Real estate is a localized market. You wouldn’t ask a Midtown Manhattan real estate agent whether you should buy a four-bedroom, three-bath home with a detached garage in Cleveland, right? Just as you wouldn’t ask a Los Angeles mechanic to winterize your Pennsylvania car, or your Dallas-based colleague what she thinks about the public school system in Seattle.
While a professional’s industry knowledge should extend nationally, their expertise is unique to the market they serve. Mortgage lenders are no different. There are many benefits to using a local mortgage lender, which you should highly consider before choosing the right one for you.
Fortunately, APM prides itself on our vast network of loan officers who specialize in the markets they serve. Click here to find and speak with an expert in your market.
Every market is unique in its own right. From its streets to its businesses, home styles, industries, culture, and even dining and entertainment venues, each neighborhood has a certain flavor that makes it sizzle. Like family members, every neighborhood also has its challenges, which may seem obvious to those who have become familiar with it over time, but may not be so crystal clear to new arrivals.
One of the benefits of using a local mortgage lender is that they can navigate all the ins and outs of that particular market. They can tell you what makes it tick, and what may require special attention. Online lenders and big banks have no way of understanding the complexities in your desired neighborhood because they don’t live, work and play in those same areas. In fact, there’s a good chance they don’t even reside in the same state.
We understand not every town is Main Street USA, but just as you’ve built relationships with your favorite yoga instructor, son’s soccer coach, next-door neighbor and morning barista, we have also cultivated relationships in these communities. Our loan officers have spent years and sometimes decades serving their local homebuyers. In that time, they’ve developed healthy working relationships and vast networks of support services, including local appraisers, title companies and real estate agents. Some can even recommend interior designers, landscapers, contractors, plumbers, pool services, you name it!
You cannot get that type of service from a big bank. Trust us on that one! This is one of the many benefits only a local mortgage lender can provide.
There are certainly federal and nationwide lending programs many people can take advantage of when they’re buying or refinancing a home. However, many would-be borrowers may be leaving money on the table if they’re not privy to local programs that may be available to them. One of the benefits of using a local mortgage lender is they remain constantly up to date on the regionally available specialized programs that can assist with the homebuying and/or refinancing process.
For example, did you know the Connecticut Housing Finance Authority (CHFA) can offer below-market interest rates to low- and moderate-income first-time homebuyers? Or that Alabama’s Step Up program can offer competitive 30-year, fixed-rate mortgages and down payment assistance? Have you ever wondered why online lenders are able to process your loan applications so quickly with minimal effort? It’s because that company is simply utilizing its pre-determined algorithms to spit out one of a handful of cookie-cutter loans without fully taking the time to get to know you.
A local mortgage lender will sit down with you, review your current financial situation and long-term aspirations before exhausting all the programs that may help you achieve your dreams faster. That is one benefit of using a local mortgage lender that cannot be overlooked.
The loan process is a walk in the park for us because we’re experts at it. That’s what we do all day. But we know this isn’t the case for most Americans. It is perfectly natural to feel overwhelmed, confused and even anxious about a decision as large as purchasing or refinancing a home. That’s why we’re always here for you.
Our localized approach means you work directly with your local lender and his or her team. You’re not routed through a call center, you don’t receive an auto-reply email and you don’t have to explain your situation to nine operators in the hopes that you’ll one day end up in the right hands. Think about the last time you called a big bank. How long were you on the phone? How many digits did you have to push and how many recordings did you have to listen to? Did you have to repeat your question to three different responders? Did you even get a live person on the phone, or did you hang up, frustrated, after you were placed on hold to wait out your days in call purgatory?
That isn’t customer service, and that isn’t an experience you should ever have. Not when you’re putting your time, energy and money into an investment as large as a home. A local lender offers personalized service with a dedicated support team. They don’t handle thousands of other mortgages because they don’t work in thousands of other markets. They focus on their neighbors, which includes you, thereby enabling them to provide unmatched communication and service. That is how you create an experience that matters.
We’re going to let you in on a little secret: local mortgage lenders cast a wide net. They can offer you multiple lending options through multiple channels to find the ideal solution for your situation. Banks, on the other hand, have to work within the confines of their portfolio of loan programs. This means if they don’t have a program that’s the right for you, they cannot seek one out beyond their company and products.
We absolutely believe in shopping around and doing your homework. We think if you do, however, you’ll discover this little-known fact for yourself. That is, if you can get someone on the phone to answer your questions to begin with! We are always here to field questions, comments and concerns, so feel free to contact us anytime. We are happy to go over your unique situation before determining the ideal loan program for you based on your goals and your desired market.