Buying a home can be stressful and for first time homebuyers even overwhelming. Finding the home of your dreams is difficult, getting an offer accepted can be even harder these days. The last thing you want to worry about is making sure your mortgage is in order.
Whether you’re a first-time buyer who needs a little extra help or an empty nester settling into a new chapter of life, experienced local bankers are a wise choice.
Builder and Realtor Relationships
Most mortgage bankers have solid personal relationships with real estate agents and homebuilders throughout the regions they serve. This becomes particularly beneficial when it comes time to get pre-approved and get the deal closed, on time. Many will no longer accept pre-qualification letters from non-bank or out of town mortgage brokers. Why? Because there is a history of non-communication and failure to get deals closed on time. Some national firms have even been banned by some local agents and builders because of numerous problems getting transactions completed. As well, often there is nobody to talk to about the status of the loan application.
Relationships are important and those bankers that will work extended hours, allowing you to contact them during the evenings and weekends are very important once you start the process. If you see a house you love on Sunday, you’ll be able to reach your loan officer. Plus, with everyone (agent, lender, and buyer) working in proximity to one another, everything just works better.
That final stretch of home buying is the most important part, and having a one-on-one, in-person relationship will make the entire process quick, clear, and painless.
Look for solid reviews from clients.
Using a local mortgage banker allows you to work face-to-face with an expert, eliminating a lot of uncertainty and anxiety. You avoid those dreaded customer service lines manned by a team of voice-activated computers, and call centers in far away places. Instead, you have a cell number you can call or text at a moment’s notice. Online technology helps the process but doesn’t replace the first-class care you’ll receive with a local banker.
Wealth of Knowledge
Local bankers know the market in your area better than anyone else. That means they have a better understanding of property values and the local economy. When you work with a smaller, local lender, you’re paired with a licensed loan officer and team of professionals who are experts in the region you’re buying into. They’ll help you choose the right type of loan for your circumstance and keep you updated along the way, ensuring each step is done with care and concern. Most local lenders have local teams to process and close loans, ensuring everything is taken care of – on time! Even if you’re a seasoned buyer, there are benefits to going local. No matter how many times you have been through the process, there can still be hiccups. Local lenders are more willing to go the extra mile to secure their customers a successful mortgage experience.
Local lenders have very competitive rates. Often, better than those large national lenders that advertise online, on TV, and with mass mailings. Those bowl game sponsorships are expensive and those costs have to come from somewhere! Local bankers often have much lower operating costs and pass savings along to their client
History of Success
Look for a local lender with a track record for success. There are many “order takers” with limited experience. Others, have a long history and a solid track record that client’s value. They have a vested interest in having each loan close as smoothly and efficiently as possible — and a lot of happy clients!
Relationships, Experience, Competitive Rates, and a Solid Track Record.
Copyright © 2020 mortgage guy - All Rights Reserved. This is an independently owned informational and marketing site for home buyers, and home owners interested in refinancing. This site is owned by Ross Mallioux and represents his personal information and opinions regarding home finance and not that of his employer's, their strategies or their opinions. All programs discussed here are subject to specific borrower qualifications and interest rates for home loans subject to change. Nothing is to be construed as a commitment to lend. NMLS # 819020.
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