Choosing A Mortgage Company
If you wish to shop around, and we recommend you do, we suggest you compare the following:
- Interest rates (and the "points" associated with the rate) vary daily. In addition, there are many factors involved with your specific "risk factors" which also impact the rate. Call lenders directly and compare on the same day. We take great pride in our reputation (see About PMC) and do not engage in any "bait and switch" tactics.
- Many mortgage companies that appear to have lower rates often compensate by charging "points" (pre-paid interest) and padding the typical closing costs. You must be careful to check all costs when you compare. PMC's fees range from $900 to $1,300, depending upon which of our lenders is offering the best rate on any given day. We only pass along the exact cost of the lender’s charges to you; you pay us nothing.
- PMC passes on only our exact costs - typically $525 for the appraisal.
- We do not pass along the cost of the credit report, typically $50.00 - $100.00.
- This is the most important issue. Typically, the rates and fees charged by the majority of mortgage companies fall into a narrow range. Thus, service and helpful advice should be the chief determining factors. Here are our services that differentiate PMC:
- 100% approval rate in 30 years! We have never had a customer rejected, in part because we take the time to "cross the T's and dot the I's," upfront! – Click here to go to the prequalification page.
- Origination and processing provided by one person: Only one contact during the transaction. In addition, this person is available to give rate quotes, status updates, advice, and answer questions 24 hours/day, 7 days/week.
- Status reports: Updates are provided via email and via direct verbal communication to ensure understanding regarding outstanding approval conditions.
- Close, personal, and detailed attention to our customers: Referrals comprised 100% of our business in 2021! See Reviews.
- Review closing costs with customers prior to settlement: Our customers thus know how much money (and in what form) will be required at settlement. We also review procedural issues associated with settlement so customers are never faced with any surprises.
- Attend all settlements: A PMC representative will attend your settlement with you. This benefits our customers in two ways: 1) We review for accuracy and explain all of the mortgage papers that are required to be signed, and 2) We also review all the closing costs to ensure that the mortgage company charges do not exceed their initial quotes.
- Independence: PMC is proud to be an independent Mortgage Broker and thus our loyalty is with you (see About PMC). While we have access to many different lending sources, we do not work for them. That means we are able to give our customers unbiased, independent advice.
Once you have selected your Mortgage Broker and have formally applied for the loan, you need to work with your real estate agent to satisfy any and all contingencies listed in your agreement of sale. At the same time, you need to gather any and all outstanding documentation that your lender needs to get you approved. The lender should be able to deliver a mortgage commitment (your formal approval) within 30 days.
When you feel confident that your mortgage application will be approved, you should order your title insurance and homeowners insurance. PMC recommends that you shop and select these third party service providers yourself – it's your legal right. No one involved in the transaction (Real Estate Agent, Seller, Lender, or Broker) can dictate whom you should choose.
Once approved, you should work as quickly as possible with your Mortgage Broker and real estate agent to satisfy any conditions associated with your conditional approval so that everything is resolved at least 10 days prior to settlement and that you will be properly prepared.
If you have any questions regarding this information, contact us at the numbers listed above.