Securing financing is one of the most vital pieces of the home buying process, and you will find numerous mortgage lenders offering competitive rates in today’s market. But, if you want personalized support and service that caters to your individual needs, selecting a local lender may be your best bet.
From convenience to personalized advice, here are four reasons why you should work with a local lender:
You’ll get more personalized service.
When you work with a large bank or online lender, you’re just another number. But when you work with a local lender, they’ll get to know you and your needs. They’ll be invested in helping you find the right home and getting you the best loan possible.
In addition, having a face-to-face relationship with the lender provides the comfort of dealing with someone you know and trust to guide you through the home buying journey.
They have in-depth knowledge of the local market.
Local lenders know the ins and outs of the market in your area. Having an understanding of local trends like housing prices, the costs of living in your area, and the general economy makes a huge difference when making such an important decision.
Local lenders and underwriters will likely be more familiar with your state or city's home buying process and real estate laws.
You may qualify for special discount programs.
Local lenders often have access to programs that can make it easier for first-time buyers or those with less-than-perfect credit to qualify for a loan. These programs vary from state to state, so working with a local lender is the best way to find out what might be available to you.
To view current programs available to you, visit our home loans page or connect with a local lender to learn more.
Buy local, borrow local, and support the community.
Buying local and borrowing from a local lender is an excellent way to help the community. Not only does it stimulate economic growth by keeping money circulating within your city, but it also helps support small businesses and charitable initiatives in the area. When it comes time to purchase a home, consider buying local and borrowing local from a lender who has been serving your area for years.
If you're looking to buy a home, working with a local lender is a great option. Local lenders have a better understanding of the market in your area and can provide more personalized service to your specific needs. Our lenders and underwriters have been serving this community for years, and are ready to assist you in getting into your dream home. To meet or schedule an appointment with one of Texas Tech Credit Union's mortgage lenders, visit our home loans page.
When you work with a large bank or online lender, you're just another number. But when you work with a local lender, they'll get to know you and your needs. They'll be invested in helping you find the right home and getting you the best loan possible.
National mortgage lenders provide home loans nationwide and tend to offer a variety of options, but may lack personalized service and charge higher costs. Local mortgage lenders finance properties in a specific geographic location and often provide more personalized service, but may have limited loan options.
The banking industry is lucrative and plays an important role in our economy. It offers challenging roles and opportunities to develop skills and knowledge. The dynamic nature of the industry and its relevance in the economic scenario is why I want to pursue a career in the banking sector.
Local Lenders Know the Market and the Local Appraisers
This means that the appraisal value will be more accurate than if it were done by someone else because national appraisers sometimes don't know the difference between small towns within a larger metro area.
If meeting with lenders face to face is important to you, a local bank with a good reputation is a sound choice. Local banks may also have better rates or lower fees than online options do. Both types of lenders offer mortgage pre-approval.
A mortgage broker can offer a wider array of options and streamline the mortgage process, but working directly with a bank gives you more control and costs less. Kate Wood joined NerdWallet in 2019 as a writer on the homes and mortgages team.
Documents such as employment and income verification, asset statements, debt information, credit history and identification are necessary for mortgage preapproval. Preapproval letters are typically valid for 90 days and can be obtained within a few days if all necessary documents are provided.
Local banks often come with lower fees for establishing accounts and faster processing for bigger purchases. Larger banks will often charge more and take longer. Perhaps most importantly, working with a local bank and, accordingly, local residents, means having easier access to financial education.
“Banks are the cornerstone of their communities.” You'll get approved easier. When you have an established history with a banker and need a loan or line of credit, their history with you as a customer will help with getting loans approved.
By exploring your options with multiple lenders, you get more information about your options and get a sense for which loan officers you might feel most comfortable working with. Call each lender to set up an appointment to meet with a loan officer.
One of the biggest advantages of using a lender for a mortgage is that they can offer lower interest rates. This is because lenders have access to a wider range of mortgage products, including those that are not typically available through traditional banks.
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