First Mortgage Company

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Kerrick Draper, First Mortgage Company

Kerrick Draper, First Mortgage Company

First Mortgage Company: Local, Hassle-Free Loans from Start to Finish

Article Debra Laizure

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 goal for his entire TEAM is to help each client 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 most all 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.”

First Mortgage Company provides hassle-free local processing, underwriting, and closing. The process is so efficient they boast “application to close” takes only 30 days usually. In fact, all loan closings are done in-house and typically take only 20-30 minutes.

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.”

Investment Opportunities

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 cash-out refinances. Homeowners 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. Rates are very low right now and government insured rates are even lower.

Interest Rates

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 with interest rates being where they are now, extremely low, this is a great to buy or refinance a home if it makes financial sense to the customer. However, in order to benefit from the extremely low interest rates, the customer needs to meet certain financial requirements. That’s why working with knowledgeable, professionally licensed loan officers is critical.

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.”

Refinance Now

Draper reminds us 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 a client they shouldn’t do a refinance because that’s the way we operate, but a lot of people with higher interest rates 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

 

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