You may have seen the headlines lately:“Home prices are dropping.”“Denver is leading the decline.”“More than half of major metros saw year-over-year price drops…
Buyers: Do I Need A Local Lender?
Dated: September 12 2023
Views: 80
The question every home buyer should have the answer to 💵
Short Answer: YES! It is in your best interest as a home buyer (especially in a competitive market) to work with a *local* lender!
Long Answer: Let me explain...
1. Face to Face - Choosing your lender is just as important as choosing your real estate agent. You should work with someone you trust, who you can meet in person, who can explain the process, and who you can make an appointment with if you need to.
The fact that you can show up at their office also makes you more than a number in a corporate database. They want to go the extra mile and build a relationship.
2. Knowledge of the Market - Local lenders have knowledge of the market you're buying in which means they understand local property values in the area and can truly know the market value of your home. Online lenders have no way of understanding the ins and outs of the city you're buying a home in because they haven't lived or worked in that area.
3. Reputation - When you write an offer, you have to also submit your pre-approval letter which has your lender information on it. Because most agents understand the importance of working with a local lender, having an out-of-state lender on that pre-approval could make your offer look less appealing (especially if there are others you're competing with).
4. Relationships - Not only is it important for you to establish trust with your lender, but they want to establish trust with me as the agent as well. A local lender has more of a vested interest in keeping the agent happy because they can tell other agents and clients about their *great experience* vs an online lender who isn't in a referral-based business.
5. Less Stress - Local lenders will be easier to get ahold of whether you need something last minute or have a question you need answered.
I have a list of trusted local lenders I can refer you to - just ask! But if you take anything from this... PLEASE do your research but shop local :)
Angelica Olmsted
Angelica’s path into real estate is rooted in a life full of diverse experiences and a deep appreciation for what “home” means. Growing up as an Air Force brat meant constant moves, and later, h....
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