Let’s face it, owning a home really is a big deal – and not only for the financial benefits it can bring. (Although really, we think that should be reason enough!) There’s also a significant emotional boost when you’re handed the keys to your very own home. There’s an incredible sense of accomplishment, of knowing you’re providing a secure foundation for your family, feeling a part of the community, and having the ability to build the life you choose. It can literally affect everything else going on in your life and that of your family.
But surprisingly, many people just make the assumption that buying a home is something that’s out of their reach. In fact, some studies show as many as 50% of renters would prefer to own rather than paying a landlord each month – but they never even inquire if they’re eligible for a home loan.
To Rick Piette, owner of Las Vegas-based Premier Mortgage Lending, that’s just giving up on your dream. “Sometimes, people don’t think their credit is good enough; or often, they think it means saving up for a big down payment plus a lot of closing costs – and they’ll just figure they’ll never be able to come up with that much money at once.”
But now there’s a way to get into a home without that big cash outlay. In fact, buyers can now buy a home for about the same as the cost of moving into a rental apartment or home – with Premier Mortgage’s new “Conventional One Percent Down with Equity Boost” mortgage loan.
“This loan program is successfully turning many renters into homeowners. And if you look at the numbers, it’s easy to see why,” explains Piette.
“Imagine finding a home to rent for $1,500/month. By the time you pay the first and last months’ rent, plus security, cleaning, pet, and other deposits, it’s probably going to cost you $4,000+ just to move in.
“But what if instead, you buy a $285,000 house. Your down payment will be $2,850, and your total monthly mortgage payment (with taxes and insurance) will be about $1,750. However, since you gain tax advantages by owning, your tax-adjusted payment (assuming a typical 25% tax rate) would be under $1,400 per month. That means you’ll actually save money on both your initial investment cost and your monthly payment.”
“It gets even better, though,” Piette reveals. “It’s a 30-year, fixed conventional loan, so the mortgage payment never changes. It also falls within our “No Fee” loan structure, which means borrowers pay $0 for Loan Origination, Documents, Underwriting, and Prep fees.
“And the icing on the cake? At close of escrow, the lender contributes an additional 2% down, so as soon as the buyer is handed the keys, they have 3% equity ownership, not just 1%.”
“The bottom line is that our 1% Down program takes a lot of the “scary” out of getting a mortgage loan,” Piette continues. “And when you compare the numbers of renting vs. buying with this loan, it’s tough to come up with an argument not to buy a home!”
To learn more about the qualifying conditions for this loan, visit Premier’s website at www.1PercentLoan.com. For additional information or to schedule an appointment to discuss Premier Mortgage Lending’s many other available loan programs, call (702) 485-6600. Or, apply online at www.premiermortgagelending.com.
Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.