When choosing a lender for purchasing your home, we want you to choose someone who is going to give you the best rate, best package options, and best service. That’s why we suggest you work with a local lender, someone based in the Greater Wilmington area. You say you’ve checked your rates with an online site like Quicken or Lending Tree and they look pretty good? We won’t argue with you there, but we want you to consider the whole experience of using a lender. There may be some factors you haven’t considered. So, here are the top 6 reasons you should work with a local lender.
- Local Lenders Have More to Lose So They’ll Work Harder for You. We’re not saying that there aren’t online lenders that work hard, but online lenders rely a lot on websites for leads. Not all of their leads come from a website, but the ratio is much higher than a local lender who relies more on word of mouth referrals. As a result, their past clients are their lifeline, so they want to do as good a job as possible.
- Local Lenders Will Walk You Through Everything. The forms for applying for a loan can be confusing. If you have questions, you can contact the lender and ask them for advice. Online lenders usually have a 1-800 number to call and you may or may not get to talk to them directly. Some local lenders will even look at your credit history and give you pointers on how to raise your score. Most online lenders won’t do that.
- Local Lenders Know the Local Market. Not all programs apply to all areas of New Hanover, Brunswick, and Pender County. They know the boundaries, rules, zoning, and random pockets that exist. They also know the issues specific to our coastal area and can suggest avenues that may better serve your needs.
- Local Lenders May Have Access to Exclusive Programs. Some down payment and home buyer assistance programs are only offered to lenders that are located in the state you are buying in. There’s a very good chance that the online lender is located in another state. So, you may want to take that into consideration depending on your buying circumstances.
- Local Lenders Could Save You Money. The rates at online sites can look really good when you want to save as much money as possible. However, there are multiple factors involved in calculating the long term costs of a loan and you may end up spending more money than you expect. Local lenders can shop around to find you the best package, not just the best rate.
- Local Lenders are More Responsive. We can tell you from experience, closings with online lenders, more often than not, come with added stress and delays. Part of the problem is that they are so hard to communicate with. Many have a 1-800 number for reaching them and that often just leads to a voicemail that may or may not be returned. We’ve worked with some wonderful local lenders that not only communicate well THROUGHOUT the ENTIRE process, but if there’s a problem, the underwriter is just around the corner, and, sometimes, even in the same office. This really helps us to execute the smoothest closings possible.
We value our clients and want them to have the best buying experience possible. That’s why we recommend using a local lender. Of course, we want you to feel that you can make whatever choice is best for you. If you find an online lender that’s going to provide you a great package, we’re happy to work with them to make your closing go as smooth as possible. But if you’d like to get a pre-approval from a local lender, give us a call or send us a message through our Contact page and we’ll be happy to pass on the contact details of a local lender that we’ve had a great experience with. Matter of fact, that’s ANOTHER great reason to choose a local lender – we know their track record. Maybe we should make that #7?!