Why Use a Local Mortgage Lender?

  Why go local? You have many options when looking for a mortgage lender. Your realtor most likely works with several and can give you recommendations. Why use a local bank or broker? The number one reason to go local is customer service. Your banker or broker most likely knows you, knows the house, knows the neighborhood and is able to recognize the value. Locally they can close the loans quicker and everything is done internally from application, processing, underwriting all the way to closing. Most likely your broker will be at the table with you at closing. “Big Banks have central locations and may have several states send files to the processing hub. Closing packages may be generated from a different location. Because the industry has become so detailed due to the mortgage crisis, coordinating everything becomes difficult and time consuming for that business model. Average closing time for a big bank is close to 60 days, while smaller, local operations (First Bank, GB&T, Queensboro) is less than 30 days” says Frank Lee from First Bank of Georgia. Don’t be afraid to negotiate. You are often talking to the decision maker. They want your business and are more flexible about getting the terms to get it. They can skip the layers of bureaucracy to make it happen. Do your research and get some personal recommendations, it will be worth it in the end!