Paul H, Sanders III is the owner/President of Somerset Mortgage Corporation, a local mortgage broker originating residential mortgage loans for clients who want to purchase or refinance their homes.
Sanders began in the mortgage business in 1983 while Somerset began in 2000.
“I started in this great business when fixed rates were 14 percent in Atlanta, when there were maybe 2 million residents in the metro area,” Sanders said. “Now there are about 6 million there.
“When I first began originating mortgage loans, it was before fax machines and computers were used every day. If you needed to get a document from here to there, you had to take it, or use a courier or FedEx. Now we are paperless and most borrowers eSign the application documents.”
What attracted Sanders to the business was being able to help people.
“I love the mortgage business because I get to help people get something they want, and it is usually one of the more significant financial events in their life,” Sanders said. “I feel I am qualified to give sound advice and guidance having spent the past 35 years helping folks with their mortgage loans. I can say no two loans are just alike. That’s why I enjoy what I do so much.”
Being a mortgage broker gives Sanders the advantage of having the best rates available.
“A lot of borrowers start with the bank where they have their checking account, but they should include me when they talk about rates” Sanders said.
Tax return analysis, especially for self-employed borrowers, is one of Sanders’ specialties. Above all, before you put an offer on a home or even begin looking, Sanders said he can help clients get pre-qualified.
“Do it in the right order by getting the financial piece reviewed first,” Sanders said. “It helps in your negotiation process when you have been pre-qualified.”
Somerset can handle conventional, FHA, VA, USDA, non-prime, jumbo, condo and reverse mortgages. With their wealth of experience, Sanders and Somerset Mortgage help you in all of your financial needs.
“I first came to St. Simons in 1980 but got my ticket to St. Simons in 1993 to start a mortgage company for a bank,” Sanders said. “I started Somerset in early 2000, and there have certainly been a lot of changes in the mortgage world since, with the crash of 2008 changing the way we do business. Money is still plentiful, but you have to document more to get the best rates.”
Sanders can also help clients deal with the more aggravating compliance issues that still exists.
“These days it is good to have an advocate on your side to guide you through the sometimes-complicated process to get to the finish line — the loan closing,” Sanders said.
Sanders said he grew up in Jackson, Miss., and moved to Atlanta after graduating from Dartmouth College with a BA in Economics. He worked with Dun & Bradstreet and Lockheed prior to entering the mortgage business.
Sanders is also involved with the community. He loves St. Simons Community Church and can be seen helping out in the parking lot on his Sunday. His older son, Paul (Chad), graduated from Glynn Academy, then Presbyterian College (Physics & Math), then Auburn (PhD Physics) and his younger son, Andrew, is a rising senior at Georgia Southern (Computer Science).
One of Sanders’ passions in the mortgage world is doing reverse mortgages. They can change borrowers lives for the better, and Sanders has many great stories during his 10 years spent in this segment of retirement planning help offered by reverse mortgages.
Sanders believes in their benefits and loves to talk about it. There are several well-known spokesmen for reverse mortgages, like Tom Selleck, Pat Boone, Robert Wagner, Henry “The Fonz” Winkler and now Paul Sanders, but “Only one of us will call you back!” he said.
“I don’t think you should call an 800 number for something this important when you have someone local,” Sanders said. “Let’s talk about it and I think you’ll be comfortable once you do.” Sanders said there are some misconceptions about reverse mortgages floating around, but he can straighten out the facts so you can see the potential benefits.
Working with Sanders is LuV McDowell-Bailey, a veteran in the business, Eric Freeman, Judy Harrison and John Ligon. Sanders said he was proud of the work his staff has done.
“We are a Christian organization and embrace a ‘Do the right thing’ motto as we guide borrowers and always look out for their best interest,” Sanders said. “We want to be your mortgage broker for life, so not only do we take care of you now, we want to be the one you turn to next time”.
Somerset Mortgage’s office is located at 1607 Frederica Road, Suite 201, on St. Simons, between Sapelo Crow restaurant and CVS.