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Why Did We Decide To Show Our Rates?
We’ve made a bold decision to showcase our interest rates (the lowest Atlanta mortgage rates) directly on our website.
How many mortgage companies actually display their rates online? Almost none. There are a few (false!) reasons they’ll give you for this:
Myth #1: Each mortgage is unique and there is no way to display all rates for all scenarios.
The Truth: It may not be possible to display all possible scenarios, but we can give accurate quotes on 99% of the average borrower’s situation.
Myth #2: It’s hard to stay in regulatory compliance when showing rate quotes.
The Truth: The federal guidelines are very clear and easy to understand.
Myth #3: It’s too expensive or time consuming to update the rates on a to-the-minute basis.
The Truth: Current technology makes this very easy and affordable.
Why companies really hide their rates.
When I first started in the industry, I worked for the used car dealership of mortgage companies. Our rates were extremely high, the company capitalized on dishonest methods, which they used on the financially illiterate. I worked their for six weeks. I quit in disgust at their methods.
You can be sure that these guys would never advertise their rates up-front. They were atrocious. The customer wouldn’t get a true rate quote until after they’d agreed to use the company.
“Sell Service, Not Rates”
The mantra that our sales managers–pro tip: if a mortgage company has a “sales manager”, you should run away–the mantra that they beat into us was “Sell service, not rate.”
What they meant was that you should be pitching how great your service is instead of how great your rates are. With many things in life, this is probably good advice! Service is more important than price when it comes to most things: landscaping, fine restaurants, nice hotels. You get what you pay for, right?
There are two issues with this widespread mantra when it comes to the mortgage industry:
- You can offer both! ATL Mortgage offers low rates while still offering the best service in Atlanta. See our reviews to see why ATL Mortgage is the best mortgage broker in Atlanta.
- The second issue with “sell service, not rate” is that your mortgage rate is your mortgage. That’s all a mortgage is! If you get a $250,000, 30-year loan with a rate that’s .25% higher in interest, then you will pay an extra $18,750 in interest over the lifetime of the loan.
Finally, those high-cost mortgage loans don’t actually result in better service. ATL Mortgage is a small, lean mortgage broker with low overhead. We’re staffed by a crack team of experts who know the guidelines and lender requirements backwards and forwards. Larger companies have bigger expenses. You’ll get passed from a junior loan officer, to a loan officer, to a processor, to an underwriter, and more! Each one of those people has to get paid, and each step lengthens your process and gets you closer to blowing past your closing date.