Your mortgage means a lot. Not only is it one of the biggest investments of your life, but this is your new home, your future — and it probably means a whole lot to you. That being said, you never want to rush through the mortgage process. Although you probably just want to get it all over with, ensuring you’re taking the proper steps can bring many benefits.
When shopping around for a home mortgage, you may be tempted to choose a national lender. While this is a common approach, there are many disadvantages to consider. Keep reading to learn the benefits of choosing a local loan officer over a national lender.
The Decision is Too Important
When looking for a mortgage, many people put far too much trust in national lenders. But given how this is your largest expense, it doesn’t make sense to work with someone you’ll never meet. If you apply for a mortgage virtually, you’re basically going through the process on your own. In addition, you will probably never even meet this lender face-to-face. While some people are fine with this process, it could leave you with a pricey mortgage, poor customer service, and many hoops to jump through.
Local Officers Are Experienced
Many people are reluctant to choose local officers because they feel they aren’t as experienced as national lenders. That simply isn’t the case at all. In fact, some local officers have more experience in the industry than some of the world’s biggest mortgage brands. These local officers will work hard to find you the best rate, right type of loan, and loan term that works for your needs.
They Know the Local Market
One of the biggest reasons to choose a local loan officer is that they typically know the local housing market. As these officers are a part of the local community, they may have personal connections. For example, they could have special connections with local appraisers and underwriters.
They Probably Have Fewer Clients
Customer service is another huge reason to choose a local officer over a big national lender. And that’s because local officers typically have fewer clients than those big guys. That could lead to faster service and more time invested in your needs. As this mortgage may be a massive investment in your life, having this level of care could make all the difference.
There’s Face-to-Face Interaction
Many national lenders allow their customers to do everything online. From the initial application to finally signing the papers, everything is typically done virtually. But since this is such a big step in your life, wouldn’t you want to work with someone face-to-face? This is the reason why many people prefer to work with local loan officers. Especially if you’re unfamiliar with home mortgages, there may be a lot of confusion and uncertainty. This can bring tons of stress and anxiety. And if you’re working with your lender virtually, that stress can certainly increase. Working with a local loan officer allows you to talk with a real person face-to-face. This can help ease anxiety and bring along some much-needed peace of mind.
Local Officers Are More Responsive
If you work with a big-time national lender, be sure to understand that you’re one in a thousand. These companies typically have hundreds or thousands of customers. That being said, it usually takes these large firms up to 72 hours to respond to your messages. This can lead to an inefficient and time-consuming loan process. As local loan officers have fewer clients and less chaotic schedules, they can work with you more closely and respond to your messages within minutes.
Another benefit in choosing a local loan officer is the fact that they almost always show up to your closing. They are there to ensure everything goes smoothly. Just because you make it to the closing table, that does not mean that issues can’t arise. Your local officer will be there to ensure everything is as it should be so you can finalize the transaction with confidence.
Contact First Down Mortgage, LLC Today!
The home mortgage process can be long and stressful. Here at First Down Mortgage, we work with you to answer your questions, provide guidance, and help you find a mortgage that works for your specific needs.
First Down Mortgage, LLC is a registered and licensed mortgage brokerage firm located in Jacksonville, FL. Unlike those large national lenders, we’re a local business providing a high level of personal care. Call us today for a FREE consultation!