Buying a home is one of the biggest decisions most people will ever make, and finding the right mortgage is a crucial step in the process. It is imperative for buyers to have a trusted advisor who can guide them along the way and address all of their concerns.
That’s where Medford Mortgage comes into the picture. With almost 30 years of combined experience in the industry, cofounders Ted Trump and Dan Haney are happy to make the mortgage process as easy and worry-free as possible for their clients. South Jersey Magazine recently sat down with the pair to find out more about their business.
South Jersey Magazine: Who is Medford Mortgage?
Ted Trump: Medford Mortgage was founded by myself and Dan Haney in 2014. With over 26 years combined experience in the mortgage industry we were able to develop a low-cost structure that enables us to consistently deliver industry leading rates to our customers that includes a no closing cost option.
SJM: Why should someone choose you over a “local bank?”
TT: Borrowers have become much more knowledgeable since the crash of 2008 and most customers understand the basics of shopping for a mortgage. The internet age has enabled consumers to shop for the best rate with the lowest costs from the comfort of their own home. They have the ability to independently research a company’s online reputation by reading reviews and their Better Business Rating. With all of the many changes in the industry it is important to choose someone with years of experience that can educate you through the process to ensure you make the best informed decision. Due to our low-cost structure we have the ability to deliver much lower rates and fees than a local bank while providing a personal one-on-one experience.
SJM: I see all of these commercials for Quicken Loans. What makes someone choose Medford Mortgage over a company like Quicken Loans?
Dan Haney: Quicken Loans is the current industry leader for a reason. They have a pulse on what clients are looking for, which is excellent customer service and a fast, hassle-free process. We are lucky to be one of only three mortgage companies in New Jersey that is a preferred partner with Quicken Loans and are actually featured on their website. We are part of their “wholesale division,” not the “retail division,” which is very different. Quicken Loans heavily advertises which attracts customers to contact their retail division. Most of these clients do not shop and will take the rate given by one of their inside sales reps. Quicken Loans understands that this will only bring in 50 percent of mortgage applicants and the other 50 percent are going to shop online. In order to attract these customers they have to partner with a broker like Medford Mortgage. Understanding that we have several banks to choose from, Quicken Loans gives us wholesale rates versus retail rates. These rates are approximately .25 percent lower than the retail side. We do not charge any lender fees, where Quicken Loans retail charges over $500 in lender fees. The benefit of choosing Medford Mortgage over Quicken Loans directly is not only the lower rates and fees but the ability to still use their services. They are a well-oiled machine when it comes to a fast and smooth underwriting process, which we take full advantage of. They take special care of us and ensure that our loans are top priority. Their process allows us to deliver 24-48-hour loan approvals and we can close loans within two-four weeks. The combination of choosing someone with our experience to hold your hand from start to finish and the ability to be partnered with such a great company ensures the best possible mortgage experience for our clients.
SJM: Do you see the slight rise in interest rates having any impact in the mortgage industry?
DH: The rise in interest rates is a positive sign that the economy is doing well. This means that people are finding jobs and making more money. The slight rise in rates should not deter anyone from buying a home since they will have more income to offset a slight rise in payment. Even if rates reach 5 percent, by historical standards that is still low. Interest rates are also tax deductible and the ability to write off this higher interest at the end of the year will help to offset any increase in interest rate and payment. Analysts are projecting 2018 to be one of the best purchase markets in recent years.
32 S. Main St. | Medford
(800) 538-6863 | MedfordMortgage.com
Published (and copyrighted) in South Jersey Magazine, Volume 14, Issue 12 (March 2018).
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