The consumer is constantly exposed to advertising that boasts about a mortgage company having the lowest rates, the best service, etc. Gimmicky programs like "six months with no payments" and pay option ARMS with 1% starter rates that the client pays dearly for in the end are also used as bait to get clients in the door. The truth is clients are simply looking for honesty and the best overall program and plan for their situation. The average "rate shopper" misses out on the best mortgage plan by failing to factor the many variables that go into solid mortgage planning such as: Various mortgage insurance programs available (lender paid, client paid, FHA mortgage insurance, VA funding fees); How long the client plans to stay in the home: Best strategies for lowest payments; Best strategies for paying off the home faster. There are many other important items to consider when determining which mortgage program/product fits the overall needs of a client.
Some loan officers commoditize the process by simply discussing rate with a client. This usually happens because many loan officers are untrained when it comes to understanding how to structure a mortgage as a financial instrument rather than a loan to buy a home. We are a professional firm who knows how to assist our clients in taking part in the best transaction to fit their situation. Because we are correspondent (direct) lenders we often have better pricing/rates than a broker but we believe that the overall plan which often results in the lowest payment is more important than simply focusing on rate. We offer a comprehensive plan to all our clients that usually provides a comparative analysis of three programs that compare rates, terms, fees, loan types (FHA, VA, Conventional), programs (fixed, adjustable, etc.), strategies to get the loan paid off early, and equity establishment comparisons for each program. The best item to consider is that the cost of getting a full service mortgage lender in us is no more costly up front to the client or perhaps even less costly (think Ritz-Carlton vs. Motel 6 for the same price- A NO BRAINER). I am the only Certified Mortgage Planning Specialist (CMPS) in Northwest Louisiana and one of only three in the entire state of Louisiana. Less than 1% of all mortgage loan officers in the United States hold this accreditation. I have over twelve years in management in the mortgage and financial services profession and have been the President of Universal Home Mortgage for over five years. My staff and I have the credentials required to get the job done.
We are proud to be in our sixth year of business in the Shreveport-Bossier area. We do business all over the states of Louisiana, Texas, Georgia, Arkansas, and Mississippi. You probably haven't seen us in a bunch of fancy advertisements because we have been a referral-based company from the beginning. One of the unique features we offer is a customer for life program for all clients. We set up each client on a rate watch program and keep in touch through database marketing when rates drop to the point where a refinance opportunity exists. We offer a "no points/no fees" refinance for our past clients at that time. We also have consumer direct marketing systems in place that allow us to pre-qualify borrowers and deliver referrals to our preferred CPA, financial planners, and top Realtor partners. This provides a win for the clients and everyone else involved in the process. We also have a daily status report that is delivered to all parties in the transaction (listing agent, buyer's agent, title company, buyer, seller, etc.). Because we are a lender, we can have our documents delivered to the title company days in advance. These simple systems help us and our clients avoid the "surprises" often associated with a mortgage closing. Check out my blog at http://kevinwhatley.thewrittenblog.com or contact me directly at 318-929-LEND with any questions or comments. I look forward to quality interaction with other Active Rain members.
