The first step is getting approved for your loan. But which lender should you use? The promise of quick approval through internet-based providers is tempting, so why use a local lender?
Buying a home will likely be the biggest purchase you will ever make in your life. Finally moving into your new home will be a joyous occasion and for some, the culmination of a dream. Yet, the process can also be stressful without the right team on your side. Here are the top reasons why you should consider choosing a local lender when shopping for a home.
- Reliability – Everyone involved in the process, sellers, real estate agents, and you, the buyer, want the loan to close on time. Local lenders have a better reputation for closing loans on a timely basis and with more personal service. They understand local processes, and turnaround times
- Reputation, reputation, reputation – Local lenders and real estate agents are more driven to provide excellent service because they want you to be a source of referrals for future business. They know that whether you have a great experience or a bad one, your friends and relatives are going to hear about it. These people live and work in the local area, putting their reputation and livelihood at stake.
- Personal service – When you are ready to make an offer it’s important to be able to talk to your lender if it’s a night or weekend. No 800#s to call and you won’t be limited to 8-5 Monday thru Friday when it matters most. This along with outstanding service makes the process more personal and less stressful.
- Local expertise – Besides knowing the area and local real estate market, a local lender may appear more attractive to certain home sellers and real estate agents because of the importance of a timely closing and a smooth process. Some sellers and real estate agents may not consider offers as favorable from national banks or online lenders because of previous bad experiences, or a friend’s bad experience
- Buy local, borrow local, and help the local community – Most people understand that buying locally produced goods and shopping at locally owned businesses helps the local economy tremendously. The same is true with using a local lender vs a big online company. They live locally, spend locally, and support the local economy.