So, you’re in the market to purchase a home or perhaps are already a homeowner and are considering a refinance to take advantage of today’s historically low rates. In either case you’re going to have plenty of options when it comes to choosing a lender. There are online lenders, small community banks, large banking institutions and local mortgage companies like us. With so many options out there, choosing a lender is not an easy task. So how do you decide? For obvious reasons I am of the opinion that your local mortgage banker is the best choice you can make as a consumer. To support this claim here are four primary advantages that a local mortgage company has to offer over the various other types of lenders:
▸ Your local mortgage banker specializes in just one thing: mortgages.
We don’t offer checking, savings, investments, commercial loans, or the plethora of other financing products available. A Mortgage Banker’s job is to do one thing and one thing only: provide you with the best mortgage experience possible. This type of focus and dedication allows mortgage bankers to be extremely efficient with your loan process and give you the type of service and expertise you truly deserve.
▸ Most mortgage bankers are commissioned employees.
So why does this benefit you? Although there are articles outlining the benefits of being a salaried bank employee or commissioned mortgage banker, consider the following argument. As salaried employees, loan officers of other types of lending institutions are paid regardless of whether your loan closes or not. However, commissioned mortgage bankers such as ourselves don’t get paid a dime unless your loan closes. This means we have a HUGE vested interest in seeing that your loan closes on time and that you have a pleasant experience throughout the process.
▸ Most mortgage bankers control 100% of your loan transaction in-house.
At Flat Branch Home Loans we originate, process, underwrite, close, fund and service most of our loans in-house. Having this type of control over the loan process allows mortgage bankers to provide you with an efficient loan transaction from start to finish. Many banks and other types of lending institutions outsource their underwriting, which means you may end up having someone underwriting your loan that’s 3 states away. This can provide for a cumbersome and inefficient underwriting process of which you will not be subjected to when using a lender that does all of their underwriting in-house.
▸ Your ‘local’ mortgage banker is just that: local.
When you work with a local mortgage banker you can put a face with a name and walk into his or her office and meet face-to-face. This can be a key advantage to working with a local company as it gives you a direct access to your mortgage banker should you have really important questions and/or concerns.
Above are just a few of the many advantages there are to working with a local mortgage company. You have many options when it comes to choosing a lender so make sure to ask the right questions to ensure that you’re dealing with someone you can trust to facilitate a pleasant loan transaction.
Thanks for reading!