Last month, we chatted about the benefits of a strong relationship between your real estate agent and mortgage lender. If you've followed The Urban Dog Group for a while, you know that we work closely with Michael Dean, a branch manager for CrossCountry Mortgage. Now, we want to continue this conversation with a focus on the advantages of using a local mortgage lender.
When it comes to buying a home, it may be tempting to work with a national mortgage lender who has a well-known reputation. However, we see so many benefits from connecting our home-buying clients — especially those from out of town — to a local lender.
For today’s blog post, let’s look at four benefits of using a local mortgage lender.
1. Knowledge of the local market
It’s not surprising that local lenders have an unparalleled understanding of their market. They know longtime regulations, recent trends, necessary taxes, and closing procedures. This can be a major benefit for the purchasing of both primary and investment properties.
For instance, Florida is very unique when it comes to the types of loans needed to purchase a condominium. Plus, the validity or the strength of the condo association matters, as it directly affects the amount of money a buyer needs to put down. Local expertise is incredibly helpful in navigating these situations.
2. Helpful recommendations
As you begin the home-buying process, you often need to involve other local professionals, like appraisers, home inspectors, and attorneys. Fortunately, a local lender can help you make these connections. They may also be able to guide you if you need a contractor for renovations, landscapers, interior designers — or even a nearby vet or doggy daycare for your pup!
Plus, they have unique knowledge of the community. After all, it’s their community too! If you have questions about the neighborhood schools, community centers, parks, or walking trails, a local lender can provide answers.
3. Flexibility
Compared to national lenders, local lenders usually have more flexibility when it comes to their lending criteria. They may be more open to unique borrower circumstances, like a first-time homebuyer with limited credit history. In this situation, they can consider utility payments, rent, and other recurring payments to show a history of financial stability. They may even take local market conditions into consideration when determining the loan agreements.
4. Faster problem resolution
Local lenders can resolve any unexpected issues much quicker than national lenders. Rather than talking to a different service representative every time you call the 1-800 number, you can speak directly to a local expert who can answer your questions on the spot and keep things moving forward. Better yet, you can meet up with them in-person for face-to-face communication.
Ultimately, using a local lender leads to faster closing times and a more satisfactory experience for many home buyers.
A local lender offers personalized service, tailoring their advice and support to each home buyer. Thanks to more streamlined decision-making (and fewer required approvals!), the closing process is often faster too. Local lenders usually operate on a smaller team, leading to fewer mistakes, miscommunications, and handoffs.
Let The Urban Dog Group help you with your real estate needs. Contact Christine Elias at caerealestate@gmail.com.
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