Obtaining a loan approval for a home mortgage can be a difficult process, but a business in Plymouth Meeting has been doing it since 1993.
Home Finance of America, known as "America's Low Rate Mortgage Lender" has been in the business for quite some time. The local business, housed on Plymouth Road in Plymouth Meeting, recently approved its 40,000th home mortgage loan.
According to a release on Seattle Pi, the company has seen a solid growth in a difficult market.
"While a significant number of similar mortgage lenders were unable to survive the subprime lending crises of 2008 Home Finance of America astonishingly was virtually unscathed by the crises," said the release. "Since its founding, the company and its principals have committed to responsible lending and conservative underwriting practices that not only insure financial stability and consistency for the organization but for the US housing market as a whole."
The report added that avoiding subprime loans also kept the company on top.
Fran Kelly, HFA vice president agreed.
"The subprime market was lucrative for many mortgage companies who did not have the borrower’s best interest at heart," said Kelly in a recent release. "I’m proud to say that HFA never entered that arena and stayed true to its’ original mission which is to provide qualified borrowers with the lowest possible interest rate and best loan program to suit their needs.”
The founder of the company also felt that providing residents with much-needed affordable loans had kept HFA successful. HFA founder and CEO David Davitch said it is a crucial need to fulfill.
"Even in the most difficult economic times, people want to buy or refinance a home at the lowest rates. People used to look at the name of the mortgage lender, but a brand name is no longer enough" said Davitch on the HFA website. "People have learned that they can't always trust a name when they're making one of the most important investment decisions of their lives. When you compare apples to apples, you'll find that our rates will beat the big banks and other big name lenders almost every time. The names you thought were looking out for your best interest are not."