Local, Hassle-Free Loans from Start to Finish
First Mortgage Company is the largest independent FHA and VA lender in Oklahoma. They provide almost every loan under the sun, from conventional, FHA, VA, rural development, state/Tulsa county bond loans (first time homebuyer), one time close construction, jumbo, rehab/remodel, and Native American loans (HUD 184).
Manager Kerrick Draper has been in the mortgage and finance industry for more than 30 years. The company goal is to help everyone buy the home they love with the mortgage that fits their needs.
He says, “First Mortgage Company has been in Tulsa for 25 years. The experience level in our office is phenomenal with 15, 20, and 25+ years experience in several different departments.”
30-Day Loan Closings
First Mortgage Company prides itself on a smooth and easy loan process. The company’s experienced loan officers take the time to sit down across the table from someone and strategize which loan is best for them and their family.
Draper says, “One thing that I think sets us apart is that from start to finish, the loan never leaves our office. That gives our clients the extra assurance that we will close on time!”
First Mortgage Company provides hassle-free local processing, underwriting, and closing. The process is so efficient they boast “application to close” usually takes only 30 days. In fact, all loan closings are done in-house and typically take only 20-30 minutes. These are some of the benefits of doing everything under one roof.
How can they close so quickly?
He says, “It’s simple. We are the lender, so there are only our documents. We aren’t a middleman, a broker, so there’s not multiple sets of documents for each entity involved in the transaction—there’s one.”
Draper says it’s a good time for investments because borrowing money on a mortgage is so inexpensive. We often work with clients to do a cash-out refinance. Homeowner’s can take advantage of low interest rates by pulling equity out of their home, putting it on a fixed term, and using the money to make an investment, buy a vacation home, or pay off some other debt.
However, utilizing the equity to make an investment depends on a person’s risk tolerance. It’s not for everyone. But for those comfortable with this situation, they can use the money to their advantage. For instance, a conventional 30-year fixed loan rate is in the low 4% range. Government insured rates are even lower.
“If someone borrows money at 4%, and invests it for 8, 9, or even 10%, and has a fixed mortgage for a certain period of time, then they could potentially make a good return,” says Draper.
It’s still an opportune time to buy or refinance a home.
With the impending 2016 election comes speculation about interest rates. Most people believe interest rates will go up, but Draper’s biggest question isn’t when they will go up but by how much. He explains that 5% is still a first-class interest rate. Bringing it back to reality, in 1981 the interest rates topped out at 18.45% on home loans. So, 5 or 6% percent sounds pretty good.
He says, “I don’t think there will be any significant movement on interest rates until after the election. But, all it would take is one large financial institution to go belly up to change things on Wall Street.”
Draper reminds us that there are still a lot of people today who are paying a much higher interest rate than they should be. Maybe they refinanced five or six years ago and feel it might not be beneficial to do it again or they think it’s too much trouble to refinance.
He says, “We’ll be the first one to tell someone they shouldn’t do a refinance because that’s the way we operate, but a lot of people in the high 4% or 5% range could really benefit from refinancing. It might be good to refinance and it might not be—but if it’s not, we have the staff that will tell them, ‘No, don’t do this and here’s why.'”
This kind of honesty is one of the reasons First Mortgage Company has earned its solid reputation in the community and continues to grow.
First Mortgage loan officers take the time upfront to work through several different scenarios with a client to determine what is best for them and their family. It’s not just about the loan; it’s about the relationship and making the process enjoyable.
Draper says, “I personally believe every customer deserves red carpet service, not red tape.”
If you are looking for great advice and personal attention on a home loan or refinance, stop by First Mortgage Company at 2504 E. 71st St., Suite A, in Tulsa, call 918.496.2241 or visit them online at FirstMortgageCo.com.
First Mortgage Company is an Equal Housing Lender, Company NMLS # 2024, Branch NMLS # 251162