Merchants Home Loan Celebrates 5th Anniversary of 1st Rate Service Guarantee

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 15, 2010 -- “Mortgage rates go up and down, loan programs come and go, but service levels remain the highest priority at Merchants” says Marshall, a 19 year veteran of the mortgage industry.

First introduced in 2005, the 1st Rate Service Guarantee is a commitment to offer unparalleled service levels in an industry where customer service has become a slogan rather than a way of business. The guarantee breaks out what customers can expect throughout their mortgage loan process. Specifically issues like returning phone calls and emails within hours, thoroughly explaining all details of the transaction in a manner that everyone can understand, not overpromising and certainly setting the right expectations are just a few of the line items outlined in the 1st Rate Service Guarantee. If for any reason, the customer is not 100% satisfied that Merchants Home Loan met or exceeded expectations; a full refund of the $500 commitment fee is issued with no questions asked. To date, there have been a handful refunds out of 10,000 plus mortgage loans funded.

Merchants Home Loan, which is widely known for working with borrowers struggling to qualify under conventional mortgage loan guidelines, continues to assist renters in need with their Buy Ready program. Buy Ready not only helps renters to qualify for a new mortgage, but prepares them for homeownership by giving them professional guidance on restoring their credit scores, paying off or settling old debts and positioning them for success with their new mortgage. As we have seen over the last 3 years, millions of homeowners were not prepared to buy a home and settled for high interest, adjustable rate mortgages. When the payments were no longer affordable, these same homeowners were forced out of their homes now live with permanent foreclosures on their credit reports. Merchants Home Loan, a direct mortgage lender, conservatively calculates the borrower’s income and the amount of debt they can carry in relation to the amount of money they earn each month. In addition, all payments are fixed and with mortgage interest rates at an all time low, housing affordability is at a 40 year high. When you combine those 2 factors with the federal tax credit of $8,000, today’s new homeowners start ahead of the game with cash in the bank and low debt. This will help reduce the likelihood of the real estate market sliding any further and eventually aid in the recovery. “Our Buy Ready program puts people in to mortgages that they can afford not only today, but for the life of the loan. When you combine this with our 1st Rate Service Guarantee, it’s a double win for the consumer” says Chad Hartman, Branch Manager of the Tempe, AZ office.

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