A lot of people question this all the time – are local lender benefits better than national lenders when it comes to home financing?
So what do you need to know and how do you decide? To gain a better understanding, it’s important to take a look at what makes local lenders better compared to national lenders.
Local Lender Benefits
1. Accessibility
Local lenders are accessible all the time. When you choose local lenders, you can bypass the frustrating experience of waiting on hold with automated voice systems when dealing with national lenders.
Your inquiries won’t sit in a voicemail unanswered for extended periods. Instead, you’ll have direct access to a cell number for quick calls or texts. They often provide their cell phone number and make themselves available to you after hours and even on the weekends which is especially important when you’re trying to get pre-approval with an offer.
2. They know the local market better
Local lenders play a crucial role in our communities. They are deeply connected to the neighborhoods they serve, living and working alongside their clients. Their familiarity with the local area, including the housing market, makes them invaluable.
These local lenders also maintain personal relationships with appraisers and underwriters. When you’re purchasing a home, having an appraiser who knows the local market is necessary. In today’s competitive market, understanding how local properties are valued is beneficial.
Agents, like buyers and sellers, want to ensure the deal goes through as smoothly as possible. When a listing agent sees an offer backed by a pre-approval from a lender they know, they’re more likely to favor that offer. It’s all about confidence in the lender and ensuring a smooth transaction for everyone involved.
Watch this YouTube short to gain more insight from a local lender I personally know:
Although working with a national lender may result in faster loan approvals and lower rates, you are only one of thousands of clients they work with. This naturally means that if something goes wrong on a Friday night, you can expect no one to answer your phone call until you come up in the queue at whatever point the next Monday morning.
Choosing a lender may not be your favorite decision when purchasing your new home, but it is equally as important as others. With such a significant financial commitment, it’s necessary that you feel at ease with your lender and that they are readily accessible, communicative, and dependable.
If you are looking for reliable local lenders to work with, do not hesitate to message me so I can connect you to one. If you need more professional advice with buying or selling homes in Southwest Florida, follow Stacey Glenn on all social media platforms!