When most of you are ready to buy a home, you begin by searching online. There are hundreds of website that provide you with little to lots of information. A lot of these sites are generic sites that also affiliate with various lenders and offer advertising slots. It is a common understanding that most people need a loan when buying a house. When choosing a lender, it is extremely important that you use a local lender.
Here is some of the reasons why you should use a local lender:
- You can meet local lender face to face. Meeting with someone face to face doesn’t just establish a relationship but also makes people more sympathetic towards each other. When things go wrong or need more clarification, the loan officer can “care” for you and your family and will know how it effects you. When you use an “online lender” you’re nothing but a number to them and will receive less care when things need extra attention.
- They have knowledge of the local market. A local lender will know what special programs may be available in certain areas. The will also know local market conditions and will try to figure out a customized solution for you after they’ve reviewed all documentations. A “online lender” will only look at your numbers and give you an “approval” or “denial” letter based on the documents without understanding the reasons behind them.
- They have relationships. Most Realtors® know 2 or 3 local lenders that they are actively working with. This creates an advantage because the loan officer knows that providing poor service will hurt their future referrals from that agent and possibly even their company. So don’t be afraid to ask your Realtor for a recommendation.
Local lenders have a vested interest in keeping everyone happy. They know that if they screw up a relationship with a buyer, seller, Realtor® or settlement agent, they will hurt their chances of future business from their local market.
So if you’re ready to embark on a journey and find local experts, give me at call at 703-577-4320.