Trusted Lending Center offers mortgages with no fees
November 6, 2019
By Alison Stanton
As anyone who has ever purchased a home knows quite well, the closing costs can be astronomical.
Michael and Katie Tranckino, co-owners of Trusted Lending Center in Mesa, are determined to buck this expensive trend by offering their clients mortgages with no closing fees. In many cases, this will save homeowners anywhere from $8,000 to $10,000.
The Tranckinos opened their mortgage company in 2012. As Michael noted, he and Katie also strive to coach their clients to get out of their mortgage as soon as they can and be completely debt free.
“We look at the different mortgage programs and pricing to see what is best for our clients,” Michael said.
For instance, he said, it might be better for homeowners-to-be to take on a 15-year mortgage with slightly higher payments instead of a 30-year mortgage that they have good intentions to pay extra on, but never actually do.
Michael, who is Trusted Lending Center’s chief executive officer, has 30 years of experience in the mortgage industry, including work in the wholesale side of the business.
His former job involved buying loans from mortgage originators like banks and mortgage companies, and at one time the company Michael worked for was purchasing 300 loans a month.
“I felt like, ‘Man, this is really something that I could do,’ and at the same time, the pricing didn’t seem right for the client. I felt like the company charged more up front than what they should to make more commissions,” he said.
Although Michael said he was doing well in his job and the couple’s finances were good, he was motivated to open a mortgage company that did things differently.
“Eventually the timing was right, and it felt good to do it,” he said.
Katie, Trusted Lending Center’s chief operations officer, has been working in real estate since 2005 and also has a great deal of mortgage processing work under her belt.
She said at Trusted Lending Center, they charge 35% to 50% of what other companies typically make by not charging fees for things like credit reports and processing.
“For first-time home buyers or those who are trying to get the mortgage burden off of them, this really makes a big difference,” she said.
“We have met people who had to cash out their 401Ks to pay the closing fees, so our approach can be life changing.”
In addition to being devoted to offering fee-free closings, Michael said his company was the first to originate the e-signing option, which is a totally remote closing.
“Depending on the client, in many cases if they text me their driver’s licenses, we can do everything electronically,” he said.
As long as long as someone has access to the internet, they can complete their closing from literally anywhere in the world.
As Katie noted, she is very proud of the company, and the way they have disrupted the traditional mortgage model.
“We run our margins very thin,” she said. “With other mortgage companies, they may close one loan and be good for the whole month, but we truly treat our clients’ money like it’s our own and Michael is always looking for ways to keep costs down.
“It is a real joy to help people to get their finances in order and to feel at peace.”
Michael agreed, adding that he also loves making a true impact for people and their money.
“It really excites me to go to bed knowing we have saved our clients several thousands of dollars minimum. I am very excited to be a part of that.”
Trusted Lending Center is located at 2929 N. Power Road, Mesa. For more information, call 480-400-9884 or visit trustedlendingcenter.com.