Here’s why big banks and online lenders may not be able to offer top service.
From online banks to private mortgage lenders, homebuyers today have more borrowing options than ever before. Unfortunately, more choices can make choosing the right lender for you and your family’s needs even more time consuming.
Even if a big bank can offer you a slightly better rate, here are a few of the reasons why a local retail bank could be an efficient choice for your next home purchase.
To a large financial institution, you’re probably one of thousands of clients they work with every day. When a last-minute question comes up, you’re often left working with whoever answers a 1-800 number. With a smaller bank, you are more likely to have a familiar face available to field your critical, time-sensitive questions. A member of our team is always on call to take your questions, even over the weekend and in the evening.
Committing to a faster closing time can often make the difference when you’re in a multiple bid situation, something that we see frequently in the Seattle area. Team Petros’ time to close is consistently below the national average, which gives prospective home buyers a better shot at winning their dream property.
Small, community banks benefit from gaining a reputation in your area for quick close times and good service. Many rely on locals for referrals, so they’re incentivized to treat you well so their community contacts continue to send clients to them.
Another benefit of working with a local lender are the benefits to the local economy. Money that changes hands within your community often goes back to benefit the community in other ways.
Personalized Service and Help With Special Circumstances
If you’re in a non-standard employment situation (for example, self employment, or earning a large amount of your income from commission), you’ll need to provide different documentation to prove your income. Small lenders may be more available to walk you through exactly what you need and can offer help on where to find the documents you’ll need to apply for a loan.
Team Petros recently encountered a special circumstance with a client that was declined at a larger institution due to less than two years bonus income history. HomeStreet Bank stepped outside of the box and helped them secure a loan for their dream home.
The relationship with your lender is just as valuable as the relationship with your real estate agent. The education and personal service they provide could mean the difference between a lengthy home hunt with several rejected offers or a quick, painless financing process that leads to a quick close.
Start building a relationship with your local lender today by reaching out to our team today.