5 Reasons You MUST Shop For a Local Lender, Especially in a Seller’s Market
In the current housing market, there is so much competition that there’s a high chance there will be another offer that’s equal to yours. So the difference between coming in first, versus second or third, often comes down not only to the lender’s reputation, but even to which lender answers their phone when the listing agent is making their calls. Don’t miss your one shot because you put your finances in the hands of a big bank that works 9am-5pm Monday through Friday.
Here are 5 reasons and the background information on why having a local mortgage lender on your team will make you more competitive in the current housing market.
1) They are incredibly easy to get in touch with, and in this fast-paced market we need to have easy access for communication with our financial lender. Local lenders are available evenings and weekends for quick pre-approval letters and phone calls to listing agents in order to vouch for you.
2) They have local relationships and good reputations with the agents in your market. The local lenders have met most of the real estate agents, know them personally, and have a history of smooth closings and good problem-solving skills. When the listing agent of the home you want knows your lender and their reputation, you look better and your offer will stand out among the others. They will vouch for YOUR lender to the sellers, making everyone feel more confident that you'll get to closing.
3) Local lenders manage your file from start to finish. They are not a HUGE corporation where you are just a file in a stack of other buyers. They are invested in making sure your loan gets to closing and they will work with underwriters and processors the entire time. With larger institutions you get passed off to other departments, which means the process can take longer and communication can get lost.
4) Local lenders have local appraisal management companies that can help make sure we get a local appraiser.
5) Smaller mortgage companies can get files processed faster. Right now the competition is so fierce that closing in as little as 15 days can make a HUGE difference in getting your offer accepted. Two of the lenders on my shortlist can close within 12 days from start to finish.
Bonus: Local lenders offer more creative loan options to help a wider range of people qualify, such as self-employed, self-employed with less than 2 years of filed tax returns, medical professionals, clients with lower credit scores, or buyers with jumbo loans or jumbo loans with low down payments. Specifically, they allow more people to purchase their next home without selling their current home, which means no contingencies, moving twice, or short-term rental hassles.
I would encourage you to call the following list of lenders, all of whom I can personally recommend. They are incredibly well-known in this market and will make you a more competitive buyer.
Megan Higgs
Hometown Lenders • (360) 731-3464
Ryan Johannes
Movement Mortgage • (425) 681-6475
Petros Christophilis
Cornerstone Lending • (206) 406-4690
Still have questions? Give me a call at (253) 313-4093. We are here to help you secure your next home by creating the best home-buying team for this competitive market!
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Neighborhood Experts Real Estate