Buying a home in today’s competitive market can be intimidating. But there’s no need to feel discouraged! There are steps you can take to set yourself up for success such as using a local lender. Here are four benefits of working with a local lender.
1. Personalized Experience
Before exploring neighborhoods and open houses, you need to get pre-approved for a loan. While there are many options, including your current bank and various online providers, it’s hard to beat the personalized service of a great local lender. Buying a home is most likely the biggest purchase you will ever make. Whether you’re a first-time or third-time home buyer, feeling comfortable asking questions is important. Using a local lender gives you easy access to people who can answer your questions in person or on the phone. This is extra helpful if you have a unique or complex situation that requires a more nuanced and hands-on approach.
2. Great Track Record
Typically, local lenders live in the community and are dedicated to and enthusiastic about the area they serve. Since they’re a local resident, client feedback and their reputation is important to them. Do your research and choose a lender with a proven track record. Help your offer stand out by having a lender with a well-earned reputation for being responsive and getting loans closed on time. And remember, local lenders have a vested interest in making sure each loan closes smoothly and efficiently. They know that you may be bumping into them at the grocery store or chatting about your experience with neighbors.
3. Trusted Reputation
Overall, local lenders appeal to sellers and real estate agents because they have better reputations for closing on time. This can be especially important if you’re trying to win in a multiple offer situation. Sometimes sellers or agents have had bad past experiences with national banks or online lenders. If you have a trusted local lender, this could be the one thing that tips the scales in your favor. At Windermere, we’re proud to partner with Penrith Home Loans.
“Penrith Home Loans works hard to offer the best local financing options to Windermere clients,” explains Cherie Kesti, Penrith Branch Manager/Mortgage Consultant. “The long reputation of Penrith as a local lender is instrumental in helping the Real Estate Brokers and their clients gain a sense of confidence that their transaction is going to close on time, with the best financing options available. I’ve known sellers who picked a Penrith-approved buyer amongst a myriad of offers because they had a past positive experience with Penrith and knew their transaction would close as agreed.”
4. Community Knowledge
Local lenders have a deep understanding of the community and the local housing market. This makes them a valuable asset. They have personal connections with everyone involved in the home buying process including real estate agents, appraisers, and underwriters. A local lender can serve as another knowledgeable guide. As Jet Woelke, Windermere Kingston’s Branch Manager, explains, “By using a local lender, you are getting an advocate that is right here in the community you are moving to! They will know how to strategically advise you to get you into the home you want.”
For more information on the important benefits of working with a local lender, contact an experienced Windermere Real Estate Agent.