88°F
weather icon Clear

Changes in national lending regulations limits mortgage fees

Changes in lending regulations combined with no-cost loans and fewer all-cash buyers benefit Southern Nevadans in the market for a home.

“Many homebuyers have lowered their out-of-pocket mortgage costs thanks to new Consumer Finance Protection Bureau’s mortgage regulations that took effect earlier this year and through Premier Mortgage Lending’s ‘no fee’ mortgage program,” said Rick Piette of Premier Mortgage Lending. “The ‘3 percent cap rule’ placed a limit on the upfront fees charged by lenders to no more than 3 percent of the mortgage balance. This has reduced the cash that you must bring to the table … to close on your home.”

Homebuyers who “shop around” for their mortgage have discovered even more savings, especially those who have turned to mortgage brokers who offer multiple mortgage programs from different banks and private lenders.

“Mortgage brokers, like Premier Mortgage Lending, can help you uncover the best deal because we work with a variety of lenders and must offer borrowers the lowest possible interest rate and fees for which you qualify. We are federally regulated in what we can charge borrowers in total compensation, but the mortgage banks, through the use of secondary market profits, have no limits on what they can charge you. This gives us brokers a tremendous competitive advantage when pricing your loans.”

Among the many programs that the full-service, Henderson-based lender can offer qualified borrowers are “no fee” mortgages.

To compare the actual cost of mortgages, the longtime Las Vegan advises his clients to compare the APR or the “annual percentage rate” rather than the interest rate because the APR incorporates these various fees.

In addition to connecting qualified borrowers to a “no fee” mortgage and other programs, Premier Mortgage Lending also offers Another Chance Nevada, a program that offers credit-challenged borrowers a second chance at purchasing a home, including those who recently experienced a short sale or foreclosure.

“Now is really a great time to buy a home in the Las Vegas Valley because our housing market has stabilized and many of those investors and home flippers have moved on with their all-cash offers,” he said, citing a Greater Las Vegas Association of Realtors report that showed all-cash sales were 34 percent in September, a decline from February 2013 when 59 percent were cash sales.

“This is great news to those who want to buy a home to live in and, like most typical people, need a mortgage to do so. Having a mortgage prequalification letter in hand is essential because it shows the seller that you have done your research, you know your purchase power, and that you’re serious about buying their home.”

For more information, call Premier Mortgage Lending at 702-485-6600 or visit www.AnotherChanceNevada.com.

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

Don't miss the big stories. Like us on Facebook.
THE LATEST
7 ways autocomplete can get smarter

Autocomplete is one of the best (or depending on how hastily you push ‘send’ – worst) things in the world. We rely on it so much that Google plans to let us autocomplete whole emails. Here are seven ways predictive input can improve. 1. Recognizing names from previous emails Jakub Kokoszka has a tough name to […]

Movie posters might soon be based on your clicks

You may have thought you left Blockbuster behind, but the basic way we browse movies hasn’t changed all that much. We peruse poster after poster, kind of like walking the aisles of a ‘90s-era video store. That one poster image, meant to appeal to as many people as possible, is often all we see before […]

What I’ll be covering at NAB 2018

The National Association of Broadcasters show kicks off this weekend in Las Vegas.  The show focuses on new and emerging technologies and trends in relation to the media and entertainment industries. As it’s not open to the public, I’ll be at the Las Vegas Convention Center on Saturday, Monday and Wednesday to share some of […]

EXECUTIVE TRAVEL: Forget Strip flash; some prefer lake’s panache

If you get called to a board meeting at Lake Las Vegas, you might want to bring your swimsuit. That’s the term Westin at Lake Las Vegas marketing director Matt Boland uses for upright paddleboard races, one of many team-building exercises offered regularly at the resort.

After $4,700 in live poker career winnings, James Romero, 27, wins nearly $2 million

It was a 15-year celebration of The World Poker Tour at Bellagio for the Five Diamond World Poker Classic. The largest field size in WPT Five Diamond’s history was created when 791 entries were tallied, and it was James Romero, 27, of Portland, Oregon, who won his first WPT title.

Auto electronics at SEMA and AAPEX: A brave new world

The Specialty Equipment Market Association celebrated its 50th annual SEMA show at Las Vegas Convention Center this month by showcasing a car culture of “do-it-yourself” garage mechanics who share a passion for customizing vehicles.