MORTGAGE 101

by Mike Miles

 

Every Tuesday in the Shawnee Mission Post

Your Mortgage: Why Us?

 by Mike Miles

February 20, 2018

 

I had a wonderful client ask me yesterday the differences between our company compared to larger companies. The discussion originally centered around interest rates and then turned into the broader scope. These questions provide great opportunities to illustrate why our smaller, locally-focused and highly-trained mortgage firm is better than larger firms. Here are some highlights:

Rates:

If anything, our rates will be slightly lower compared to larger companies. All companies (banks, brokers or mortgage banks) borrow funds from investors for the purpose of lending that money to borrowers. We all use the same investors, so by default the interest rates are almost identical. That said, a small firm like Fountain Mortgage doesn’t have overhead costs such as huge advertising campaigns or large, non-producing corporate offices to support. So even though the source of rates is the same, we don’t have to mark up any margin to support expenses like others do.

Availability:

The lending and real estate markets don’t really ever have a day off. It’s not uncommon for our staff to be working with clients and real estate agents late into the evening or on the weekends. We recognize that we need to be available when people need us so they don’t miss out on opportunities. Buyers that work with larger firms tend to lose out on deals because they can’t get in touch with their loan officer after hours. We equip our staff to be available with layers of back-up the moment a buyer and/or agent needs us.

Responsiveness:

Time is money and delayed responses are unacceptable. We invest a lot of time and money into improving our knowledge base and communication efficiencies. Whether it’s delivering pre-approval letters or answering underwriting questions, Fountain Mortgage is streamlined, nimble, and has the ability to provide results within minutes. You’d be surprised at how long other firms take … it’s not hours but days.

Locality:

We know our markets inside and out. We know the agents, other experts in the industry (appraisers), and we know the area. We invest profits back into the community by way of commerce and charitable giving. We are based in Kansas City. We are not one of those retail shops located in Kansas City, but part of a large organization headquartered in a different state. We live and lend in Kansas City.

I don’t mean this post to sound braggadocious. We are proud of our growing footprint, but don’t let my bias cloud the significance of the information above. It’s truly unique to have a company fully at your disposal. You won’t hear a phone tree when you call us. If we get the chance to work together, we’ll know your name when you call. Every single relationship we have with our clients and agent partners means something special to our entire organization.

Mike Miles is one of the owners of Fountain Mortgage. You can find his column in the Shawnee Mission Post every Tuesday.