First Colony Mortgage recently won the New Business of the Year award from the Lehi Area Chamber of Commerce, recently renamed the Point of the Mountain Chamber of Commerce. The local mortgage company’s commitment to Lehi residents has helped thousands with the home buying process, making them the area’s number one mortgage provider for six years running.
Jon Alridge, partner and mortgage consultant accepted the award. He said the founders and current owners of First Colony Mortgage are all from Utah County, born and raised. “We’re locals. We’ve always loved the community. The sports, businesses and residents.” He said one of their biggest goals has been to keep their main base of operations in Utah County to help provide jobs and contribute to the local economy. “We are a proud part of the community. We are really comfortable with the people that live here. We connect with them. We understand them. And we are one of them.” He said it’s a natural desire to help their neighbors accomplish their dreams of homeownership.
The “New Business of the Year” award isn’t for a brand-new business, but for a business newly joined to the chamber. First Colony Mortgage has been in Lehi since 2011 and just recently moved their office to Pleasant Grove. He said they have a great relationship with Lehi residents and are the preferred lender for a lot of builders in Lehi.
What financial advice does Alridge have for parents with teenagers who may be homeowners in the future? Help them build their credit. “Credit is half of a mortgage qualification. If you don’t have good credit, you either won’t qualify or you’ll get a higher interest rate.” He said starting around 16, parents may help get their kids a credit card from a local bank. He said a card with just a few hundred dollars can help. “They’re building the credit by borrowing money. They can pay it off completely each month and never pay an interest charge.”
First Colony Mortgage was founded in 1984. Alridge said they are consistently a top volume market lender. “The realtors and builders in our community trust us to do a great job for their buyers.” He said they are a mortgage banker, which offers many advantages over other lenders. “We don’t just process mortgages. We underwrite them, close them, and fund them all in house.” He said this process allows them to have employees who live locally and can help stimulate the local economy.
Buying a home is a complicated and often stressful process. “You need to have a company that you trust and who’s been doing it a long time. Our mortgage professionals are seasoned and have tools and experience to take care of people,” Alridge said.