February of 2014 marks the 22nd anniversary of PMC Mortgage Corporation. Not many mortgage companies can boast that kind of longevity, especially after the economic turmoil caused by the subprime debacle and subsequent credit crunch.
What have we done that was right?
- Refrain from arranging any subprime loans. Not one. And that was the right thing to do. The subprime frenzy was a train wreck waiting to happen.
- Compete effectively with the competition. Arrange relationships with the most competitive wholesale lenders in the country.
- Help clients’ establish their mortgage objectives in accordance with their overall financial picture and layout the appropriate mortgage “menu” items, allowing the client to see and understand all viable products in order to make an informed decision.
- Never let a question go unanswered.
- Never allow “surprises” at settlement.
- Always return phone calls promptly.
- Never engage in a “hard sell”.
I would like to thank all of our clients for their loyal business over the years. The mortgage meltdown of 2007-2008 resulted in major changes in the industry. Some good changes, some bad. The best news of all is that mortgage rates, as of this writing, remain incredibly low. For qualified borrowers, the product availability is widespread. The zero cost refi is available on fixed rates and ARMs, jumbo rates are back down, and the underwriting requirements have eased. For purchasers, applications are getting approved and the FHA has come around to replace the now extinct “low money down” programs, requiring only a 3 ½ percent down payment.
I will periodically update this page. Meanwhile, have a great 2014 and feel free to contact me if I can be of service.
PMC Mortgage Corporation
PMC Mortgage Corporation is licensed in the following states:
Virginia, License #MC-456, by the Virginia State Corporation Commission
Maryland, License #2284
Washington, DC, License #MLB-3681
South Carolina, License #MB-0906300-0906300