You are ready to buy your first home but you have some decisions to make. In addition, to location, size and other home features, you also need to select a mortgage lender. Choosing the best mortgage lenders can be overwhelming but it is one of the most important decisions you need to make during the home buying process. You will be faced with many options but the best mortgage lenders will likely be in your backyard.
Local lenders have several advantages over the large, national banks, especially for first-time home buyers.
Personal Attention
Because they are smaller, you will not just be a number and they will meet with you in-person and take the time to understand your specific situation. Local lenders are the best mortgage lenders for first-time home buyers as they will walk you through the process and make themselves available to answer questions and offer options.
Know the Local Market
Local lenders work in the local market so will better understand the economy and market conditions. They will factor in this information when helping you find the right mortgage for you.
Faster Response Times
Smaller lenders make lending decisions locally, and tend to be more available for their customers. If you have questions at any time throughout the process, your lender should be there for you. Additionally, you’ll want lending decisions about your mortgage made locally and swiftly so that you can enter the real estate market.
Flexibility
Local mortgage lenders sometimes have different guidelines and criteria for mortgage approval that may work in a first time home buyer’s favor. Every lender is different, so you’ll want to make sure you research your lender and their policies.
Working with a local lender can provide you the support and information you need throughout the sometimes confusing mortgage process. A good mortgage lender will want to help you find the right mortgage that works for your financial situation so that you can purchase your dream home. If you’re looking for a local mortgage lender you can trust, contact us today!
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