Why Choose 2nd Generation over a large national mortgage broker?

May 22, 2009

My business is market research, so when it came time to refinance I did a lot of . . . research.  After spending a few weeks visiting web sites and speaking with brokers, I came down to Amerisave, a national online broker, and 2nd Generation Mortage, a local broker.  I was drawn to Amerisave because their site provided detailed information on rates and fees that made it easy calculate my total costs and promised an easy application and closing process .  I liked 2nd Generation because Paul Picchierri was knowledgeable, provided good practical advice, and seemed as interested in helping me as in potentially winning my business.  

When it came time to make a decision, Paul matched Amerisave’s rate and closing costs and I decided to go with 2nd Generation, based on my gut feeling.  But as we were working through the process Paul realized that the bank he had lined up would not process the loan at the original closing costs due to a technicality related to paying off a home equity line of credit early.  Paul was up front and candid, and while I wanted to work with him, I felt I had to go with the lower closing costs of the big online broker.

After 15 minutes working through the application process with Amerisave I realized I’d made a mistake.  Their agent pulled up my credit report – admitted that there was an error that pulled my score just under 800 – and told me that because it was not 800, my closing costs would increase by over $900.  Then he started rattling off all of the documents I’d have to provide to close the loan.  As I was about to give him my credit card I told him I needed to call home to tell my wife I’d be running late.  I then called Paul at 2nd Generation.

I explained to Paul that, due to Amerisave’s late (and dodgy) fee increase, we were in the same price range and I wanted to work with him.  But Paul went a step further.  While I was on the phone with Amerisave, Paul found another bank that could close the loan at the originally stated closing costs—saving me $900 compared to Amerisave’s actual (and recently hiked) fees.  

So here it is in a nutshell.  National online brokers seem to offer the best rates and make the closing process seem straightforward.  But in my experience, what was promised was not delivered when it came time to apply for the loan.  In the end, Paul and 2nd Generation beat the large online broker, made the closing process a walk in the park, and not only delivered on their word, but exceeded my expectations. 

Thank you—it was a pleasure doing business with 2nd Generation.

Sincerely,