As you embark on your homeownership journey, it's important to familiarize yourself with closing costs. These are fees that typically represent 2-5% of your home loan and are a standard part of the process. We're here to demystify closing costs for you, ensuring your...
NMLS: 90974
3363 E Presidential Drive Suite #200
Meridian, Idaho 83642
(208) 629-0606
State Licensing Information: ID-MLO-8731
Premier Mortgage Resources Blog
The Importance of a Mortgage Preapproval
When purchasing a home, one important step that homebuyers often overlook or delay is getting preapproved for a mortgage. Mortgage preapproval is a service provided by lenders that offers homebuyers a comprehensive understanding of their borrowing capacity, giving...
Premier Mortgage Resources, LLC is not affiliated with or an agency of the federal government. The material is not provided by, nor has it been approved by the Department of Housing & Urban Development (HUD), the Federal Housing Administration (FHA), or any Government agency.
All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied.
This is not an offer to extend credit or a commitment to lend. All loans are subject to underwriting approval. Any programs shown do not demonstrate all options or pricing structures. Not all customers will qualify. Terms, programs, and underwriting policies are subject to change without notice. Some products or loan amounts may not be available in all states. Other restrictions may apply.
Refinances
By refinancing your existing loan, the total finance charge may be higher over the life of the new loan.
100% Financing Programs
The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. You should consult a tax adviser for further information regarding the deductibility of interest and charges.
ARM Loans
After the initial fixed-rate period on an Adjustable Rate Mortgage (ARM) loan, your interest rate may increase periodically (annual or semi-annually) according to the market index. If the interest rate resets, your monthly mortgage payment may increase.
Lower Rates
Lower rates typically have higher closing costs in the form of discount points.
About HECM (Reverse Mortgage)
At the conclusion of the term of the reverse mortgage loan contract, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to you and you may need to sell or transfer the property to repay the proceeds of the reverse mortgage from the proceeds of the sale or transfer or you must otherwise repay the reverse mortgage with interest from your other assets.
We may charge an origination fee, a mortgage insurance premium, closing costs or servicing fees for the reverse mortgage, all or any of which will be added to the balance of the reverse mortgage loan
The balance of the reverse mortgage loan grows over time and interest is charged on the outstanding loan balance.
You retain title to the property that is the subject of the reverse mortgage until you sell or transfer the property and therefore you are responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts may cause the reverse mortgage loan to become due immediately and may be subject to a tax lien or other encumbrance or to possible foreclosure; and
Interest on a reverse mortgage is not deductible from the person’s income tax return until the person repays all or part of the reverse mortgage loan
Reduced Documentation loans (No Doc, No Income/No Asset, Stated Asset, No Ratio)
These products may have higher interest rate, more points or more fees than other products that require more documentation, including income documentation.
Tax Exemption/Deduction
Any statements regarding tax deductions or exemptions are for information purposes only. Always consult a tax advisor regarding your specific tax situation.
Opinions
Any opinions expressed within blogs, videos, podcasts, interviews, presentations, or other online content are solely the opinions of the individual/author and do not represent the opinions or policy of Premier Mortgage Resources, LLC.
PMR is not a course provider and does not provide credits for any CE class.
Texas Complaint-Recovery Fund Notice
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT http://WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT tel:18772765550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMNT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT http://WWW.SML.TEXAS.GOV.
Eric Wills has been my go-to loan officer for my last two home purchases. He is friendly, responsive, and most importantly eager to get the job done. I would highly recommend him to anyone looking to purchase their dream home.
I highly recommend Eric and his team. They helped close my loan when others couldn’t! I’ll be using Eric and his team for years to come.
We've done three loan's with Eric and his team. He's great with communication and stays on top of everything. It's been a pleasure doing business with him!
Eric was great and helped through the years….from 1-10and he was 10 r&d
Erick Willis has been my loan officer for the last 9 years or so. He has done a outstanding job for my wife and I.
Eric Willis has been my loan officer on 4 home loans. Always upbeat and on point. Thank you Eric.
Eric has closed on two loans for me over the last six years. He has made it effortless. I have recommended him to several friends who loved working with him. I would highly recommend him to anyone.
First time home buyer…. Eric is awesome always available and gets right back with answers I look forward to doing business with him in the future
Eric is awesome. Stays in touch. Would recommend.
Eric did my refinance and I am still astonished that he got it done, but he did outstanding.
Communication is top notch.
Eric and Rachel were really great people to work with at PMR. I would recommend them and use them in the future.
The process with Eric was great, I would highly recommend him
I was very pleased with Eric- he is great to work with and stays in touch consistently through the process. I would HIGHLY recommend him and his crew!
Great experience with Eric and his team. He is a super communicator, he finds the best deals and acts very quickly.
Highly recommend Eric and his team!
Eric is amazing!! The best choice I made in the process of refinancing what I thought was impossible. Eric is professional, knowledgeable, caring, calming. Always kept me informed. Eric changed my life and now have financial peace of mind. Eric will always be my first choice and would proudly recommend him and Premier Mortgage. Thank you soo much. Eric sets the standard of excellence HIGH.
Eric was so helpful and walked us through the entire process of buying our first home. I couldn't have asked for a better loan officer.
Great experience with Eric and his team. Highly recommend Eric and his team!
Eric was great, made buying a house SO SIMPLE and a breeze to get through. Super thankful for the process!
Eric is very good at his job and is a pleasure to work with
Eric was always thorough and was able to complete my loan with no hassles. I have used his services several times and will continue to use them in the future.
Eric was very efficient and helpful. Got the job done in a timely manner. I will use him again if I need to. He was polite and courteous. Thanks
This is our third time working with Eric so you know we would definitely recommend him. Very efficient and our refi closed quickly. Very helpful and we appreciate his advice.
This is the second time having Eric and his staff help us both times they have done a superb job and got the results we wanted thanks again
Eric and his team did a great job for me on my refinance. Whenever something came up they guided me to the solution needed to resolve the issue. I would not hesitate to use his services again.
Eric and all of his staff did a truly great job guiding myself and wife through the process of refinancing you really need a pro like Eric.
Eric Willis and his team were able to make closing on our house seamless and easy. He is very knowledgeable about the closing process and I felt he always kept our best interests in mind. I will utilize their services if and when I am making another purchase. Thank you so much!
I have worked with Eric for many years on several refinances. I would highly recommend him to my friends.