The Benefits of a Local Lender in the Home Buying Process

If you have previously been in the home buying process, you probably needed a mortgage. Did you go to a bank or to a local mortgage company? 

Going to a bank for your mortgage can be a lot like sitting in a classroom with 300 other people and expecting one-on-one instruction.  If you are looking for a more personalized experience, a smaller local mortgage lender may be a better fit for you. 

The Benefits of a Local Lender in the Home Buying Process

Local lenders work solely off of referral, which can benefit you as a borrower. A local lender’s reputation means everything to them.  A lender from a larger bank has the benefit of name recognition and much of their business comes from existing banking customers. 

Although I’m sure all lenders care about their reputation, the loan officers of local companies need your satisfaction and referrals in order to thrive. This need enhances their customer service and ultimately may make for a better overall experience. 

Additional Benefits of a Direct Local Lender:

• Mortgage loans are processed, underwritten, closed, and funded in-house.  They are accountable for the entire process from beginning to end.  As a result, your transaction will go smoothly and your closing will be on time.

• A local mortgage company is not a single banking entity. While they are mortgage bankers, they are not limited to just one bank’s mortgage products.  Not only does this allow them to remain competitively priced, but they also offer a wide range of products to suit every borrower’s need.

• Loan Officers are licensed. Every loan officer has completed required education courses and successfully passed the national and state licensing exams to be named a Mortgage Loan Originator by The Nationwide Mortgage Licensing System.  Yearly continuing education is required to maintain this license. This guarantees the licensed local lender is fully knowledgeable on current rules and regulations. 

• A local lender is…Local! They understand the local market and typically have an office close to your home. The entire process from application to closing is managed under one roof. Need a quick closing?  No problem! Everyone working on your loan works side-by-side so the process can be efficiently expedited.

When choosing your lender the most important factors should be trust, efficiency, reliability, and of course price. 

Building a rapport with your Realtor is key to the process and the same should be true of your loan officer.  I’m proud to work for a direct local lender, Intercoastal Mortgage Company.  We are consistently listed as one of the top 25 lenders in the Washington Post and the Washington Business Journal.  Intercoastal has built a reputation as a reliable, professional, and innovative company. 

Please feel free to contact me if you’re in the market for a new property of any kind or just have questions about financing.