Why Choose a Local Mortgage Lender
Are you looking to buy a home or refinance an existing loan? When starting to go through the process of purchasing a home and finding mortgage lenders to use, we often ask ourselves, “Should I use a local mortgage lender or a bank?” Here are six advantages of using a local lender.
1) Speed
Most times, local lenders can close a loan within 30 days while most banks close the same loans in 60 days. Locals are willing to go above and beyond to get that mortgage loan closed and doing so in-house, gets the job done more efficiently rather than having to send your loan to a different state to be processed. Here at OVM, we have a 20-Day Clear Process which allows our staff to set internal milestones to get your loan through our closing process and you into your new home.
2) Local Knowledge
Local lenders are familiar with the area that they work in and knowing the market conditions is beneficial to the buyers. They have knowledge regarding all costs and fees of the local market which will save you time and money. You will always be working with someone in the same time zone rather than having to call a 1-800 number and talking to people who could be internationally based. Partnering with local real estate agents allows for a smooth and easy home buying process. As a local lender at OVM, we live and work in your community so we take pride in the success of our neighborhoods.
3) Flexibility
When you work with us, you work with a small, tight-knit team. We are looking at the bigger picture when approving you for a loan so you are more likely to be approved rather than delayed or denied because of one small issue. Having our sales and operations team in-house, allows for the underwriting process to move quickly. Local lenders also emphasize on getting mortgage loans closed on time so they’re willing to make a special effort to get you through that process.
4) Dedicated point of contact
When you choose to work with a local lender, you are promised that they will work with you at all times no matter the issue. Communication lines are always open so should an issue arise, you always have your loan officer right there with you to work out any kinks along the way. It is easier to meet face-to-face with your loan officer rather than with someone who works at a large bank. It is very beneficial that you are always talking to the same team as it is likely to be a different person every single time with the banks. These local companies know you so it’s very easy for them to understand and stay with you throughout the whole home-buying process.
5) Long term relationships
Building a long-term relationship is extremely important to us as well as our clients. We are always willing to work with you again or with your family/friends. Keeping an excellent reputation allows us to work with many different people repeatedly. Earning repeat business through client satisfaction is our proudest method of continued success.
6) Specialized loan types
Whether you’re looking to purchase your home in the city or a rural community, local lenders offer different types of loan programs including FHA, VA, USDA, conventional, purchase, refinance, and renovation. Your lender at OVM is willing to take their time in understanding your specific needs to best match you with the most suitable loan type. We can provide superior service as we are specialized lenders, not multi-faceted bankers that provide a wide variety of services.
As always, we’re here to answer any questions you have and help guide you through the process! Give us a call or start your application today.
