Where We Work.. and Why you care!

Figured it might be a good idea to let folks know a little more about where we work… and why you care!

We work at First Financial Services, Inc. which operates as a NC Based Mortgage Banker.  This is important because we have a strong entrueprenureal spirit in our company, and as the slow march to extinction started for Mortgage Brokers - the leadership of this company made the move to be a Mortgage BANKER. 

This is an important distinction.  For MANY years, the best deal, and the best rate, and the cheapest cost mortgage loan came from a BROKER.  We operated as one for over 10 years!  In the last 12 to 18 months, regulation and sentiment have changed.  The Regulators want a mortgage “shop” to have some “skin” in the deal, believing that this will hold off another “meltdown.”

As a Mortgage Broker, the money for the closing comes to the “closing table” from the Bank the Broker decides to do business with.  These days, that is causing massive delays, as Banks are cutting staff and do not have the ability to underwrite loans and deliver closing instructions in a 48 hour period… so the service and price are not there.

Another option would be to apply for a mortgage loan with the Bank itself.  The drawback with THAT is that you only have THOSE mortgage rates!  So if the market moves, or the Bank you apply with doesn’t have the best rate on that program… well, you are not getting the benefit that made Mortgage Broker shops so attractive for so long.

At First Financial Services, we operate as a Mortgage Banker.  This means that we still “shop” for the best mortgage rate for you among all of the banks we sell to, and we retain the CONTROL over processing, underwriting, closing instructions, and funding your mortgage loan.  BEST OF BOTH WORLDS!

So, we work at First Financial Services, because we can give you the best service AND the best rates!

P.S.

Do you know a Mortgage Broker looking for a new “home?”  Have them give us a call!  Steve and Eleanor Thorne 919-649-5058