The Lindley Team at Mortgage Express | 503.517.8641
We’ve talked about the steps you need to take before you start house-shopping. We’ve told you why you should get pre-approved (not just pre-qualified) before you step foot in the first open house.
Today, we’ve got a list of seven reason why you should start your mortgage process with a local lender instead of a national big-name business.
Buying a House? 7 Big Reasons to Call a Local Lender
1. Local lenders know their stuff. Their local stuff.
While giant, national lenders hype their size, numbers, and reach, local lenders hit closer to home, where it matters most. Local lenders are not just mortgage experts. They’re experts on local mortgages in local markets.
Look at it this way. You’re on the phone with a loan officer from a big, national corporation. They’re going to have a lot of questions right away. They’re going to want to know about your finances and they’re going to want to know about the area you wish to buy your future home.
If you’re lucky, this national giant will have agents who specialize in regions, so they might only have to sift through a few states worth of regulations and numbers before they get to the info that matters for you and your mortgage.
Or, you could sit at a desk, face to face with an expert who sits in an office in the state (even the county or city) where you plan to buy. They don’t have to “look into it” to start your case. They already know it.
Local lenders work with people buying houses locally all day, every day. They’re probably serving your future neighbors!
Nothing is more frustrating than thinking you’re well on the road to the house of your dreams and hitting a roadblock caused by a big name national lender who was unaware of a law or guideline in the specific area you need a mortgage.
2. A Local lender becomes a friendly, familiar voice and face.
In a world of transferred numbers and outsourced customer service lines, a local lender is a breath of fresh, friendly, familiar air. You’ll get to know each other.
When you call, you won’t be one file out of a billion. Even if the person who answers the phone isn’t your contact at the local office, they’ll know who is and get you to them right away.
Your contact will know you when you talk to them. You won’t have to spend half of the conversation repeating your personal information just so they can figure out who you are. With a local lender, every conversation will be a comfortable step forward in your process.
3. Local lenders have a reputation to keep.
While keeping a good face is something most businesses strive for, a local mortgage lender has more at stake when it comes to pleasing their clients and maintaining a good relationship with other local businesses.
Buying a house involves a lot of people. From the buyer (you!) to the lender to the realtor and beyond, the process of obtaining a mortgage takes teamwork, and referrals are a big part of the game.
Referrals are more important to local businesses where people are likely to put more trust in a business that comes from another professional they already trust.
Speaking of teamwork …
4. Local lenders are great team players
They already know most of the players! Mortgage and real estate professionals in your local area have probably been working with each other for awhile and by the time you come along, you’re entering a very well-oiled machine.
Need an outside source on something? They already know just the guy. Need to know which schools in the area are best? They might have kids who go there. Need to know which local restaurant has the best pizza or wings? You might start an argument in the office, but you’ll get options.
If you look at a local community of businesses and consumers as a giant team, you’ll understand why each separate team member wants to work well with the others. They’re all part of the same game.
A national giant has no stake in the local game.
5. Shop Local!
When you think of shopping local, you probably think mostly of mom and pop restaurants or little downtown boutiques. Shop at these places! They need you! However, you might be missing other ways to contribute to your community’s success and invest in the local economy.
Business like local mortgage lenders are still local businesses and their success flows right back out into the very community where you’re buying your home.
6. Local lenders are more likely to close on time.
The entire process of obtaining a mortgage loan is generally quicker with a local lender. There are many reasons for this but here are a few big ones:
- If you need to submit some last-minute information or turn in an important form, driving down to your local lender and handing it over a desk takes a few hours at most. For a national lender you will either have to send an email or, in many cases, actually send a physical form in the mail.
- We talked about referrals and reputation and closing on time is a big part of being a good team player. Not only can you get word-of-mouth referrals for local lenders that are known to close on time, but you can also expect a local lender to want to close on time for reputation’s sake.
- It simply doesn’t take as long for a local lender to process things as it might for a national lender. A local lender has fewer clients (which is a great thing!) and more time to focus on each one efficiently.
- A quick google search will find countless stories of hopeful buyers who end up losing their dream home because the seller could no longer approve a national giant’s extensions. The seller doesn’t have to wait and there are always other buyers waiting in line. Sticking to a timeline is a big deal.
7. Local lenders can offer a more personalized experience.
Every buyer is different. Local lenders see you, the buyer, as an individual and not just as a number on a file. They have the time and space to treat you like an individual. Not only do they know the intricacies of the local market, but they will come to recognize the intricacies of your financial situation.
We’re ready and available when you are. Give us a call!
If you’re looking for a local Portland mortgage lender, we’d love to get to know you.
We work with our clients through the entire process.
Even if you’re worried that your financial situation isn’t as ready as you are, let us take a look. If you’re not ready, we’ll work with you until you are.
We’re going to make a great team.