You’ve found “the” home, and now you can’t wait to make it yours. It’s an exciting time, isn’t it? So exciting that it can be easy to just “go with the flow” and follow the first advice you get about your mortgage loan. But in reality, choosing the right lender can be just as important as choosing the right home. Because it can’t really be your “dream home” if you’ve got a nightmare mortgage.
“What could be worse than moving into your new home, then finding out that you could have gotten a lower interest rate, a lower payment, and didn’t need to pay those thousands of dollars in loan fees that your lender charged you?” asked Rick Piette, owner of Premier Mortgage Lending, which serves the Las Vegas Valley. “Talk about taking all the enjoyment out of your experience!
“Most homebuyers aren’t mortgage loan experts — but they don’t need to be to understand how to shop for a loan,” Piette said. “Because it’s not difficult to learn what you should know before choosing a lender. For example, in less than 15 minutes, our Know Before You Owe Nevada website explains what to look for in a lender and in a mortgage loan. And that 15 minutes can save you a lot of money by helping you make the right choice.
With many banks closing their mortgage loan divisions — and those that do still make home loans generally accepting only applicants with nearly perfect credit — the options for getting a home loan have changed a lot from only a few years ago. And let’s face it, even for those banks that do offer mortgage loans, they’ve lost the trust of the public because of questionable practices and by poorly servicing their customers, Piette said.
Those are a few of the reasons that mortgage brokers are becoming more and more popular with homebuyers. But there are even more important issues that make choosing a broker the best decision for most people.
“First, you’ll save time by using a mortgage broker, as it can take hours to apply for different loans with different lenders. With a broker, you fill out one application, and from there the broker acts as your personal loan concierge — doing all the work for you. They apply for loans with different lenders on your behalf, find the lowest mortgage rates, negotiate the terms and make the magic of loan approval happen,” Piette said.
“And, then there’s the back-and-forth communication involved in underwriting the loan and ensuring the transaction stays on track. A mortgage broker saves you the hassle of managing all those daunting details. That gives the buyer the time to make plans for the “big move” and concentrate on all the other things they need to get done. Knowing your mortgage loan is in good hands is a huge relief and a real timesaver for homebuyers.”
According to data from Thomson Reuters, because mortgage brokers generally have relationships with dozens of lenders, they can pair borrowers with the perfect lender program for their particular case and save consumers 1 percent to 4 percent on their interest rate on average. That adds up to about $10,000 on a median-priced U.S. home loan.
“And that difference in interest rates doesn’t even address the savings in loan fees,” Piette said. “For example, at Premier Mortgage Lending, we offer a true No Fee loan. And that’s no bait-and-switch — it’s actually $0 in fees. No loan origination, no underwriting, no document and no prep fees.
“In comparison, some banks or mortgage bankers may advertise no-fee loans, but then they enhance their earnings by charging you a higher interest rate – which over the course of your loan will substantially increase your expenses,” Piette said. “The difference in cost to you can add up to literally thousands of dollars. And that’s money we think should be in your pocket, instead.”
Working with a local mortgage broker offers personalized service, too. As a small business with a team that lives and works in your town, your loan officer is dedicated to doing a great job because he or she wants you to become a lifelong customer. And supporting local small businesses keeps money in your community, too.
“At Premier Mortgage, getting our customers the best loan for their needs, processing that loan properly and on time and building a long-term relationship is what we’re best at,” Piette said. “Our team has been doing that for decades, and we’ve found it to be a formula that works for everyone – especially our clients.”
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 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 and an affiliate member of the Greater Las Vegas Association of Realtors.