When you're ready to buy or refinance your home one of the many decisions you'll need to make is what type of lender to work with. The choices you have are a Bank, an Online Lender and Local Lender. I've had the opportunity to work at all 3 types of lenders, so I wanted to share my opinion, based on my personal experiences, on each as well as cover their differences.
Probably the first thing that comes to your mind is working with your Bank. Your accounts are there, your car loan is probably there too so it would be logical to think that this would be the first place to start for a mortgage.
The problem with banks is two-fold. One, their lending guidelines are extremely strict. If you do not fit exactly into their 'mold', and most of us do not, you cannot close a loan with them. They offer no room for exceptions or compensating factors either. You either fit their mold or you don't, period. Most of the loans I close are ones that my client's Bank previously denied.
Two, bank loan officers are not required to complete the same training, back ground check and licensing requirements the rest of us do. If you're working with a Bank it's highly likely your loan officer was previously a Teller and has not gone through the State and Federal vetting system. Sorry, that's scary to me.
In this digital age another likely thought would be to work with one of the online lenders. You know the ones I'm talking about, they advertise everywhere. Why wouldn't you work with an online lender, it's so easy right?! Well, not really.
The trouble with online lenders is this, they are not easily accessible. Where is your loan officer even located? You just have no idea and the problem with online lenders is communication. With all the technology they have they're missing the most important thing which is being accessible when you need them. Getting an online lender loan officer on the phone is like pulling teeth. You're not getting return calls or emails and unfortunately you can't do anything about it. Online lenders have so many applications going at once you're unfortunately just a number.
A mortgage is the largest transaction you'll ever make and if you're going to do it you need a reliable open line of communication and you need it with someone who is actually properly trained and licensed. This being the case your best option is a local lender.
Local lenders are just that, they're local. You can reach them 7 days a week, you can call them on their personal cell phones, and, they actually have a physical office within your State. Local lenders do not do thousands of loans per month and therefore do not consider you a number, you are their client and their #1 priority.
Having worked elsewhere previously I now work for a local lender. Even if you don't work with me I highly recommend that when it's time for your home loan that you choose a reputable local lender to handle your mortgage for you. Going with a local lender is the only way you'll receive the personalized service you deserve and need.
If you're thinking about getting a mortgage and have questions, feel free to contact me. I'd be happy to help!
Contact Wendy 7 days a week for more information:
Phone or Text: 321-794-5626
Facebook Messenger: @aloaninthesun