Benefits of Using a Local Lender for Your Home Loan Needs

If you are looking to purchase a new home or refinancing your current home loan, finding a mortgage banker that has your needs as their top priority can be a daunting task. Large mortgage companies with slick ads can be tempting. However, local lenders frequently offer a personalized service based on your specific needs that the larger lending institutions simply cannot offer.

Unique Needs – Unique Perspective

All lenders are not created equal. Your local lender brings a common sense approach to lending that the larger lending institutions don’t offer. A mortgage loan officer that works and lives within your community knows your unique circumstances and bases their recommendations on that.

Since you are dealing with a “real person,” rather than a large institution when you approach your local lender about a possible real estate investment, their customized approach to underwriting gives you exactly what you need for making a well-informed decision.

When looking to underwrite a conventional, FHA, or VA loan, a local lender is able to help you examine all factors pertaining to your loan, such as the appraised value, credit scores, debt ratios, assets, among other important loan related factors.

Different Loan Parameters

Local lenders are allowed to use their own “common sense” underwriting guidelines and are not restricted by the government regulated Fannie Mae and Freddie Mac institutions. This opens up more options and competitive rates that large lenders simply cannot compete with in the current “Square Peg Square Hole” lending environment.. In the new housing economy, this is where a local lender makes all the difference. Competitive interest rates and in-house underwriting are more important than ever.

“Hands On” Involvement

The active participation of the local mortgage banker allows them to be intricately involved in each aspect of your lending experience. Make sure your local lender prepares their own closing documents and funds their own loans. The fact that they fund their own loans allows them to secure the most competitive interest rate possible.

They also offer superior customer service that cannot be matched by a large, faceless firm. Phone calls can quickly be returned, as well as email answered quickly, by the local lender. In addition, they aren’t confined by local business hours. If you have a question after business hours, you can get in contact with a real person who is as flexible as you need them to be.

Customized Approach

Local mortgage lenders give each customer a customized approach. What may be right for one customer may not be right for the other. A local mortgage banker recognizes this fact and presents information according to the customer’s needs, not based on what is best for the larger institution.

Once you decide you are ready to buy, who wants to get bogged down in lengthy paper work and other corporate red tape? Keeping your entire real estate investment with a local firm offers timely processing of your loan. From application to closing time, the time investment is typically 3 weeks or less.

Consider using a local lender on your next home loan, the largest liability and asset you have, is a wise choice. A local mortgage banker will provide you with the best service to help you meet your long term financial goals.