Premier Mortgage Lending offers second-chance mortgages

With the valley's current median housing prices hovering at $128,000 in May, prospective homebuyers are debating if now is the right time to buy a home. The decision is highly personal with myriad lifestyle and financial considerations, one that may seem out of reach for those with less-than-stellar credit, according to Rick Piette of Premier Mortgage Lending.

The keys to homeownership are within reach even among those who have experienced a recent short sale or foreclosure through private lending programs such as Premier Mortgage Lending's Another Chance Loan Program, Piette said.

"Buying a home of your own has been labeled as an American dream, one that people often want to obtain. For more than 100,000 Southern Nevadans, this dream fell apart as they lost their home due to the poor economy and a foreclosure or short sale," Piette said.

"Some of these individuals may want to buy a home again before today's low prices increase and because they enjoy the sense of freedom of living in their own home, but they don't think that they can. For many, renting is not the only option because of private lending programs like Another Chance."

According to Piette, the Another Chance Loan Program opens the doors to homeownership through private and institutional portfolio lenders who offer home loans following full-documentation underwriting guidelines. These 15- or 30-year, fixed-rate loans carry interest rates that are typically higher than traditional mortgage rates, and require at least a 20 percent down payment. Borrowers may close within 30 days from the time of loan approval. Borrowers may refinance the loan at any time without penalty.

An Another Chance mortgage can also be used on the purchase of a brand-new home. The lender is currently working with many of the valley's major builders, including Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes and Del Webb, Ryland Homes, and William Lyon Homes.

"There are many advantages to homeownership that impact your daily life. There are often financial advantages to buying a home because, for some, it is actually cheaper to buy a home at today's amazing prices than it is to rent. Homeownership also offers tax advantages and the opportunity to build equity, unlike renting," Piette said.

"Purchasing a home of your own is also a lifestyle decision. By buying your own home, you have a piece of mind without the worry that your lease will not be extended or that your landlord may let your rental go into foreclosure. You can create and decorate it the way that you want, turning a house into 'your home.' "

He encourages everyone who is thinking about buying a home to become well-informed of mortgage options and the home-buying process and to meet with a mortgage lender for complimentary mortgage prequalification.

"The best thing that a potential home- buyer can do is to meet with a full-service mortgage lender, like Premier Mortgage Lending, before you begin your home search. Through our complimentary mortgage prequalification process, you can determine the type of mortgage, the monthly house payment that is best for your budget, and the maximum amount that you would like to pay for a home. By combining this knowledge with the type of home, features, and neighborhood, you can begin your home search as a well-informed home shopper," Piette said.

"We at Premier Mortgage always lead potential borrowers to the type of loan that is in their best financial interests. For those who do not currently qualify for a traditional mortgage, they may be eligible for the Another Chance Home Loan Program and then refinance without penalty to a lower interest rate."

For details about Another Chance Loan Program, mortgage prequalification or appointments, call 485-6600 or visit www.premiermortgagelending.com or AnotherChanceNevada.com.

Premier Mortgage Lending is at 8689 W. Sahara Ave., Suite 100.

The company is a member of the Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.