Buying a home can be a stressful process, especially for first-time homebuyers. You may have a lot of questions about the mortgage loan process. If you aren’t familiar with the lender you’re working with, it may make the process more challenging.
Fortunately, many local mortgage lenders can help you every step of the way and offer a more personalized experience. As a Kansas City mortgage lender, First Fidelis is here for your home buying needs and can offer the assistance you need.
Reasons to Choose a Local Lender
There are many benefits of choosing a local mortgage lender. Not only do local lenders know the market well, but they can also offer unique flexibility and services that many larger mortgage companies cannot. They can work with you to find the loan program that fits your needs and lifestyle. Let’s look at some other local mortgage lender benefits.
A local mortgage lender can approve certain mortgages for qualified borrowers that bigger banks won’t. This is because big lenders approve loans by processing large numbers of applications with very rigid guidelines, so often, many qualified borrowers that fall just outside these rules are denied.
Local lenders offer more flexibility by seeking out smaller niches of people that bigger banks don’t even bother with. They can still work effectively with many borrowers who need extra support or guidance during the loan process.
Local mortgage lenders build more solid connections with other people in the area. Because they are better-known, they have a great reputation and typically hold a track record of success. They also have more dedication to the region they live in than larger companies do and can close every loan as efficiently and smoothly as possible.
A solid reputation means that local lenders can build connections with realtors in the area. This guarantees that closing will occur on time. Local lenders are incentivized to provide excellent service to all their customers because you could be a referral source for future business.
3. Knowledge of Local Market
Another benefit of working with a local mortgage lender is their extensive knowledge of the area. These lenders know the local market better than anyone else, so they have a better understanding of the local economy and property values.
Because local lenders are experts in the region, they know first-hand that every customer circumstance is unique. They can help you choose the right type of loan for your specific situation and go the extra mile to find the right solution for you. They may even be able to expedite your loan approval.
A local, trusted lender could also mean the difference between landing your dream home or not. Sellers with several offers on the table may not consider an offer from a large banking company or an online lender based on previous bad experiences. Because local lenders have a good reputation and a better sense of lending risks, sellers and real estate agents are more likely to trust them.
4. Personal Relationship
It’s a lot easier to develop a more personal relationship with local lenders. They tend to be more responsive, even on weekends or after hours, and you can work with them face-to-face. In-person interactions and a one-on-one connection help to decrease uncertainty and anxiety around the loan approval process.
When you work with a local lender, there are no customer service lines. Instead, you speak directly with a local expert in a timely manner, rather than dealing with online services that aren’t personalized to fit your needs. You can also ask questions in person if needed.
Building an ongoing, personal relationship with a local lender also gives you a sense of security. If you ever need financial advice in the future, your local lender is someone you can trust to help you make tough financial decisions.
5. Unique Loan Products and Services
Some local lenders may offer bonus benefits for working with them, such as free pre-approval or free warranties. They can also offer mortgage products to best fit your lifestyle and budget needs. For first-time homebuyers, there are even assistance programs to help lower your down payment and interest rate.
As your trusted mortgage lender in Kansas City, First Fidelis can help to make the loan process easy for you. Get started with our pre-approval application, or contact us today at 913-205-9978 to learn more.