Should You Use a Local Lender?

If your local lender is our team at Mason Mac, then yes, you should always use the local lender.  We kid, we kid…ok, maybe we’re serious.  There is a perception when shopping for a mortgage that’s often shared by real estate agents, and that is that the local lender is always a better option than a non-local or national lender.  Sometimes, that’s an accurate assumption, but there are many reasons why working with someone other than the lender next door may be your best bet when getting home financing.

 

Is it better to use a local mortgage company? It’s best to use a GOOD mortgage company

The Mortgage Process is Automated

Document storage and transfer within a lender?  All done via computer.  Locking a loan, setting up a loan, and processing the loan from start to finish?  All done on a computer and over the phone.  Everything in the mortgage process is automated, so whether your loan officer and their loan team are next door or several states away, if they’re good, your experience getting the loan will be good, and vice versa.

 

Your local is someone else’s far away

A common refrain amongst people with bad experiences with non-local lenders is “I used someone that wasn’t local and had a terrible experience, so I’ll never do that again!”.  The problem is, whoever that lender was that provided the terrible experience is likely right around the corner from lots of home buyers, home owners, and real estate offices, so that terrible experience is likely the same for them as a “local lender” as it is from afar.

Lenders that provide a less than stellar experience may be far from you, but they’re also someone’s local lender.  Since everything is automated, the experience of getting a loan should be largely the same whether you can walk to your local mortgage office or if they’re 3000 miles away.

 

Exceptions?

The exception when dealing with local VS non-local lenders is face time.  Of course, you can technically “facetime” via iphone, but if you’d like to meet your loan officer face to face and not online, then a local lender would be the better option.  Or if you prefer to handle documentation by physically dropping it off, the local office may be convenient.  That said, if the local lender offers a higher rate or higher fees, are you willing to pay a lot more for that face time?

When going to a local office, chances are you’ll only meet your loan officer, too – probably not your processor, underwriter, or any of the other people that work on your loan file, as they typically work from operations offices.

 

The Verdict

Some people prefer to keep things local, but in today’s mortgage market, it’s largely unnecessary.  With the entire process being automated, phone and internet have brought us to a point where you can expect the same level of service and the same product offerings whether your lender is a block away or located on the other side of the country.  If you know how to shop for a mortgage loan properly, you’ll be able to speak with people near and far to determine who to use to get the right mortgage for you.

 

With offices in several states, on both coasts, and scattered across time zones from east coast to Hawaii, chances are Mason McDuffie has you covered, and in being one of the most tech savvy lenders in today’s market, you’ll notice the same great level of service and receive the same easy mortgage process whether you’re a neighbor to one of our offices or looking for a loan from several states away.

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