Premier Mortgage Lending opens another door for borrowers

The decision as to whether to buy or rent a home is a personal one, entailing financial and lifestyle considerations. For Southern Nevadans who have experienced a recent short sale or foreclosure, the prospect of homeownership may appear unattainable. However, this is not necessarily the case thanks to private lending programs such as Premier Mortgage Lending's Another Chance Loan Program.

"For the more than 100,000 prior homeowners who have lost their home due to a foreclosure or short sale, many think that their opportunity to buy a home of their own is closed and that their only option is become a renter. For many, renting is not their only option," said Rick Piette of Premier Mortgage Lending, a full-service mortgage provider.

"If you are among the growing group of Nevadans who has lost your home from a foreclosure or short sale, you now have a choice to buy instead of rent through Premier Mortgage Lending and our Another Chance Loan Program."

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.

"Buying a home is a very personal decision that greatly impacts one's everyday living. For some who have experienced a short sale or foreclosure, the prospect may seem a little scary, while others look forward to it because of the many advantages," Piette said.

"Owning your own home offers the sense of community, stability and security. You can decorate and make the home however you want, according to your needs and your style, without needing permission from a landlord. Owning a home offers tax benefits and the opportunity to build equity. You can control your own housing and not worry about your lease not being extended or that the home you're renting may go into foreclosure," Piette said. "On the flip side, as a renter it is easier to move and you have little responsibility for home maintenance, which some people prefer."

Piette stated that purchasing a home at today's low prices may offer mortgage payments lower than rent.

According to Trulia's Rent vs. Buy Index for December 2011-February 2012, the Las Vegas metropolitan area ranks 11th among metropolitan areas where purchasing is more affordable than renting. Meanwhile, the Greater Las Vegas Association of Realtors reported the median price of single-family homes at only $127,900 in April, and the median sales price of townhomes and condominiums was $59,900.

"At these prices, it is easy to understand why your mortgage payment may actually be less than renting the same type of home, even for buyers who pay a little higher interest rate through Another Chance," Piette said.

Piette encourages potential home buyers to meet with a mortgage specialist to become prequalified for a mortgage before shopping for a home. During this process, potential borrowers can determine the type of mortgage they may qualify for, the monthly payment and ultimately how much they may spend on a home.

The mortgage can also be used on the purchase of a brand-new home. The lender is 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.

For details, call 485-6600 or visit www.premiermortgagelending.com or AnotherChanceNevada.com.

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