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Gustan Cho
“Best Rate: Call Now” “No Hidden Fees” “4% Interest With Our Lender.”
We have all seen the ads for mortgages. How do you know who to choose? Quicken Loans made everything sound so easy and appealing when refinancing, until you got the final documents and they overcharged you on closing costs. My wife and I had been shopping for a new home since last June. We found a great realtor who was honest and had our best interests in mind. Next was to find a lender; we did, but something came back negative on our credit report that couldn’t be disclosed. We were denied a mortgage, and this baffled us. We sent for credit reports over the next few months, but nothing was resolved. We applied again and had the same initial results at first. This time, we applied through Gustan Cho Associates. He noticed right away what the problem was. Instead of turning us away, he and his team worked diligently to get a resolution. It was a nightmare; we had a time share at one time and sold it back. The deed in lieu of foreclosure was documented. Somewhere, somehow, the time share listed us as a foreclosure. Gus sorted through everything and signed us with his company, and that was not an easy task.
Since Gus and I have become good friends, our love of dogs and fellow men has forged a friendship. Knowing I was a writer and knew a lot about food and wine, he asked me to help with his forum. I accepted since he had been so instrumental in our mortgage. Over time and in conversations, he explained his philosophy of business. I listened at first the best I could to all the topics about finance and loans, which were all Greek to me. He explained every step, and soon I began to learn.
His foundation is solid. After losing a fortune, gaining a fortune, and losing again, he learned the very first lesson. Try again! Einstein said, “The sign of a true idiot is someone who does the same thing over and over again with the same results.” Gustan had to reinvent himself. Gustan’s mantra is “failure is the best teacher.” When Gustan reestablished his mortgage business, he did what no other lender would do: he gambled on people with low credit ratings and gave them a mortgage and a chance at life. He cared about each person.
This was the start of building a new foundation. The first building block was trust. Although Gustan had trusted in the past and had been wrong, he continued to follow his heart through humanity. His philosophy was to believe in the people, not the process. The second building block was transparency. No confusion in contracts; everything is out in the open.
When my wife and I were looking at new homes, I called Gus and told him a builder was offering 4.5% on a mortgage, and he responded, “Be careful, Peter, there are a lot of hidden costs, and if they can offer you a better deal, take it.” Of course he was right; there were many hidden costs. Gus was looking out for me, the person.
Family values were the third building block. Belief in family and God may be the foundation for all of us. Honesty is another building block. Do not lie; it will only catch up with you later. Integrity is always important, as is doing the right thing. And I think the most important building block was having his workers, whom he calls his team, take ownership of the business. He has the respect of his team. Work smart and streamline; make everything clear and transparent.
Enjoy what you do, or don’t do it.
Make Cho your choice for a mortgage, Choose Cho!