The Benefits of Working With a Local Mortgage Lender

The Benefits of Working With a Local Mortgage Lender

4 Reasons Why You Should Work With a Local Lender

Buying a home can be a stressful process, especially for first-time homebuyers. Among all of the other things you may be focused on, you likely don’t have the time to worry about financing your mortgage. This is where a local lender comes into play! They will be by your side every step of the way to make sure your homeownership dreams come true and the experience is hassle-free. 
Continue reading to discover the main benefits of working with a local mortgage lender! 

What’s a Mortgage Lender? 

A mortgage lender is a financial institution or bank that provides and underwrites home loans. Lenders use particular borrowing criteria to determine your creditworthiness and capacity to repay a loan. They decide on the following terms: interest rate, repayment schedule, and other important components of your loan. 
Mortgage lenders are one of the most important parties in the mortgage process, and they are usually the first party prospective buyers contact.
RelatedThe Do’s and Don’ts of the Lending Process

4 Advantages of Working with a Local Lender

There are many benefits to working with a local mortgage lender. Let’s take a look at our top four:

1. Reliability and Reputation

You can easily rely on a local mortgage lender because it’s simpler for them to close loans on a timely basis than it is for major banks. If the closing of a loan has to be extended by a week, local lenders are typically more flexible than big banks that have corporate mandates to crank out the volume. Additionally, with a smaller pool to conduct their business, local lenders will likely have fewer clients they’re juggling at one time — which can be great news for you! 
Local lenders also strive to create lasting relationships with their customers, so they aim to provide top-notch service each and every time.

2. Local Market Knowledge

Another advantage of working with a local mortgage provider is their deep local expertise. These lenders are the most familiar with the local market; therefore they better understand the local economy and property prices.
Because local lenders are experienced in the area, they understand that each buyer’s situation is unique. They can help you choose the right type of loan for your specific situation and make sure to keep you updated every step of the way. 

3. Flexibility to Loan

It’s possible for a local lender to approve certain mortgages for qualified borrowers that bigger banks won’t. This is because major banks approve loans by screening a large number of applicants with very strict guidelines that enable them to identify qualified borrowers. On the other hand, local lenders offer a more flexible approach and work effectively with many borrowers who need extra support or guidance during the loan process.
Whether you’re seeking a conventional loan, an FHA loan, or even something less common like a USDA loan, a local lender can help!
Learn More: How to Apply for a Mortgage

4. A More Personalized Experience

With a smaller pool to conduct their business, local lenders will likely have fewer clients they’re working with at one time. If you are the type of person who likes to look people in the eye and shake hands when getting advice, a local lender is the best way to go. 
Local lenders make it much easier to establish a more personal relationship, as they are more responsive, and you have the opportunity to work with them face-to-face. This is especially helpful, as in-person interactions help build a level of trust to reduce uncertainty and anxiety associated with the loan approval process.

We Have Preferred Lending Partners! 

Ultimately, choosing to work with a local lender is the best option for financing your future home. After all, ​​when you work with a local lender, you work one-on-one with a mortgage expert.
If you or someone you know is interested in beginning their home-buying journey, don’t hesitate to contact us to connect with one of our Preferred Lending Partners! Use the button below, or Visit our page to get in touch with our team today!
Call us today to learn more.

Work With Us

At Redbud Group, we understand that the home buying & selling process can be stressful. You want to make sure you are making the right move and getting the best price for your home. As always, we are here to help you take those first steps to buying or selling a home! Check out our home buying & selling tips and resources for in-depth information about the home buying & selling process.

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