Key to Millennial homeownership

Many Millennials want to enter the housing market, and even could enter, but are unaware they already hold the resources they need for homeownership

MillennialUp until down, Millennials have been trickling into homeownership, however they are waiting longer than previous generations to settle down and buy a home. Unlike previous generations, they have extra hurdles to overcome in their path to homeownership.

Millennials getting married later definitely impacts that timing. Also Millennials growing up during that subprime crash during 2005, ’06, ’07, ’08 – they saw what happened to their parents and/or family members and they have a bad taste in their mouth. I think the combination of both those things is making Millennials wait a couple more years than they would have done.”

And on top of that, the market is not pretty for first-time homebuyers right now with its fierce competition, inventory shortages and rising home prices.

Millennials are now entering a time when they are ready to buy a home, and simply don’t know that they can.

They just don’t know – that’s where your job, my job, all of our jobs is to help educate people and to help them know this is available today.

 

Most of them [Millennials] are on the fence not buying houses, and the big why behind that is they think they have to save up a lot more money for a down payment. When you tell them that a down-payment can be as little as two months’ rent, 96% of them say they’ll buy, and that’s a big difference.

He pointed out that, despite rumors that Millennials are not interested in buying a home, 91% say they do want to buy a home, a number that increases when told the down payment can be much lower than many think.

The study showed about 14% of potential homebuyers indicated they weren’t even familiar with the concept of a mortgage broker, while another 37% said they had heard of a broker, but didn’t know what they do.

The best place for a borrower to get a loan is a mortgage broker, and as you educate them and explain the options and the difference, they pick a broker 100 times out of 100.

Using brokers could give Millennials more flexibility and loan options to enter the market with 5%, 3% or even 1% down.

When Millennials realize that they have smaller down payment options, student debt also becomes much less of a problem. The greatest hindrance student debt creates is the inability to save up for a down payment. Once Millennials are educated on their options, that impediment is removed.

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Real estate market in Las Vegas rising from the grave

Left for dead during the recession, the Las Vegas real estate market has come back to life over the past few years.

Buyers are picking up new and used properties. Homeowners are getting above water. Developers are building apartment complexes. Employment and wages have climbed.

But it could take several more years before Las Vegas — ground zero for last decade’s real estate boom and bust — fully recovers from the worst recession in decades, which all but wiped out the local economy.

So what’s the state of the housing market? Here’s a barometer based on some recent reports, including how Las Vegas compares to the nation and how the market has changed in the past decade:

Foreclosures and underwater homeowners

When the economy crashed, Las Vegas’ housing market was among the hardest-hit nationally, choked by foreclosures and underwater borrowers.

Residents missed mortgage payments amid sweeping job cuts and lost their homes to lenders, emptying subdivisions valleywide. Home values also plunged, leaving the majority of borrowers underwater, meaning their debt outweighed their home’s value.

Home values

Las Vegas home values have climbed in recent years, but they have more room to grow than in any large metro area to reach peak levels again.

The median home value in the Las Vegas area in February was $201,900, up 9 percent from a year earlier. Nationally, the median was $184,600, up 4.3 percent, according to Zillow.

Locally, home values remain 34 percent below their peak, but across the U.S., values are 6 percent below the peak, Zillow recently reported.

Las Vegas’ gap was largest among the 35 metro areas listed in the report, highlighting Southern Nevada’s rapid home-value growth last decade and devastating crash.

Several cities have recouped their post-bubble losses and reached new highs. According to Zillow, home values hit new peaks in 26 markets during the past year or so — but not in Las Vegas.

Homebuilding

Builders couldn’t sell houses fast enough in Las Vegas during the years before the bubble burst, as loose lending practices by financial institutions left the market awash in easy money. But when the economy tanked, builders shut down, projects went bankrupt and buyers vanished.

Sales volume is climbing again, although it’s nowhere near what builders achieved last decade or in the 1990s, before the market inflated rapidly.

Builders sold about 6,800 new homes in Clark County last year, up 13 percent from 2014, and about 1,530 new homes in the first quarter of 2016, up 9 percent from the same period last year, according to Home Builders Research.

By comparison, builders sold about 17,900 new homes in the Las Vegas area in 1995. That soared to almost 39,000 sales in 2005, but plunged to just 3,900 in 2011.

HUNDREDS OF MORTGAGE OPTIONS UNDER ONE ROOFImage result for real estate industry las vegas

Superior Mortgage Lending is a Las Vegas Mortgage Broker by design. We partner with several lenders to offer multiple Loan Products and we are not captured with certain credit scores and can offer better rates and no fees. At Superior we have NO ORIGINATION AND NO UNDERWRITING FEES. Our ultimate goal is to create lasting relationships with our clients so that we may continue providing excellent service for many years to come. We offer a wide variety of Residential and Commercial Loans. Superior Mortgage Lending is your premiere team of mortgage professionals in Las Vegas.

One of the Best Mortgage Brokers in Las Vegas. Helping You Finance Your Dreams!

 

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Not Your Parents’ Mortgage: 2017 is the Time to Buy

The time for sitting on the sidelines is over.

With last year’s mortgage rates hitting historic lows and the Federal Reserve eyeing another rate hike later this year, prospective homebuyers have more reasons than ever to achieve their dreams of homeownership. But biding your time or using the wrong lender could cost you…big time.

Still unsure? Read on and see why low interest rates coupled with some of the best choices in mortgages are making 2017 a banner year for home-buying.

 

1) One Starbucks Drink Per Day = Down Payment

Most millennials think they need to put 20% down to buy a new home. Why? That’s how Mom and Dad did it in their day.

According to our 2017 Millennial housing outlook study, 70% of respondents say that saving for a down payment is the biggest obstacle to homeownership. But times have changed.

Today, you can buy or refinance a home for as little as 1% down—an average of about $2,000. Skip that daily Starbucks latte, and in 13 months, you’ll have a down payment. If you’re a renter, think about using your security deposit as a down payment.

 

2) Forget the One-Size-Fits-All Mortgage

When your parents shopped for their first mortgage, they probably went to their local bank. Today, TV tells you to go to a direct mega-lender. But did you know that there’s a better option?

An independent broker will shop your loan with multiple lenders to find the best rate that meets your needs. Big banks and mega-lenders only have one set of options—and getting you a mortgage is really only a part-time job in between selling other products like auto loans, CDs and checking accounts.

Unlike their bank counterparts, independent mortgage brokers can put in the time and legwork required to find the best options—including those same big-bank loans. In the end, more options means lower payments and extra money in your pocket. Use a website like FindAMortgageBroker.com / superiorml.com to connect with a broker near you.SML - PROGRAMS FOR CA AND NV

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Inventory is Key to 2017 Housing Market

The housing inventory, or lack of it, dominates Freddie Mac’s Outlook for April.  The company’s Economic and Housing Research team says the supply of for-sale houses, especially starter homes, is at its lowest level in over ten years.  This has real implications for home sales in 2017 and, unless inventories improve, they see a decline from last year when sales were the best in a decade.

Between December 2016 and February of this year homes available for sale averaged an estimated 3.6-month supply, based on the current rate of absorption.  This was the lowest supply since 2000.  Last year there were 1.17 million housing starts and Freddie Mac estimates there will be 1.36 million this year.  However, they also project a need for 1.7 million additional units just to meet the demand created by new household formation, second home demand, and to replace existing housing stock.

Average marketing time in February was 3.0 months, compared to a historical average of 5.3 months.  This alone, the economists say, is not a cause for concern if it can be explained by an efficient market.  However, the number of homes for sale, both new and existing is significantly below pre-crisis years.  The historic average for combined inventory is 2.527 million units; in February, the number was 1.801 million.

1 DAY APPROVAL

Mortgage rates, which are an important factor in home buying, could also come into play. If inflation reaches its target rate and labor markets tighten further, mortgage rates will rise as projected. This will make it difficult for some homebuyers, who might not be able to afford the higher mortgage payments and therefore might be sidelined.

Freddie Mac sees other economic news falling in line with their projections.  The labor market is continuing to strengthen, as the unemployment rate dropped to 4.5 percent in March-the lowest rate in nearly a decade, and inflation has gradually been ticking up since the start of the year. The Consumer Price Index (CPI) increased 0.1 percent in February and was at 2.7 percent year over year. Core-CPI (exclusive of food and energy components) increased 2.2 percent annually.

While full employment and rising inflation are signs of a strong economy, they also have the potential to push mortgage rates and house prices up. The higher rates and higher home prices (up 5.8 percent on an annual basis in January) create significant affordability concerns, which may continue to characterize the housing market for the rest of 2017.

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Americans are taking out the largest mortgages on record

Bigger homes, more expensive inventory, and lower down payments all add up.

For the past few years, the housing market has been unbalanced. Strong demand and lean supply keep pushing prices higher and higher.

Image result for luxury homes las vegas

On Wednesday, a fresh piece of data confirmed that trend. The Mortgage Bankers Association’s weekly purchase loan data showed that the average size of a home loan was the largest in the history of its survey, which goes back to 1990.

Higher prices have a few different effects on the market. Buyers have to make tradeoffs on the kinds of homes they can afford, or may be shut out of ownership altogether.

They may also adjust their borrowing. Larger mortgage sizes may reflect not just more expensive properties, but also more leveraged ones.

The 20% down payment is a relic: the median down payment in 2016 was 10%. For first-time buyers, it was 6%. First-timers and other buyers of less-expensive homes are more leveraged now than they were at the height of the housing bubble a decade ago.

Home loan sizes aren’t the only things that have changed in the years since MBA started its survey. Back at the start of the survey, the median mortgage size was only about 3.3 times the median annual income. It’s now over five times as big – though buyers get bigger homes and lower interest rates.

Mortgage loans and mortgage refinancing loans, types of personal loans, differ dramatically in loan amounts, duration and interest rates. Approval for these loans is not based solely on capacity of return also on the line of credit and/or credit history of the borrower.

Mortgage Loan Types

Mortgage loans can be either fixed or adjustable, with offered rates varying significantly from lender to lender and from one borrower to another. Adjustable rates are considered riskier because the payment can change significantly. In exchange for the risk associated, homeowner enjoy a much lower interest rate, sometimes lower than that of a 30 year fixed rate.

Two step mortgages, has the same interest rate for part of the mortgage and a different rate for the rest of the mortgage. The interest rate adjusts in accordance to the rates of the market. This may wither work to the advantage or disadvantage of the borrower. However this option likewise gives the borrower the opportunity to decide between a variable interest rate and a fixed interest rate at the adjustment date.

Balloon mortgages are much shorter return term and work like a fixed-rate mortgage. The monthly payments are usually lower because of a large payment at the end of the loan.

Regulations

All mortgage loan providers are regulated by federal and state entities and must follow and adhere to all laws in terms of lending and non-payment. It is important to understand the laws and regulations that apply to your loan and your lender before you take out a personal loan.

Important Information on Mortgage Loans

There are always risks when borrowing and there are consequences if the loan is not paid off. If the loan is not paid, you may be reported to a collection agency and face financial and credit score penalties.

Regardless of the length of the loan, all loans require repayment. Borrowers agree to pay back the loan in a particular amount of time and if borrowers are unable to do so they face legal implications.

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The Raiders Are Coming

LAS VEGAS STADIUM

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The Threat of Wire Fraud Is Real

Help buyers avoid falling victim to a growing real estate scam that dupes them into giving their purchase money to hackers.

Hackers are gaining access to e-mail accounts through captured passwords, and they’ll search inboxes for messages related to real estate transactions. Once they find a victim who’s in the process of buying a home, they’ll send a spoof e-mail that looks like it’s from their agent, title representative, or attorney, and it will say there are “new” wiring instructions, which includes a fraudulent account. The home buyer will then unwittingly wire funds directly into the hacker’s account.

“Once they send it, the money is gone,”. “Millions of dollars are lost on this.”

piggy bank being stolen

Here are six tips for keeping the transaction secure:

1. Build a standard warning about wire scams into your e-mail signature or include a disclaimer at the bottom of your e-mails that says you will not discuss personal financial information over e-mail.

2. At the beginning of every transaction, tell clients what your communication practices are.

3. If you or your agents do engage in a wire transfer with a client, call them on the phone immediately prior to the transfer of funds so they know they’re sending money to the legitimate source.

4. You and your clients should avoid free Wi-Fi with no firewall to protect against hackers capturing an e-mail password or other sensitive information.

5. Always use strong passwords and change them regularly; advise your clients to do the same. It also wouldn’t hurt for your client to change their password before wire instructions are sent.

6. Brokers should consider employing a staff person who’s responsible for monitoring, updating, and implementing information security systems and procedures at your company.

  • 1% DOWN CONVENTIONAL LOANS – Giving you a low down payment, a great rate and a head start on your equity
  • FHA LOANS – Taking FHA borrowers to a new level with industry-leading government rates and pricing
  • VA LOANS – A hero for our veteran borrowers. Whether you are purchasing a new home or refinancing
  • REFINANCE LOANS – Multiple options allowing you to refinance with aggressive pricing that help you lower your payment or cash-out
  • JUMBO LOAN – Look no further. Superior gives you the pricing and turn times you deserve with competitive pricing 
  • FIRST TIME HOME BUYERS – We have great alternatives for borrowers looking to purchase with a low down payment
  • MORTGAGES FOR CANADIAN CITIZENS – Canadian citizens who are interested in purchasing a second home in the US. We can help!
  • COMMERCIAL LOANS – With over 30 years of business, commercial and multifamily purchase, refinance and construction financing experience
  • ELITE – The obvious choice for top-tier borrowers! Comprised of some of the best rates and pricing in the industry. You’ve build outstanding credit, you deserve an outstanding rate
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Second Best Month in 11 Years for Pending Home Sales

Pending home sales in February surprised everyone with an unexpected jump of 5.5 percent.  The National Association of Realtors® said its Pending Home Sales Index, which is a leading indicator based on signed home purchase contracts, rose to 112.3 in February from 106.4 in January.  The reading is 2.6 percent above a year earlier, and surpassed index readings for every month since May 2006 with the exception of last April.

Pending home sales in recent months have worried the housing industry, indicating that the spring market might be less successful than hoped.  Analysts had expected pending sales to recover from their 2.8 percent downturn in January, but they undershot the market in their estimates for February.  Those polled by Econoday had been looking for an increase ranging from 1.4 to 3.5 percent, with a consensus of 2.4 percent.

Lawrence Yun, NAR chief economist, says the level of contract activity in February is proof that, with spring on the doorstep, demand is rising “Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country,” he said. “The stock market’s continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year.”

Added Yun, “Last month being the warmest February in decades also played a role in kick-starting prospective buyers’ house hunt.”

Yun says the tight inventory will continue to play a role in the spring market.  He expects to see “continued ebbs and flows in activity as new supply struggles to replace listings that are going under contract at a very quick pace. This is especially the case at the lower- and mid-market price ranges, where choices are minimal and prices are being bid higher by multiple offers,” he said.

He continued, “The homes most buyers are in the market for are unfortunately the most difficult to find and ultimately buy. The country’s healthy labor market is translating to greater job security, but affordability is not improving because home prices in some areas are still outpacing incomes by three times or more because of tight supply. How much new and existing inventory there is on the market this spring will determine if sales can reach their full potential and finally start reversing the nation’s low homeownership rate.”

Existing-home sales are forecast to be around 5.57 million this year, an increase of 2.3 percent from 2016 (5.45 million). The national median existing-home price this year is expected to increase around 4 percent. In 2016, existing sales increased 3.8 percent and prices rose 5.1 percent.

Contract sales were up in every part of the country. The PHSI in the Northeast rose 3.4 percent to 102.1 in February, putting it 6.6 percent higher than a year earlier. In the Midwest, the index jumped 11.4 percent to 110.8, although it is still 0.6 percent lower than the previous February.

Pending home sales in the South climbed 4.3 percent to an index of 127.8, 4.2 percent above the same period in 2016.  The West’s number increased 3.1 percent in February to 97.5, 0.2 percent higher than a year ago.

At Superior Mortgage Lending  offer a wide variety of Residential and Commercial Loans. Superior Mortgage Lending is your premiere team of mortgage professionals in Las Vegas.
  • 1% DOWN CONVENTIONAL LOANS – Giving you a low down payment, a great rate and a head start on your equity
  • FHA LOANS – Taking FHA borrowers to a new level with industry-leading government rates and pricing
  • VA LOANS – A hero for our veteran borrowers. Whether you are purchasing a new home or refinancing
  • REFINANCE LOANS – Multiple options allowing you to refinance with aggressive pricing that help you lower your payment or cash-out
  • JUMBO LOAN – Look no further. Superior gives you the pricing and turn times you deserve with competitive pricing 
  • FIRST TIME HOME BUYERS – We have great alternatives for borrowers looking to purchase with a low down payment
  • MORTGAGES FOR CANADIAN CITIZENS – Canadian citizens who are interested in purchasing a second home in the US. We can help!
  • COMMERCIAL LOANS – With over 30 years of business, commercial and multifamily purchase, refinance and construction financing experience
  • ELITE – The obvious choice for top-tier borrowers! Comprised of some of the best rates and pricing in the industry. You’ve build outstanding credit, you deserve an outstanding rate
 We have build a brand of professionalism and excellence, as well as having loan products to help more people. We specialize in Mortgages only, that is our mission. Call us today and one of our professional Mortgage Loan Officers can help you get started.

CALL TODAY 702-507-4170

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Fully Digital Mortgage For Brokers

United Wholesale Mortgage unveils fully digital mortgage for brokers |

Mortgage brokers now have the ability to compete with Quicken Loans’ Rocket Mortgage and other digital mortgage options from large lenders, as United Wholesale Mortgage unveiled its own fully digital mortgage that brokers can offer to their borrowers.

The new offering is called BLINK, which stands for “borrower link,” and according to the United Wholesale, it allows mortgage brokers to be on an even playing field in the digital mortgage space.

Digital-house

In a release, United Wholesale said that BLINK is an “all-digital, multi-functional loan portal that allows consumers and brokers to take an application no matter where they are.”

By using the system, borrowers have the capability to start the loan application process, pull their credit, e-sign documents, verify assets, and track the status of their loans – from anywhere, UWM said in the release.

Additionally, UWM said that BLINK allows each customer to use the system as much or as little as they’d like to.

“Borrowers can complete the mortgage process entirely on their own if they choose, or seek assistance from their mortgage broker at any time,” UWM said, “allowing the capability to co-browse screens with their clients in real-time to guide them through the process. Additionally, if a borrower wants to meet in person, they can still meet in person and complete the application online together.”

“With BLINK, new homebuyers or existing homeowners will be able to initiate the loan process from any mobile device, in the comfort of their home, on their own time,”

HUNDREDS OF MORTGAGE OPTIONS UNDER ONE ROOF

 We have build a brand of professionalism and excellence, as well as having loan products to help more people. We specialize in Mortgages only, that is our mission. Call us today and one of our professional Mortgage Loan Officers can help you get started.

CALL TODAY 702-507-4170

Your local Las Vegas Mortgage Broker Helping You Finance Your Dreams!

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Las Vegas High-rise Market Heats Up

After the Great Recession, Las Vegas high-rises were hard hit. But eight years after the crash, notable things are happening in Las Vegas’ niche high-rise market.

Prices have climbed with an eyebrow-raising $1,633-per-square-foot sale, move-up buyers and renovations. There are projections that demand for Strip high-rise homes may increase with the opening of T-Mobile Arena, the announcement of an NHL expansion franchise and talks could that lead to an NFL team in Las Vegas. Plus, unique opportunities exist to purchase top-level penthouses, gray shell penthouses, and even “a bulk” package of condos.

What has been happening in the high-rise market is consistent with other segments of Las Vegas’ real estate market in that it has been steadily rising. This leads to specific high-rise developments having smaller and smaller amounts of inventory for buyers.

About Mandarin Oriental – Las Vegas

The Residences of Mandarin Oriental Las Vegas are the most sought after condos in town. Praised for its prime CityCenter location and five-star luxury services, the building’s 225 exclusive units offer owners ultimate privacy and the very finest amenities. All just steps away, the Mandarin Oriental provides access to the very best shopping, dinning, and Broadway-caliber entertainment.

World-class services and amenities include: around-the-clock security, concierge and valet, doorman, pet park, fitness center, spa, yoga studio, salon, business center, billiards, conference rooms and more. Dinning options include: Twist by Pierre Gagnaire, MOZen Bistro, Mandarin Bar, Tea Lounge, and the Pool Cafe.

Image result for mandarin oriental las vegas lobby

Jumbo Elite

Give your Jumbo clients the pricing and turn times they deserve. Jumbo Elite loans not only allow you to offer competitive pricing to your clients, but they also allow you to close in an impressive 25 days or less.

  • Loan amounts up to $2 million
  • Exclusive rate incentives for borrowers with 740+ FICO
  • Eligible for primary and second homes
  • ARM and fixed-rate options available
  • Same-day closings with UClose

The only true Jumbo loan that is easy to close! Among the most competitive 30-year fixed rates in the industry, Superior Mortgage Lending offers incentives on all purchase transactions. From primary homes to investment properties, Superior provides jumbo loans with clear, hassle-free guidelines.

  • Eligible for primary, secondary and investment properties
  • FICOs as low as 700
  • Loan amounts up to $2.5 million
  • Fixed rate and ARM loans available

We offer a wide variety of Residential and Commercial Loans. Superior Mortgage Lending is your premiere team of mortgage professionals in Las Vegas.

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