If this is your first time purchasing a home, you are facing a long process ahead. One of the first and most important questions you’ll have to ask yourself is: where should I purchase my mortgage from? You want to choose a lender that’s accessible, has resources and will have your financial needs in mind when helping you make decisions. You want to invest your money wisely; after all, this is a long term contract. If this rings true to you, you should seriously consider a local mortgage lender for the following reasons.
It’s in the title! Local mortgage lenders are local, which can be a large benefit for first time buyers. They have the time and local geographical knowledge to help make your home buying process as painless as possible. With experience in the industry and extensive knowledge of the local community, they can assist you beyond just purchasing a mortgage. Additionally, quality local mortgage lenders may have a great network of popular and successful real estate agents that they can offer you to choose from.
When you do business with a local mortgage lender, you have the option of convenience and personalized service. You can meet with your lender in person and they will be more than happy to answer your questions. They will take the time to get to know you and your current financial situation and work to accommodate to your needs. This will ensure that you are matched with the mortgage that best suits you. Big banks can tend to be impersonal and may provide less customized options. You want to be able to work with your lender to find the absolute right mortgage match for you.
A Mortgage that Meets Your Needs
As mentioned earlier, local mortgage lenders have your best interest in mind. They will be able to keep your budget, credit, as well as future plans in mind when helping you choose a mortgage product. Not only do local lenders have the resources to fund your mortgage, they are also just as secure, if not more, than big banks.
If you’re a first time buyer and want to educate yourself about the process and consider a local lender, download our First Time Home Buyer Education eBook now!