Purely Mortgages Fall River Giving People Choices

A new business has come to Fall River. Purely Mortgages Fall River opened recently, at 1480 Fall River Rd., where it is neighbours with Chef Jeff and Fetching Pet Grooming.

Fall River resident Terry Hepditch is the owner/operator of Purely Mortgages Fall River. Terry has more than 20 years experience in the financial field. His sound financial back-ground includes a long-time position in the Banking Industry and Personal Financial planning, and he has been a mortgage broker for more than three years.

Terry and his wife Rhonda have two daughters, Terri-Lynn and Mackenzie who attend school at Lockview High. Terry moved to Fall River with his family in 1999 and has been involved with community events and organizations since then. “I’ve coached girl’s soccer for 10 years and had a Rope Skipping Club for 5 years” said Hepditch. “Fall River Maple Leaps; The Rope Skipping club had as many as 40 girls; nine of the girls went to Nationals in 2006.”

Terry is the Chair of the Entertainment Committee for the LWF Hall…the former Fire Hall. “Fall River and surrounding communities are thriving; Mortgage Brokerage was a service needed here. It’s about giving people choices.”

Terry said he understands the pressures and issues involved in purchasing a home, and part of his job is to take part of the stress off of potential buyers. “This business is about having financing options,” he said. “My industry and service is all about making the process of buying a house or refinancing a mortgage more convenient for the general population. Do everything from the comfort of your own house!”

Time is a valuable commodity for almost everyone in today’s world. Terry believes his business is to save buyers both time and money whenever possible. “Parents work, they have busy lives; shopping for a mortgage takes time,” he said. “A mortgage broker gives you options; we do the shopping for you, and we can secure better rates. I get rate promotions from my Business Associates that are not available to folks through their own banks; people have to go through a broker to get these rates and promotions.”

Latest statistics show only 16 – 20% of buyers use a broker when buying a home or refinancing their mortgage. But that trend may be changing. “60% of buyers are expected to go to a broker in the next five – ten years,” Terry said.

Perhaps one reason buyers are beginning to turn to a mortgage broker when shopping for a mortgage, is because they are becoming more educated about the truth and the facts of enlisting the help of a broker. “Buyers do not pay for the services of a mortgage broker; the broker gets paid by their lending partners and banks,” said Terry. “And it used to be that people only used a mortgage broker when they got declined by the banks. Today we see everyone…deal mostly with A Credit clients and we deal with all banks and mortgage companies…but we still offer options for self-employed individuals and clients with damaged credit.”

Purely Mortgages ranked among the top 50 brokers in Canada for 2008 and there are over 500 mortgage brokers just in Nova Scotia. “If there is a deal there to be made, we will fight to make it,” said Terry. “We are convenient. You can’t call the bank nine at night or on the weekend to ask about a mortgage; you can call me or one of my Consultants anytime and I/we will get to work for you. ”

Terry says it is important for people to understand, a mortgage broker works for the consumer. “We don’t work for a bank or Trust Company, we work for the client, we have the client’s best “interest”s in mind at all times.”