1 – Consider the value of using a local lender who is right there in the community. This increases the level of accountability to you as a customer when dealing with your specific loan. If something goes wrong you have a person to connect with, someone who has been working with you during the entire process and with whom you can speak directly.
2 – Consider the advantage of the local mortgage lender’s unique understanding of the local real estate market. They might know enough about a market to dispute low comparable sales to establish value for your home loan. They might know about special down-payment assistant programs offered through local government agencies. If you don’t think this matters, think again!
3 – Consider the local mortgage lender’s ability to cut down on a lot of the hassles and frustrations that typically go along with the mortgage process. Working with somebody who is in your local community virtually ensures that there will be far less in the way of miscommunication or misunderstandings regarding important details of your mortgage application. When you work with a ‘national’ lender you simply become a number. If there is something wrong with your file it will go to the bottom of your underwriter’s huge stack of mortgage files.
4 – Rely on their desire to maintain their local reputation to help make things work for you. Working with somebody who lives in your community has the advantage of guaranteeing that they will do what they can to make sure you are a happy customer. All it takes is a deeply dissatisfied customer to start talking about a local lender for that lender to run into problems. Reputation is everything and local lenders have a tendency to go the extra mile to keep their customers happy.
5 – Use the flexibility that a local lender has. Very few people realize that a local lender often has more flexibility with regard to getting you the best rate than some national organizations do. There are a variety of reasons why this is the case, but the main thing to realize is that you are not putting yourself any kind of disadvantage in so far as getting the best rate possible by choosing to work with a local lender in your community.
6 – Appreciate the personal contact. When you work with a local lender you’re dealing with somebody who you can go to and see in person. Given how complicated and confusing the mortgage application process can be, being able to sit down with somebody face-to-face is a tremendous advantage you simply cannot get with some national lenders.