Piedmont Federal Savings Bank Does Me Right

Exactly nine years ago today, I closed on the loan that allowed me to complete my purchase of this very fine Roediger House. When I was in the market for the house, and negotiating to buy it, I asked various folks around Winston-Salem about where I should go for my mortgage. Even those who worked at the big banks in town (at that time, Wachovia and BB&T) said Piedmont Federal was the right choice. They are local, they are good to their customers, and they do not sell their mortgages to other financial entities. Back in 2003, I was reasonably pleased I was able to score a 30-year mortgage at 5.75% interest.

Of course, with the housing bubble bust and the slow economy, interest rates have managed to go lower than that. I'm sure I've missed a few chances to refinance for a considerable savings, like when interest rates had dropped down to around 4%. A couple of weeks ago, thanks to a heads-up from my attorney, Kirk Sanders, I got in touch with mortgage banker Scott Bullard at Piedmont Federal. Rates had just been dropped to 3.75%. Even better: Piedmont Federal allows a mortgage customer to make an adjustment ONLY in the interest rate for a fee of one percent of the outstanding balance of the loan. The term stays the same...they simply change the interest rate for my loan.

No need to go through the elaborate, involved, and cumbersome refinancing process: in about 10 minutes, with a three-page document to sign and a fee of around $900, I've cut my mortgage payment nearly in half. Papers were signed yesterday and the savings begin with my next mortgage payment.

I'd say Piedmont Federal did me a solid. And Scott was outstanding. This is the way business ought to be done.