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Thursday, September 18, 2008

Mortgage: reading this post can be worth $350

mort = dead
gage = pledge
mortgage = death pledge

Edited: With the recent stock market crash, mortgage rates are likely to come down. Bookmark this post because a refinance opportunity will probably come your way in the coming months.

This could be the most valuable post you'll read all week, especially if you are or will be in the market for a home and accompanying mortgage.

So. Try to keep your eyes from glazing over...mine do when I hear about mortgages. I'll make this short and simple. And there's a little $350 for you at the end.

Through Lady Luck and Lending Tree, I found the cream of the crop in mortgage brokers during the re-finance craze in 2002 . Our broker did several remarkable things to make us lifelong customers, so we used him again in 2006 when we moved into another home.

Here are three reasons why we will ALWAYS use Eric Silvas at Partners in Lending when dealing with mortgages. And why you should consider him, too.

1. We didn't have to worry about the money being there at closing. It really had never occurred to me to worry, but our Realtor told us we'd be surprised how many shady or disorganized brokers/lenders couldn't quite manage to get the money on the table on time. I shudder to think of the complications that would cause.

Eric explains: We aim to wow our clients…not just satisfy them. We guarantee our processing on every transaction – I refund my $350 processing fee to any one who feels like they did not receive a high level of service. We send out Starbucks cards to our clients asking them to relax and have a cup of coffee on us because their loan is in good hands. We email weekly status updates, with phone calls as we hit certain touch points. We want to turn our customers into “raving fans” with each and every transaction.

2. Our plan fit US. Eric educated us on our options (not an easy task with all that glazing over I'm prone to) and created a long-term plan that worked with OUR situation, not with a product he wanted to sell. He kept our big picture in mind -- how long we'd be in the house and our employment situations in the coming years -- and formulated a mortgage that offered a low rate AND fit our long-term plans. Thanks to his tutoring, we were not caught up in the mortgage crisis.

3. We got a fair deal, meaning it worked for him and it worked for us. By transacting the loan at a fair prices, Eric builds clients for life, which is much easier for him than going after new clients. Even now, Eric periodically checks in with us, letting us know if interest rates are at a level that make sense for a re-finance. (I expect to hear from him soon.)

Let me give you an example of this fair deal. At closing on our refinance, the swirl of numbers turned up about $230 that we hadn't anticipated. When you're borrowing six figures, $230 is chump change. Still, I approached Eric about it and asked him to explain it to me. He did, and then he sent us a check for $230 because he wanted to make sure we were completely, totally, 100% satisfied.

That spoke volumes. And it's why, when we moved four years later, we rejected the advice of our Realtor to use one of her local mortgage brokers and stuck with Eric in Texas.

When I told Eric I was writing him up, I asked him for something for our readers. Without hesitation, he said,

"Anyone who contacts me by way of All Thumbs Reviews will receive a free home appraisal.*"

Just tell Eric All Thumbs sent you. My thumbs are up. And I'm staking my reputation on the fact that yours will be, too.

* typically worth $350.


Tina writes about a productive encounter with a sippy cup company. If you are looking for the perfect sippy cup, head on over to read what she has to say.


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1 chiming in:

chicklet said...

I did glaze over at first, cuz you know, it's about MORTGAGES, but your doods at Eric Silvas sound rockin.

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