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Does Primerica provide the best mortgage deals or is it all hype?
| Primerica Mortgage Company | ||
Does Primerica Provide the Best Mortgage Deals?By T. McMahon Primerica is a company that has stirred a great deal of debate in the industry. It began about 2 decades ago as A.L. Williams Company and they sold primarily insurance. But they were not your typical insurance company! They billed themselves as "anti-insurance agents" and claimed to have the customer's best interests at heart. They were willing to sell "term-insurance" and even called themselves "termites" when most companies were selling "whole-life" insurance. At the time "whole-life" carried much bigger benefits for the agents and much smaller benefits for the customer. I believe that this started the ball rolling for much stiffer competition in the insurance industry and a proliferation of competitive term insurance products. The other companies simply had to come up with products that would compete. Even way back then the mainline companies claimed that A.L. Williams agents were "unprofessional" since most were recruited from the "blue-collar" working ranks with the idea of beating the big insurance companies at their own game. Since then the name has changed, and the company has added mortgage products to the line-up but not much else has changed. Primerica still recruits people in much the same way and still has a high turnover rate on their agents. But does that mean their product is inferior? Or more expensive? NO! All it means is that many of their agents start out part-time and sell a few policies and give up because it isn't as easy as they thought it was going to be. But because recruitment is also high there are always new agents to take the place of the old ones and competition continues to benefit the consumer and cut into the margins of the professional. I find it interesting that most of the professional agents claim that they can beat Primerica's prices on a product but don't seem to offer the low cost product unless they are competing against Primerica. They would prefer to sell the high margin products but will whip out the discount product if it is necessary. The bottom line is, as with everything, an educated consumer will get the best deal. And it pays to shop around. If you have been offered a mortgage by Primerica (or anyone else for that matter) don't take the first offer you get... do some comparison shopping! I am always amazed at how people will drive all the way across town to save 10˘ on a jar of peanut butter but won't shop around for the biggest purchases of their life, i.e. their mortgage, life insurance, and health insurance. If you would like to shop for a mortgage I encourage you to compare several different companies. Compare actual costs for your situation. Obviously they all claim to have the lowest rates, you need to judge for yourself to see if they really do. Even though some sites say they compare lenders to find the best rate for you, I have found that they usually only have a couple that are available for your location and situation, and they tend to charge similar fees, so it is best to fill out several applications. Then compare both their interest rates and the closing costs and fees they charge to see which one is best for you. There is no obligation if you fill out an online application. You will find that the few minutes you spend in filling out additional forms could result in savings of thousands of dollars, either initially (in fees) or over the life of your loan. You might also find the following articles helpful: Using the MIP to Decide- When to Refinance Low Mortgage Rates- Reduce your Payment or the length of the Loan? |
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