6 Benefits to Working with a Local Lender

6 Benefits to Working with a Local Lender

Finding your dream home starts with one very important step...finding the right lender. With so many options available these days, it can be difficult to know who to choose. There are pros and cons to using both large national lenders and local lenders. Though both have their benefits, here are 6 ways using a local lender can make your home buying experience a little easier.

  1. Personal Touch

    Sitting across the desk from your lender gives you the opportunity to know your lender personally. And they get to know YOU. When using an online or national lender, many of your interactions may be filling out forms online or calling 1-800 numbers which can have you talking to a different representative each time. Using a local lender can mean in-person meetings. There's nothing quite like a personal touch.

  2. Invested

    Local lenders are often more invested in your experience during the transaction. Local lenders rely on maintaining a good reputation in their area. They are invested in potentially doing future business with you. They also rely on referral business from clients. Local lenders have much to gain by working with you and ensuring you end up with a positive experience.

  3. Accessible

    local lenders are just that - local. They aren't on the other side of the country. They have an office near you. They are in your same time zone. Not only should you be able to reach them when you need to, but you can drop by their office to deliver all the necessary documents needed during the mortgage process. Having a lender whose office is nearby can be very convenient through the home buying process.

  4. Knowledgeable

    local lenders are often more familiar with the different kinds of federal and state programs available in your area. They stay current on what affects banking in their own area and can help you navigate things that are unique to where you are trying to buy your home. As tempting as some of the online claims are, check with your local lender to see if those rates and conditions are available to you locally.

  5. Connected

    Many real estate agents have preferred lenders. An agent who works with a local lender on a routine basis usually has a strong relationship with them and that relationship can be invaluable in working through challenges that may come up during the home loan process. When a lender is protecting the integrity of their professional relationships, you benefit.

  6. Quicker Closing

    Local lenders are often in a better position to resolve issues during the loan approval process as well as on closing day. If you encounter a tricky situation concerning your loan, being able to reach out to your local lender to resolve the issue can mean the difference between minutes or hours, and days or weeks. There is nothing worse than having your closing day thwarted by lost or missing paperwork. A local lender is in a better position to help you work out difficult situations and keep your closing on schedule.

Whether you choose a national lender or a local lender, you'll want to find one that is the right fit for you. With a process as daunting as buying a home, it can be comforting to know you can take your questions to someone you know and trust.

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Categories: Home Buying Home Selling Regional Mortgage

Cities: Virginia Beach Chesapeake Norfolk Newport News Hampton Suffolk

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