Premier Mortgage offers options for homebuyers

You spent weeks searching for the home of your dreams. You found "The One." You did your homework and found the best mortgage lender. You're making exciting plans for the future — and your lender just called with the news: "Your loan was denied."

Oof. That just took the wind out of your sails, didn't it? If you've ever been there, you know that having your loan application turned down can be demoralizing. It may even make you feel that your dream of owning a home will never come true.

But think again because the truth is you may have options, according to Rick Piette, owner of Las Vegas-based Premier Mortgage Lending.

"Since the collapse of the banking industry nearly 10 years ago, many potential homebuyers have been unable to obtain mortgage loan financing," Piette said. "In fact, traditional financing is still difficult to obtain even today for reasons that aren't always clear.

Even those with a high credit score aren't guaranteed approval. But buyers should know there are alternatives to traditional loans that they can pursue, and this is where some knowledge of current mortgage rules can be very helpful."

Today, there are three main categories of mortgage loans available: qualified mortgages (commonly referred to as traditional loans); higher-priced mortgage loans (called HPML's or nontraditional loans); and high-cost mortgages (hard money loans).

"Of course, qualified (or traditional) mortgages are always going to be the optimum choice for borrowers, as they provide the best interest rates and terms available," Piette said.

"However, the good news is that if your overall credit is good, and you have a good income but just can't meet the stringent rules for a traditional qualified mortgage, a higher-priced mortgage loan is a viable option," Piette said.

"As the name implies, an HPML will have a higher interest rate and possibly additional fees over the cost of a qualified mortgage. But it gives many buyers the chance to get into a home of their own again sooner. A high-priced mortgage loan is also a viable option for those who have poor credit but have been able to gather a sizeable down payment. Due to the economic downturn, many prior homeowners experienced a short sale, foreclosure or bankruptcy.

"At Premier, we're able to get you back into a home of your own now and then refinance you as soon as your credit meets traditional standards again," Piette said.

Buyers who have recently experienced a loan denial are encouraged to "think outside the box."

"At Premier Mortgage, we're unique because we offer a variety of home mortgages to our clients," Piette said. "Our true 'No Fee' traditional loans offer the best rates with zero fees — which means no loan origination, underwriting, or document fees at all. But for those who are still on the road to financial recovery, our access to higher-priced mortgages can offer great benefits for buyers."

Piette goes on to state: "We believe the path to economic recovery is being led by getting people back into homes. But these days, traditional loans just don't work for everyone. Several years ago we created our "Another Chance Nevada" programs specifically to give those buyers options for nontraditional financing. For those who have a good income with money saved for a larger down payment, these programs may be the answer to getting their family back on the road to financial freedom."

For additional information, call 702-485-6600, or apply online at www.premiermortgagelending.com.

Premier Mortgage Lending, NMLS No. 393282, is at 701 N Green Valley Parkway, No. 125, Henderson. The full-service lender is a member of the Las Vegas and Boulder City chambers of commerces, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.