Before choosing a mortgage lender, however, consider the services of a local mortgage broker. Do they live and work nearby? There are definite benefits to using someone local:
With a local mortgage broker, you’re able to have face-to-face interaction. They’re able to meet with you one-on-one to discuss goals and address challenges. These in-person meetings can increase your comfort level on the sensitive subject of mortgage payments and finances. They instill a sense of trust and boost your confidence to ask all the tough questions and get the answers you need to make an informed decision.
Realtors and other professionals in the real estate market also like to work with local people, so they’ve probably collaborated before. They have already established a solid working relationship and are familiar with each other’s communication styles and work ethic. Since the team involved in helping you purchase your home has worked together before, you can rest easy that they already have a process in place for efficiency and are more likely to communicate effectively every step of the way.
Local mortgage professionals understand that home buying isn’t strictly a 9-5 task. They know that negotiations sometimes take place late at night or on weekends, and issues might come up that need to be addressed right away. Larger banks tend to close and be unavailable. However, local brokers work when you need them, so you can make an offer immediately when you’ve found the right home.
Local brokers are very familiar with the real estate market of your particular area. In fact, some sellers won’t even consider working with an out-of-state lender; they would prefer someone with an in-depth knowledge of the area and value of a neighborhood. That’s the type of expertise only local professionals can provide. Also, an experienced mortgage broker like Upstate Mortgage knows the best places to get a mortgage and will normally have lower rates and fees than direct lenders.
When you support local workers, you support your economy! There’s been a large movement in recent years to shop and do business locally, and this push has even affected the real estate and financial realm. Using a local broker allows you to stimulate the economy in your own community.So while you’re searching for a lender, search local! Have more questions? Let’s chat about how we can help you through this process.