Buying a home will likely be the biggest purchase you will ever make in your life. Finally moving into your new home will be a joyous occasion and for some, the culmination of a dream. When looking for a home loan, you have options.
When you use a local or regional lender, you are working with someone experienced with your area’s nuances, such as local taxation rules, settlement procedures and appraisal methodologies. These areas are all part of the loan process and can delay or kill deals if a lender isn’t experienced enough to handle them. That person-to-person “handshake” is how business has always gotten done, and that’s powerful. It can create a sense of safety and certainty in a daunting process.
Likewise, real estate agents representing sellers on homes you’re interested in will often prioritize purchase offers based on the quality of loan approvals. Local lenders who are known and respected by listing agents give your purchase offers more credibility.
With National lenders, you run the risk of potentially getting lost in the “shuffle.” Consumers have been burned dealing with large national lenders who can’t commit to when they will get back to you, who will get back to you, or when you’ll be able to get your loan closed.
