Whether you’re a first time buyer or a veteran, buying a home is a milestone. Many people fail to research different mortgage lenders, despite the fact that they will be paying their mortgage for the next 15-30 years. If you’re looking for a lender, it’s best to explore your options and find the best fit for your needs. Here’s a few ways that local mortgage lenders are different from other lenders.
Talk to Your Bank
If you have a good relationship with your bank, meet with them to learn more. Not only can they give you a quote for your loan, but they can also help your research other mortgage options. Since it’s your bank, you should be familiar with their services and reputation. If you’re not comfortable with your bank, you can ask your friends and family about their banks, or what mortgage lenders they used.
A Person, Not a Number
A local mortgage lender doesn’t treat you like a number. Local lenders will do whatever possible in order to create a healthy relationship and transaction. They are concerned with finding you the best mortgage. To them, you’re a real person trying to make a monumental financial decision. They will take the time to review your credit, budget, and requirements in order to help you find the right mortgage. Just like the big banks, local lenders have the resources and security to fund your mortgage.
When you work with a local lender, you’re working with a professional that is nearby. Not only do they know the area you’re looking in, they also know a bit about the local housing market. Local lenders are knowledgeable about the history of the area, regulations, fees, laws, and any legal issues. They can sit down and explain the mortgage process, which can be very intimidating and confusing if you’re a first time home buyer.
At the end of the day, big mortgage lenders and brokers are salespeople. They have one goal–to convince you to apply for your mortgage with them. Typically, lenders and brokers don’t have your best interests in mind. However, a local mortgage lender is different. They will be able to keep your budget and future plans in mind as they help you choose a mortgage, and are invested in your success. Local lenders are there to help you throughout your entire mortgage process and home buying journey.
If you’re looking to buy a home and are interested in using a trusted, local lender in the Massachusetts area, be sure to contact us to set up an appointment today!