Neighborhood Vendor - Old Providence Mortgage

Here's something new we're going to do. We're going to interview each vendor on the Neighborhood Blocks, starting with Nelson Barrs of Old Providence Mortgage. Since we face such a housing crisis in our nation today, I thought it might be prudent to get some advice from an honest professional.

From the Neighborhood we learn a little more about them:

We believe that the mortgage process represents a unique window of opportunity! At closing you will set in motion some basic plans that will profoundly affect your financial future—and we’ll help you make sound decisions and find financial peace of mind for years to come!

No one is better to help make those decisions than Old Providence! That’s because we’re committed to the financial values of provident personal finance, and our expertise goes beyond mortgage programs and rates!

In addition to low rates and fees, we offer many free services—and they're offered to everyone, whether you need a mortgage or not. -- Read More

Question 1: Will you tell us a little bit about Old Providence Mortgage? When it was founded, why it’s founders decided to go into the mortgage business and a little history behind the company.

I have been in the mortgage business for over 7 years now. I decided to form Old Providence as a sort of reaction to all of the crazy schemes that mortgage companies come up with all in the name of building wealth. Many of my colleagues have gotten involved in “equity management” planning in which they encourage people to finance their homes to the hilt and cash-out all of their equity in order to build wealth. Others have begun selling $3,500 software packages that supposedly help people pay off homes in 1/3 the time. The more I looked into these options for my clients the more I came to believe that what people really is just good old fashioned knowledge and discipline. Paying off debt (including your home) is very important to me - but the method of doing that has been around for generations. There’s really no magic pill, but there are very effective techniques. We teach those techniques for free, and we encourage our clients follow the proven, old fashioned principles of provident living.

Question 2: Old Providence Mortgage, according to your website,” are champions of provident personal finance and are [our customers’] partners in a life-long effort to live those values.” Can you explain exactly what promise you are making to your customers with that statement?

It means if you’re trying to stay out of debt, if you want to finance your home in a prudent and responsible way, then we’re the company for you. Mortgage companies have gotten into the habit of offering things like interest only, or 40 year mortgages. We try to help our clients find ways start their mortgage with the end in mind. We want our clients to understand their options, and see how these decisions affect their long term financial help. Clients are sometimes surprised at how affordable a 25, 20, 15 or 10 year mortgage can be.

Question 3: In today’s volatile and decidedly buyer’s market, what has Old Providence Mortgage done to remain above the financial fray currently besieging the nation?

We have always been careful to do what’s in the best interest of our clients - and they come back when they’re ready to buy their next home, or when their friends and family need a lender they’re quick to tell of their experience. Good old fashioned things like answering the phones every time they ring, taking time to explain options, and teach clients about the mortgage process. The loan officers that I have hired have also built their business this way. Too many mortgage companies focused (and many still do focus) on short-term profits for themselves instead of what will make their clients come back every time they need a mortgage.

Question 4: What advice can you give to potential customers in preparing them to purchase a home?

I would suggest that they speak to a loan officer early in the process - even a year or more before they buy a home. They should go through the application process and try to get fully pre-approved. This way the loan officer can point out specific areas of their application that can be strengthened before they buy their home, and they can also start to establish that life-long partnership that we hope to achieve with our clients. At the very least they should download some of the e-books that we have on our web-site intended to educate and make them comfortable with the process and requirements for buying a home.

Question 5: You have a wonderful learning section of your website, please tell us a little about that.

Part of our mission statement is that we are “educators first” which means we build relationships by teaching. We wanted that to show in our learning section. It’s a great place for people to learn about mortgage, debt elimination, and provident living without feeling pressure. We think knowledge should be free - and our web-site is one of the best ways to spread that knowledge.

Question 6: Why Old Providence Mortgage over other companies?

It really comes down to values and relationships - use Old Providence if you want someone who will encourage you to make sound decisions when they matter most. Also, our loan officers are very experienced, which helps reduce stress for the borrower - the same loan officer that quotes their rates and fees will take them all the way to closing, and will be there to make sure that we deliver what we promise. We take pride in closing loans exactly as they are quoted at the beginning.

Question 7: What does Old Providence Mortgage see for the financial future of this nation?

Unfortunately - debt is increasing. The majority of people aren’t saving - in fact many don’t know how to successfully save money. I don’t think we can really change that on a national level, but we can help our clients take a different path - a provident path that eliminates debt and risk far faster than most people may know is possible. The home-buying decision is a critical moment for many families - that’s why we feel we can make such a difference. We’re standing at this fork in the road pointing toward the provident path, and teaching people simple principles that have served our community for generations.

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And there you have it my fellow bloggers, great advice from one of the yourLDSNeighborhood Vendors on the Service Block. If you are looking to buy a home, it is my recommendation you comb over the Old Providence Mortgage website and educate yourselves. Take the time to do it right and you won't be regretting a hasty and hard pressed decision later, as many are now.