You should use a local lender. Today I will explain all of the reasons why.
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I am often asked by family, friends, and clients what lender they should use. Well, today I am going to share with you the three reasons why I tell them it is important to use a local lender.
1. They will eliminate surprises. By keeping a close eye on your transaction, an experienced lender will be able to identify and eliminate potential issues as you work your way to the closing table. I once had a client use an online lender only to find out two days before closing that the loan company didn’t ask the right initial questions and were missing information that left my client unqualified for a loan. A local lender will help you avoid these unwanted surprises from the get-go.
2. They can help you figure out the best program for you. There are many variations of FHA, VA, and conventional loans available, and they are constantly changing. A local lender can help you decide which is best for you. For instance, if you will only live in the home for three years, you will want a program with the lowest closing cost versus a really low interest rate.
A local lender will help you avoid unwanted surprises from the get-go.
3. They will have community relationships. If something does come up during the 30-, 60-, or 90-day closing process, they can reach out to local professionals to get it resolved since they know the local attorneys, appraisers, contractors, etc., who can help. For example, if a tree falls on the home two days before closing and damages the roof, your local lender can speak with an attorney to escrow funds at closing with a local contractor for the repairs to be done after closing. This allows you to move in on time.
There really are a lot of reasons that it is so important that you use a local lender. And, you will probably even get the same interest rate.
If you have any questions about this, or if you are interested in buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.