We all know buying a home is stressful. Between choosing your purchase team, finding the home, writing the winning offer, passing inspections, completing the appraisal, closing the transaction and then finally moving; the last thing you need to worry about is will your mortgage loan close without any issues.
From first-time buyers who need lots of extra help to empty nesters settling into a new chapter of life, adding a local loan broker to your home purchase team provides you with many benefits compared to working with non local banks or lenders.
Local loan brokers offer you access to their rich valuable relationship networks to best help you achieve your purchase goals.
- Brokers have relationships with many lenders who specialize in different market niches such as: VA, FHA, Conventional, Low or NO FICO score, manufactured homes, investment properties, construction, USDA $0 down loans and many others. These relationships gives the local loan broker a unique ability to match your specific lending needs to the right lender.
- Most local loan brokers invest a lot of time, money and effort building solid relationships with real estate service providers throughout their region. This becomes particularly beneficial when it comes time to interview real estate agents and others to build your home purchase team.
- Often local loan brokers have extended hours, allowing you to contact them during evenings and weekends. If you see a house you love on a Sunday, you’ll probably be able to reach your loan officer and get an approval that same-day if needed. Having this type of committed relationship can mean the difference between getting your offer accepted or not in today’s vibrant housing market.
Real Customer Care
Partnering with a local loan broker allows you to work face-to-face with a loan expert eliminating unnecessary costs, frustration, uncertainty and anxiety.
- You’ll avoid the black hole “1-800” customer service line voice-activated computers and international call centers where no one really knows you or truly cares about your financial goals.
- Having your broker’s cell number to call and text at a moment’s notice or ability to meet in person in order to clear up issues quickly is the real care you want and need.
- The bottom line is non-local and online lender experiences don’t compare to the first-class care you’ll receive with a local loan broker.
As the old saying goes, “The proof is in the pudding” pertains to local loan brokers who add real value to your home purchase team.
- Independent loan brokers usually offer more affordable interest rates than direct lenders and banks. Go HERE for a great article that explains in better detail.
- Extra perks like home warranties, moving or cleaning services are usually offered to help get things done where you need it most.
- Loan pre-approval letters are stronger than just a pre-qualification letter. Your local loan broker should provide pre-approval letters and that means your income assets and other vital qualification items have been verified. That’s peace of mind while shopping for a home and gives you a leg up to the competition because sellers know your offer is more solid than just pre-qualified offers.
Real Experience and Knowledge
Local loan brokers are invested in the community and know their housing markets better than non-local companies.
- With a better understanding of property values the local economy and effective real estate service providers, this will enable you to put together the right purchase team and loan product to meet your goals.
- Because every purchase involves hiccups you need eyes on the process and local loan brokers are better empowered to do just that than non-local companies.
- In the end, local loan brokers are just more experienced and more willing to go the extra mile to achieve your lending goals than non-local lenders.
Successful local loan brokers provide you the best opportunity to achieve your purchase goals. How can you tell if your local loan broker will deliver you real results? Just ask their customers.
- Brokers who consistently close loans smoothly and efficiently will have many positive customer reviews not just through Facebook, Yelp, Zillow and Google but through the local Better Business Bureau or local Chamber of Commerce institutions as well.
- These loan brokers will have been in business for many years or decades and provide you with many customer testimonials to read or have willing customers who you can interview. Truly satisfied customers have no issues recommending companies they trust and appreciate.