The market is hot, and you’re ready to buy. The first step is getting approved on your loan. But which lender should you use? The promise of quick approval through internet based providers is tempting, so why use a local lender?
Buying a home will likely be the biggest purchase you will ever make in your life. Finally moving into your new home will be a joyous occasion and for some, the culmination of a dream. Yet, the process can also be daunting and stressful. When looking for a home loan, you have options. Below are five reasons why you should consider choosing a local lender when shopping for a home in Topeka.
Everyone involved in the process, sellers, real estate agents, and you, the buyer, want the loan to close on time. Local lenders have a better reputation for closing loans on a timely basis. If the closing of a loan has to be extended by a week, and then extended again after that week is up, this could cause a certain amount of stress and uncertainty. In the worst case scenario, if a loan is denied at the last minute after a buyer has already paid an earnest money deposit, this could cause the buyer to lose his deposit as well as miss out on buying the home of his or her dreams.
2. Reputation, reputation, reputation
Local lenders and real estate agents have an incentive to provide you with excellent service because they want you to be a source of referrals for future business. They know that whether you have a great experience or a bad one, your friends and relatives are going to hear about it. These people live and work in the local area, and thus, it is their reputation and livelihood that is at stake.
3. Personal service
You can meet your lender face to face and ask questions in person if need be. In an era when phone calls are considered intrusive and people generally don’t like talking on the phone, I find that meeting people face to face can be very effective for resolving issues. I think it slows down the pace of the discussion and it is more effective for getting on the same page.
4. Local expertise
Besides knowing the area and local real estate market, a local lender will appear more attractive to certain home sellers and real estate agents because of the importance of a timely closing and a smooth process. In a situation where several offers are on the table, having a local, trusted lender could be the difference between landing the house or not. Some sellers and real estate agents may not even consider offers from national banks or online lenders because of previous bad experiences, or because of the bad reputation some of these have.
5. Buy local, borrow
local, help the local community
Most people are aware of the effect which buying locally produced goods or spending money on locally owned businesses has. The money recirculates within the community creating a positive effect. The same is true with using a local lender. Very likely the money you pay to a local lender will be loaned out to other local home buyers and businesses down the line.
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About the Author:
The above article 5 Reasons To Use A Local Lender was written by Greg Armbruster of the Armbruster Team at Berkshire Hathaway HomeServices, local leaders in Topeka Real Estate, Marketing, and Social Media. You can contact the Armbruster Team at (785) 554-3997 or through this form. They have helped hundreds of people buy and sell homes in the Topeka area for years, and would love the opportunity to help you as well.
Are you thinking about selling your home? They have a passion for listing and selling homes in Topeka and would love the chance to use their expertise in Real Estate, Marketing, and Social Media to help you sell or buy yours! Are you interested in buying a home? Give the Armbruster Team a call. They have helped people buy and sell real estate in the all of the following Topeka School Districts: