Why it is Important to Choose a Local Mortgage Lender
October 27, 2020
October 27, 2020
Are you thinking of buying a house this fall? Or maybe it is one of your goals for 2021? With interest rates at historic lows, now may be the perfect time!
If you have searched online for home loans, you may have noticed an array of results featuring online mortgage companies. It is easy to become overwhelmed by the options or intrigued with well-designed websites. Do not be fooled, as many of these online-only lending websites are designed for users who know exactly what they are looking for and need little assistance in the home buying process. It can be hard to get a hold of someone when you have questions and when you do, they tend to be located outside of your area and unfamiliar your current market situation.
Here is why you might want to consider a locally based mortgage lender which you begin the home buying process.
A locally based home lender can help you prepare for home shopping.
It is important to note, your mortgage funding should be secured before you start looking at potential houses. This can be accomplished by obtaining a pre-approval letter from your lender.
A home loan pre-approval letter tells you how much you can afford and helps to identify your ideal monthly payment. It also shows realtors you are a serious buyer and not just looking for fun.
In addition to helping you set your budget, a pre-approval letter is also particularly important in a housing market like today’s, where properties often receive several offers. The seller wants to know your financing is secure in order to make sure the sale will actually close. Meaning, they are likely to prioritize an offer that already has a pre-approval in hand.
A locally based home lender understands your market.
Real estate is all “local,” which means the Valley’s housing market is very different from the housing climate in Ohio or New York. The mortgage amount you qualify for might look like a fortune in some communities, but can only buy you a shack in another. A local mortgage loan officer can help you understand what to expect budget- and competition-wise as you start looking at homes. This will help to gage how far your dollar will go, so you can concentrate on communities which fit your family and financial needs.
You also might find many real estate agents (and thus sellers) prefer working with a local mortgage lender. It is often easier to contact a local lender to handle any last-minute complications and make sure the transaction proceeds as intended. No one wants to be put on hold with an out-of-area call center to address a quick question as they are approaching their expected closing date.
A locally based lender can walk you through all your mortgage options.
The most popular (“conventional”) mortgage is known as a “30-year fixed,” which means a lender is loaning you money at a set interest rate you will pay off in 30 years. This type of mortgage is a great choice for many home buyers—but not everyone.
For example, you might save in interest over the life of the loan if you went with a shorter term. By running the numbers and making comparisons, you are able to view the entire picture. Whether you are concerned with your monthly payment or the overall cost of your loan, reviewing all the options will ensure you find the mortgage loan that best fits your lifestyle and financial situation.
You deserve the best.
Given that buying a home is likely the largest purchase you will ever make, you want to work with someone who is patient and knowledgeable and will take the time to understand your individual financial situation and personal goals. A locally based home lender can check all of these boxes, paired with program options suitable for you.
Are you ready to get started? Valley Strong Credit Union is the place to go for the options and service you are looking for! Contact us today to speak with a local mortgage loan officer about your individual situation, or use one of the interactive tools on our website, like our online payment calculator, to get an idea of the product and payment types available.