Without a doubt, today’s borrowers have many choices when it comes to getting a mortgage. You can choose to work with a bank, a mortgage broker, an independent mortgage banker, an online lender or even a credit union. Each option has pros and cons, but one thing we suggest looking for is a lender that has knowledge of your local area. We believe that a lender with experience lending in your market can be an asset to you as you purchase your home. Here are just a few reasons why:
Local lenders understand the local market.
“All real estate is local,” is a well-recognized saying because every housing market is unique. Home sales could be brisk in one city and flat in the town next door. Every jurisdiction also has its own rules about property transfers as well as different property tax rates.
A large national bank or an online lender is less likely to be familiar with these differences. That’s not the case with local lenders. Local lenders know whether properties like the one you want to buy are receiving multiple offers, so they are better prepared to provide you with financing that is accurate and can help you put your best foot forward when making an offer.
Local lenders know local experts.
A local lender can do much more than provide you with great financing for a new home. They also know other local professionals who can help you with everything else to make the homebuying process go smoothly.
Most local lenders have a network of trusted accountants, financial planners, real estate agents, attorneys, home inspectors and contractors who have worked with their clients in the past. If you need assistance in any of these areas, a local lender will be more than happy to put you in touch with someone who can help.
Local lenders can be a long term resource for you.
Like any business, lenders depend highly on their reputation in the market. They know that if they provide you with great service, you’re likely to tell your friends, family members and neighbors, and be a source of future business for them. They’re also highly aware that if you have a bad experience, you’ll likely spread the word about that, too. So, they are motivated to consistently provide great service.
Local lenders provide a personal touch.
While you may choose to work with your lender by phone or email, many borrowers still prefer doing business face-to-face. This is especially true when buying a home, which is typically the biggest financial transaction you’ll make in your lifetime.
Local lenders offer the option to meet in person, so you can ask all of the questions you may have. This also gives your Loan Officer the chance to get to know you and your short and long term goals. This can be extremely valuable if you have a unique financial situation, or if any obstacles arise before the closing date. If you use an online lender, you may not even talk to the same person every time you call to check on the status of your loan.
Buying a home can be stressful, but it doesn’t have to be. Having the experience, expertise and connections a local lender provides can be a huge advantage on your journey to homeownership.
Right By You Mortgage has many years of experience in the North Carolina and Virginia markets. If you’d like to see what our experienced, local Loan Officers can do for you, give us a call today at 1-877-552-2242 or email us at inquiries@rightbyyoumortgage.com. We’d be honored to help!
