Tuesday, May 23, 2017

Working with a Local Lender vs. Non-Local

Have you seen tons of ads online and on TV about mortgage rates and how low they are? Telling you that you can't get lower rates like that anywhere else? Yes, if you've been recently looking at houses it seems that these advertisements are everywhere and for good reason. Rates are not the lowest but they are pretty low compared to just a few years ago. The crazy thing is that the rates are mantaining even though the housing market seems to be booming.

The way to go might seem to use the "online tools" advertised or just do it with whichever bank you already have, it's so easy right?! Wrong. Getting a mortgage is not an easy process, at least not when you do it alone which is what it will feel like when don't work with a local agent. Having a real life person can make all the difference, especially when it is a local lender!

Buying online should give you more options right? This is a big misconception mainly because there are some loans available to your state in particular that an online bank may not have access to or may not be very well versed in. It's impossible for an online representative to know every product available in every state and even if they are well educated in the subject, it's still impossible for them to know the ins and outs of every product. Being local gives us an advantage because of the products exclusive to your area and our experience dealing with them.

Don't qualify right away or need a little leeway with your mortgage? A local agent typically can be more forgiving and flexible on what we can offer based on your situation, in some cases even make exceptions. Big banks aren't really allowed to do this because they have strict guidelines to follow and even though we have guidelines too, it's easy for us to talk to our managers and get creative on how to help our clients. Our goals is to get you in your dream home!

We know the area
When you buy a mortgage online or even with the bank you usually do business with, it's not local therefore they don't have a full understanding of your needs. Knowing the area also helps because we can make sure you are getting a good deal and evaluation of the property. We'll know how much you'll need for the type of property you're looking to buy based on our extended knowledge of the area and prior loans.

When you use a big bank or an online option, you don't always get the same person on the phone or via email. Even if you do, they may not remember you because they work in such high volumes. Local lenders make it their priority to be a part of the process and keep you in the loop, we can even meet with you if you have questions! You can't this level of services when you don't shop local.

So when you're looking to buy, the first thing to do is shop for a mortgage with a local agent! Ask for references and check their presence online, make sure that they are good because this can make an experience that may seem complicated and intimidating into a pleasant one!