Monday, September 11, 2006
The Mrs. and I are in the process of purchasing a home. I've recently misplaced my mountain of cash, so we sought financing. I contacted four to five different mortgage companies, both local and national, to compare rates, fees, and customer service. Most of the companies were similar in rates and fees, only varying by small percentage points and a few hundred dollars in fees. However, some of the loan specialists/officers/advisors varied in their knowledge of their products.
I ended up choosing a mortgage company based on the level of assistance they gave me, APR, promptness, and company size/reputation.
One local company was quickly ruled out when I discovered the man I spoke to every time happened to be the owner of his five-man company. He did have slightly lower rates, but ultimately, I decided to go with more stability. His email response when I informed him that I had chosen another financing option:
I opted to avoid another company because the loan ... "person" was incredibly slow to respond, often giving excuses about "new software" and "meetings". I understand that problems happen, but when you're competing against other companies for business, you have to be on top of your game. Her response:
On the opposite end of the spectrum, a local company's representative congratulated me on the home purchase and told me she'd still like to compete for my business if that's possible. Very polite, professional, and relatively exceptional. She has secured her company a recommendation and a bookmark for the next time I do this dance.
Just remember: You may lose a current deal, but don't slam the door shut on many down the road with the customer or the customer's potential recommendations.
Also: One punctuation mark is enough!!!!!!!!
I ended up choosing a mortgage company based on the level of assistance they gave me, APR, promptness, and company size/reputation.
One local company was quickly ruled out when I discovered the man I spoke to every time happened to be the owner of his five-man company. He did have slightly lower rates, but ultimately, I decided to go with more stability. His email response when I informed him that I had chosen another financing option:
It would be in your best interest to take anotherHow's that for potential customer service?
look. If you send us your GFE from the other company I'm sure you'll be
satisfied. If not, it is your money to waste and I wish you luck.
I opted to avoid another company because the loan ... "person" was incredibly slow to respond, often giving excuses about "new software" and "meetings". I understand that problems happen, but when you're competing against other companies for business, you have to be on top of your game. Her response:
Not even going to give me a chance to compete????In hindsight, I should have thrown my best offer into the middle of the pack and let them fight it out. I'll remember that next time. However, her tone and use of multiple question marks ensures that she will not be one of the customer-hungry beasts.
On the opposite end of the spectrum, a local company's representative congratulated me on the home purchase and told me she'd still like to compete for my business if that's possible. Very polite, professional, and relatively exceptional. She has secured her company a recommendation and a bookmark for the next time I do this dance.
Just remember: You may lose a current deal, but don't slam the door shut on many down the road with the customer or the customer's potential recommendations.
Also: One punctuation mark is enough!!!!!!!!
