Why Use a Local/Regional Mortgage Lender?

Why Use a Local/Regional Mortgage Lender?

local-lender-texting-buyer
local-lender-texting-buyer

Why Use a Local/Regional Mortgage Lender?

Five Reasons to Choose United Bank When Shopping for a Home

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.

Reliability

Everyone involved in the process, sellers, real estate agents, and you, the buyer, want the loan to close on time. Local and Regional lenders have a better reputation for closing loans on a timely basis.

Reputation, Reputation, Reputation

Local lenders and real estate agents have an incentive to provide you with excellent service because they want you to be a source of referrals for future business.

Personal Service

You can meet your lender face to face and ask questions in person if need be. In an era when phone calls are considered intrusive and people generally don’t like talking on the phone, meeting people face to face can be very effective for resolving issues.

Local expertise

Besides knowing the area and local real estate market, a local lender will appear more attractive to certain home sellers and real estate agents because of the importance of a timely closing and a smooth process. In a situation where several offers are on the table, having a local, trusted lender could be the difference between landing the house or not. Some sellers and real estate agents may not even consider offers from national banks or online lenders because of previous bad experiences, or because of the bad reputation some of these have.

 

Buy local, borrow local, help the local community

Most people are aware of the effect which buying locally produced goods or spending money on locally owned businesses has. The money recirculates within the community creating a positive effect. The same is true with using a local lender. Very likely the money you pay to a local lender will be loaned out to other local home buyers and businesses down the line.

At United Bank we work with numerous respected local real estate and financial service professionals and are happy to provide recommendations if you need any advice!

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United Bank is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Reserve, Federal Reserve Consumer Help, PO Box 1200, Minneapolis, MN 55480.
This is not a commitment to lend. Mortgage products and services are offered through United Bank. All loan applications are subject to credit and property approval and must meet loan program requirements to qualify. Annual Percentage Rate (APR), programs, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required.  Speak with a Mortgage Loan Officer for more specific information.
United Bank and its representatives do not provide tax or legal advice. You should consult your individual tax or legal professional before taking any action that may have tax or legal consequences.