Buying a home can be stressful, between viewing the homes, finding one you love, and then presenting the strongest offer possible so the seller will choose you. That’s a lot!
Did you know the lender you choose for your pre-approval plays a huge part in the offer process? Most local lenders invest a lot of time and effort in building solid relationships with realtors in the markets they serve. Using a local lender that realtors are familiar with can help your deal, as opposed to using the big box online or national chain lenders which actually may get your offer put to the bottom of the pile!
Here’s why…Realtors have closed lots of deals with lenders, and they remember the good ones and discourage their clients from selecting offers pre-approved with the difficult ones. Does your lender have a good reputation in the real estate community for good communication and timely closings? If so, that’s a bonus when presenting your offer.
We personally have seen buyers win offers because they used a preferred local lender. We have also seen buyers lose offers because their lender was known for only pre-qualifying the buyer and not pre-approving them, known for closing delays and lack of overall communication with realtors and their clients.
Does your lender only work 9:00 am -5:00 pm during the workweek? Often local lenders have extended hours, allowing you to contact them in the evenings and on weekends. They work when you need them. If you see a house you love on the weekend, you’ll be able to reach your loan officer and get an updated approval and get payment numbers before you place an offer.
Using a local lender allows you to work face to face with a trusted expert in the market you’re shopping in. This eliminates a lot of uncertainty and anxiety when having to be put on hold for the next available service representative and re-explain your mortgage needs all over again. Those big online lenders will have dozens of people handling your loan! We have seen this unravel deals for buyers many times as there is never just one person to speak to when you need to know your next steps.
Local lenders give you Pre-Approval letters which are actual loan approvals. Your lender will give you a commitment in writing for the loan amount you qualify for. Often the big box national brands only offer you a pre-qualification letter, which means you’re not truly pre-approved, which in return means you may not be able to actually purchase the home you just got your accepted offer on! Wasting your time, and making you waste thousands of dollars in inspections and appraisal money!
Local lenders care about the communities they live in and will help you choose the right type of loan that works for your needs. If you’re not ready to get approved and need to work on your financial fitness, many local lenders will help you. They will give you the information and tools needed to get your credit where it needs to be so you can be ready to purchase sooner than later!
If you are looking to buy a home and need a local preferred lender, contact A&J Realty Partners. We hope you found this information valuable and as always make it a great home buying and selling day!
We're April and Jean and we love helping people get into a home that fits their lifestyle. We call it "Right-Sizing", whether that is moving up to a bigger home or downsizing into something smaller. Let us know how we can help you make your real estate dreams come true.
2850 44th Street SE
Grand Rapids, MI 49512
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