October 6, 2012 - 1:06 am
Trulia.com real estate listing service’s recent ranking of the Las Vegas Valley as the third best place to buy a home among 50 major U.S. cities has sparked interest among renters and those undergoing a short sale or foreclosure. Many ask the questions: “Can I buy a home at today’s low prices?” and “Can I have a mortgage payment lower than rent or my previous mortgage?”
Answering these questions can be complicated and require weighing factors such as one’s finances, credit history, personal goals and lifestyle considerations. Being proactive and becoming educated in new financing options are key in deciding whether to join the thousands who are buying homes at today’s low prices, said Rick Piette of Premier Mortgage Lending.
He said the first step is seeking the guidance of an experienced mortgage professional well-versed in not only conventional mortgages but also new finance programs designed for borrowers with less-than-stellar credit and who have recently experienced a short sale or foreclosure. Among these is a new program offered by the Las Vegas-based, full-service lender – Another Chance Nevada.
“Deciding whether to buy a home or to rent is a highly personal decision and should be made only after you have all of the facts and fully understand your options. I have met many people who currently rent and agree that this is now a good time to buy a home with today’s low housing prices. However, some are reluctant because they just don’t know if they can qualify for a mortgage or they feel apprehensive of the home-buying or mortgage-lending process,” Piette said.
“The only way to find out if homeownership makes financial sense for your family is to be proactive and to learn about all of your options. One way to do this is by meeting with a lending specialist at Premier Mortgage Lending, learning about the different mortgage programs, and finding out if you, too, can buy a home through our complimentary mortgage pre-qualification,” Piette said.
“Many people have been happily surprised when they learn that our Another Chance Nevada can help reopen the doors to homeownership to those who have had a recent short sale or foreclosure. For many, an Another Chance loan makes financial sense when they consider today’s housing prices and compare the potential mortgage payment to rent.”
Through the program, private and institutional portfolio lenders 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. At least a 20 percent down payment is required.
Borrowers may close within 30 days from the time of loan approval, and may refinance the loan without penalty.
“Another Chance Nevada offers those who are currently unable to obtain a conventional mortgage the advantages of homeownership today and, when they’re able, the opportunity to refinance into a conventional loan without penalty,” Piette said. “The program has grown in popularity, giving hundreds of Southern Nevadans the choice of where they live.”
An Another Chance loan may be used on the purchase of a resale or new home. The lender is working with Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes, Del Webb, Richmond American Homes, Ryland Homes and William Lyon Homes.
“I think that it is vital for anyone who is interested in buying a home to visit with us and participate in the mortgage prequalification process. We can help you determine not only if you can qualify for a mortgage, but also weigh the monthly mortgage payments and decide if now is financially a good time for you to buy a home.”
For additional information, call Premier Mortgage at 702-485-6600 or visit www.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.