Buying a home is one of the biggest investments that you will ever make. Working with a local lender can bring you a much higher level of service and a smoother closing.
Top 5 Advantages to Working with a Local Lender
1) Local lenders have a local expertise: Out-of-area lenders have little or NO knowledge of your market. A local lender will know more about special down-payment assistance programs offered through local government agencies and will also have a unique understanding of our local real estate market.
2) Local lenders have local connections: Let’s face it, that out-of-area lender is not going to have the inside scoop on the Who’s Who of the local real estate market. Your local lender will be a wealth of information in regard to appraisals, local laws and regulations and will probably know the agent on the other side of the transaction. Local lenders will also have the advantage of knowing the local title companies that you will be working with.
3) Local lenders have a local reputation: If you are dealing with a lender 1500 miles away, odds are they are not going to be concerned with a local reputation. Local lenders build their business on referrals, so they are going to be more attentive to details and will maintain a relationship with you long after you close on your home.
4) Local lenders can make it to your closing: Having your lender at the closing is imperative. When you see an endless heap of paper work, you will have a lot of questions for both your Realtor AND your lender. Out-of-area lenders will not have the ability to sit next to you at closing and offer you the support that you need and deserve.
5) Local lenders provide a higher level of service: The bottom line is this – when you are working with a local lender, you can walk right into their office and receive face-to-face customer service. There will be far less miscommunication and misunderstandings in regard to your mortgage application and the life of your loan.
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