• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Richmond VA MLS Search

Free and Easy MLS Search

  • By County
    • City of Richmond Homes
    • Chesterfield Homes
    • Goochland Homes
    • Hanover Homes
    • Henrico Homes
    • New Kent Homes
    • Powhatan Homes
  • Stats
  • About Us
    • The Team
    • About One South
    • Our Call Policy

The Difference Between Shopping for a Mortgage and a Pair of Shoes

By Rick Jarvis

With so much information available through the web today, shopping for a mortgage can be overwhelming. While most “rate” advertisements would love for buyers to think a mortgage transaction is as simple as a purchasing any commodity, the fact is, there is a lot more to a mortgage transaction than can be conveyed through a simple rate quote.

Shoes or a Mortgage?

One south realty
Some shoes may cost as much as a small mortgage…

For a moment, let’s compare shopping for a mortgage with buying any tangible consumer good, like a pair of shoes. You can go to Zappos or any “.com” retailer, review a product and make a purchase. If you know what you want, what to expect, how it feels and how long it will last, then online retailer may be your best source for pricing and convenience. After all, you have the knowledge and experience relative to what you want. With mortgage rates all over the internet, it is easy to apply the same mentality for selecting a mortgage company, as well as fall victim to the lowest quote/price is the best source for the mortgage. Possibly true if execution, fulfillment, and expertise are all the same from one company to the next.

Money is a Commodity, but Service is Not!

First hard fact…it is not the same. Don’t lose sight a mortgage transaction is a “service” and not a commodity. Why? Several reasons.

First of all, commodities (such as shoes), are typically something you buy frequently. A mortgage transaction is something even the most transient people only deal with on average every five or six years. Most commodity purchases are much more frequent. More frequent transactions allows a buyer to better follow style trends, technological advances, material make ups, and price points for quality. In the mortgage realm, the same trends are occurring. It may be in the form of regulatory changes, credit underwriting, product guideline changes, market or political influences, and countless other factors. A shoe made five years ago is different than one made today, but purchasing 20 shoes over the five year period keeps the consumer “plugged into” the product. Not true with a mortgage. What separates the experience from a basic commodity purchase, is the knowledge, expertise, and guidance of a Loan Officer.

A Good LO is Valuable

PrimeLending___Christopher_Lester
Call or e mail me today to discuss the benefits of becoming pre-approved.

Talented Loan Officers (LO’s) provide the variety of information relative to the buyer/borrower’s financial profile and needs. They are providing experience from overseeing a steady flow of transactions with various products and clients with very diverse needs and goals. They are a professional and they are keeping up with trends and product variations to make sure the customer is well-informed and in the best possible position to succeed into the future. Remember, a mortgage transaction is a “service”, and finding the right LO is equally or more important than selecting the best rate.

Other Articles in This Series

  • Mortgages Are Different Than Shoes
  • Why Are Rate Quotes Different?
  • Inside The Rate Quote
  • What Are All These Fees?
  • Good Rate, Bad Date

Primary Sidebar

804.767.7566


How Do I Schedule a Showing or Find Out More?

I am Kendall C. Kendall, Client Care Coordinator for the team. I am a licensed Realtor and it's my job to answer questions and schedule showings for the properties shown on our sites. Here's our call policy.
kendall@richmondvamls.net

Working With Buyers

I am Sarah Jarvis, Broker at One South and I work with our buyers. I bring 20+ years of experience to our Buyers Advocacy program and take great pride in helping our clients understand the RVA marketplace.
sarah@richmondvamls.net

From The Blog

The BEST Way to Search (an Insider’s Take)

Zillow or Trulia? MLS or IDX? Mobile or Laptop? Searching online for a home is either easy or confusing, depending on where you sit. The explosion of sites dedicated to online search means the information on homes for sale is now largely within reach of the public and no longer guarded by Realtors. But with […]

Tools

  • Mortgage Calculator
  • Home Valuation Request
  • Contact Us

Footer

Let’s Connect


2314 West Main Street
Richmond, VA 23220
804.767.7566
email One South Realty

Southern Trust Mortgage Logo

Chris Owens
Branch Manager / Loan Officer
NMLS# 211853
804.909.0184
email Southern Trust Mortgage

Search This Site

Housekeeping

Sitemap
IDX Sitemap
Our Custom Searches

Copyright 2011-17
Site By One South Realty Group

Accessibility
Copyright

Latest Tweets

  • The latest from the blog –– Don't let the so-called 'Expert Negotiators' fool you. This market requires far differe… https://t.co/bsWiPRw7VK February 12, 2020 2:40 pm
  • Let our agents offer you what online housing search engines can’t... Expertise. Personalization. Representation.… https://t.co/4xhSmKvUMh December 4, 2019 3:02 pm
  • With Fall in full swing, we’re embracing all things cozy. As a buyer, this is your chance to slow down and take yo… https://t.co/674bgL7sF1 November 26, 2019 4:32 pm

All of the information displayed here is deemed to be gathered from reliable sources but no warranties, either express of implied, are made part of this site.
Additionally, the IDX Feed for listing information may contain descriptions of properties not represented by One South Realty, its agents or staff and any violations or misrepresentations are the sole responsibility of the listing brokerage of the subject property in violation.


Equal Opportunity Realtor Disclaimer

I agree to provide equal professional service without regard to the race, color, religion, sex, handicap, familial status, national origin or sexual orientation of any prospective client, customer, or of the residents of any community. Any request from a home seller, landlord, or buyer to act in a discriminatory manner will not be fulfilled.