The American dream of owning a home really hasn’t changed. Only the timeline people allow themselves to achieve it. What I have discovered is the biggest hurdle for many – especially first-time buyers – is getting past the mental block of thinking it’s simply not possible. But as a mortgage broker, I know that’s not the case. In fact, now could be the best time ever to buy,” said Rick Piette, owner of Las Vegas-based Premier Mortgage Lending.

Piette said he comes across some version of this misconception every day. When he does, he and his experienced loan officers help their clients discover that today’s extraordinary opportunities can make owning a home a reality.

“What we’ve found is that many buyers have three common roadblocks they think they face, all of which couldn’t be further from the truth,: he said.

• Myth No. 1: It’s almost impossible to obtain a mortgage loan. Not today. Actually, more mortgage loans are being approved today than during any period in recent history. Certainly, after the housing crash, mortgage loans were infamously harder to get. But we’ve moved beyond that crisis and economic circumstances have changed considerably. Every year, more mortgage lenders loosen those previously tightened lending restrictions. Also, enough time has passed for individual credit scores to be on the rise with employment and financial stability to sustain them.

• Myth No. 2: Loans are too expensive. At Premier Mortgage, we can assure you that’s definitely not the truth. As a mortgage broker, our true “No Fee Loans” charge none of the ‘junk fees’ that banks and mortgage bankers do – and that means savings to borrowers of literally thousands of dollars.

“But fees are only half of the equation – the other half is the interest rate – and today’s buyers win on that score, too. According to a November 2016 CNBC story, interest rates have never been this low for this long in the history of our country. Since 2011, the average 30-year loan rate has been below 5 percent, frequently dropping below 4 percent. And keep in mind, these are fixed-rate loans — not adjustable rate mortgages. Basically, today’s buyers can get better interest rates to buy a home than their parents — or even their grandparents — ever did.

• Myth No. 3: Buying a home is a bad investment. As with any industry, real estate will fluctuate over time. But if there’s one thing that is never going to change, it’s that people and families need a place to live. That’s even more important when you think beyond your own situation and take into account the needs of upcoming generations.

For example, a recent study reveals that as of early 2017, as many as 34 million renters aged 25-44 were now credit-eligible to get a mortgage loan. That’s a huge number. Especially since as of the end of May, the total inventory of existing homes for sale in the U.S. was only 1.96 million.

To learn more about the wide range of loan programs, visit PremierMortgageLending.com, or call 702-485-6600 to schedule an appointment.

Premier Mortgage Lending, NMLS No. 393282, is at 701 N. Green Valley Parkway, Suite 125 in Henderson.