A Friend in Financing
By Patty Jo Sawvel
“I have been in the lending business for over 17 years,” said Tammy Coulter, assistant vice president and loan officer at Piedmont Federal in Kernersville, “and historically, this is a pretty rare and remarkable time that will not last forever.”
Low sustained mortgage rates, coupled with reasonable home values, have opened up new opportunities in the market. With 30-year terms less than 3.75% and 15-year terms less than 3%, the options are many. Instead of upgrading to larger homes, many homeowners are opting for a second home in the mountains or at the beach. At the same time, young renters are using current market conditions to “own” their space at half the cost.
Steve Tucker and his wife agreed. They decided to make their dream a reality by buying a vacation home near Camp Raven Knob in North Carolina. Steve is heavily involved in scouting and with their two children grown and interest rates low—the couple decided to take action. “Initially,” Steve confessed, “my search for a mortgage lender was all about the interest rate. Piedmont Federal had the best rate, because they offer the same rate on vacation homes as on your primary residence. But now, it is important for me to have a trusting long-term relationship.”
Steve found out that he could have both in the same place. According to Steve, from their first conversation, Branch Manager Neal Parnell treated him as a friend. “Our relationship is personal,” Steve shared. “Neal gives me that hometown caring feeling and it reminds me of what banking was like when I was a kid.”
Steve, his wife, and their grown children love their new mountain house. It is so peaceful, so refreshing, and so close—only 55 minutes away—that they find themselves there often. Also, Piedmont Federal never sells its mortgages—so the Tuckers can rest easy knowing that at any time, they can walk into Piedmont Federal in Kernersville to get answers.
Roy Hutchins recently found out just how important this is. A few years ago, his son bought his first home and not long after, his mortgage was sold to an out of state lender. When he called to check on payment information, he was tossed around from one client service representative to another without getting answers. The next thing he knew, his payments were being posted late and it was damaging his credit rating.
“One time,” Roy explained, “they even lost one of his checks for four weeks, and then found it. I had to do something to help him—we even called the Attorney General—and then I called Piedmont Federal who financed my home back in 1976.”
Neal told Roy about the Family Member Loan option which allows parents to purchase a house for their child at the same interest rate as if it was the purchaser’s primary residence. “My son had been paying 6% and Neal brought that down to a 3.75% mortgage for 30 years. Plus, we closed in two weeks. He got my son off a sinking ship. Mostly, I am happy that this mortgage will stay right here in Kernersville where I live,” Roy said with a smile.
Piedmont Federal Savings Bank takes great pride in receiving the highest rating from Bauer Financial Inc. since its banking health analysis began 26 years ago, and in being voted “Best Mortgage Lender” for eight years by the readers of the Winston-Salem Journal.
However, Carrie Biesaidecki did not know all of that when she and her husband were shopping for their first home. They simply compared interest rates and closing costs of several local banks. “Piedmont Federal had the lowest interest rate,” Carrie happily explained, “and they also waived our loan origination fee—which was a biggee—refunded our appraisal fee, waived our PMI (Private Mortgage Insurance), and we only had to put 10% down.”
With all of these benefits, Carrie felt like she had found a friend in the mortgage business. However, all of these options are standard in the Piedmont Federal First-Time Homebuyers Mortgage. Friendly customer service is standard too.
Carrie said, “Tammy was a joy to work with from the start and an instant friend. In fact, she introduced us to several people in the community and we often see her at the 421 Market and Grill.” Tammy also gave this young couple a free Homeowner’s Education Guide, reminding them of the month-to-month maintenance such as changing air filters, winterizing, cleaning the gutters, and a plan of action if they ever had trouble making their payments. “I feel like I have friends at Piedmont Federal,” Carrie said thankfully. “Tammy and the team continue to invest in us. So now we have our checking and savings accounts there too.”
Branch Manager Neal Parnell suggests, “If you are thinking about buying a vacation home, or refinancing, or buying your first home, go to our website and use our free and easy calculators. You just might find that together, we can make your dream a reality.”
Neal Parnell, Branch Manager, Loan Officer
Tammy Coulter, Loan Officer
336.993.2156
Kernersville, NC
www.PiedmontFederal.com