Why a Good Relationship with Your Mortgage Lender Matters

Shopping for a home is an exciting, emotional, and often hectic process. When it comes time to secure the mortgage, you want to be working with a lender that is right for you and your specific situation. With the number of online lenders, mortgage brokers and banks of all sizes, choosing one can seem overwhelming. A good relationship with a local mortgage lender can be greatly beneficial and make the overall experience smoother and more pleasant.

Here are some reasons why.

Local Knowledge & Experience
Building a relationship with a local lender who truly understands the community where you’re buying is helpful when determining the loan product and terms to suit your needs. Local banks and their staff are more in tune with the community, home values, market conditions and the going rates for mortgages which is advantageous. Unlike larger institutions that process numerous mortgages, community banks are more focused on serving each client with personal attention to build lasting relationships. Many of their customers are neighbors or longtime clients and often refer friends and family because of the relationship.

The Approval Process
Working with a lender who knows you and your financial needs can be a benefit in the loan approval process. Big banks typically have more rigid approval guidelines based on the volume of applications and their need to expedite the process. Community banks are known to approve loans that larger institutions can’t or won’t. Though it doesn’t guarantee an automatic approval, having a solid relationship with your lender can be a difference maker when it comes to final decisions on your loan and terms.

A Better Experience
Responsiveness, guidance, and honest communication throughout the mortgage process is key to a pleasurable experience. Dealing with a local lender who provides sound advice and information while keeping you abreast of the process from start to closing changes the game for the better. If there is an issue along the way, knowing you can reach someone you know and trust provides peace of mind you may not have when working with a larger institution.

The Benefit of Relationships
Having a good relationship with a lender can be important to your financial happiness. The more you work together, the better they will be able to understand your situation and offer solutions to suit your banking needs today and in the future.

If you are considering a mortgage or refinance, contact one of our team. We look forward to building a relationship with you!

NMLS #718145

published on 02/14/2022