Great Reasons To Use A Local Lender When Buying Your Home
Everyone involved in the process, sellers, real estate agents, and you, the buyer, want the loan to close on time. Local lenders have a better reputation for closing loans on a timely basis. If the closing of a loan has to be extended by a week, and then extended again after that week is up, this could cause a certain amount of stress and uncertainty. In the worst case scenario, if a loan is denied at the last minute after a buyer has already paid an earnest money deposit, this could cause the buyer to lose his deposit as well as miss out on buying the home of his or her dreams.
2. Personal Service
You can meet your lender face to face and ask questions in person if need be. In an era when phone calls are considered intrusive and people generally don’t like talking on the phone, I find that meeting people face to face can be very effective for resolving issues. I think it slows down the pace of the discussion and it is more effective for getting on the same page.
3. Local Expertise
Besides knowing the area and local real estate market, a local lender will appear more attractive to certain home sellers and real estate agents because of the importance of a timely closing and a smooth process. In a situation where several offers are on the table, having a local, trusted lender could be the difference between landing the house or not. Some sellers and real estate agents may not even consider offers from national banks or online lenders because of previous bad experiences, or because of the bad reputation some of these have.