When it comes to obtaining a home loan, the process can often times be daunting and confusing, even for someone who has gone through the process before.
In recent years, the U.S. Government has done a good job in recent years in continuing to push forward legislation to protect consumers, but they have also at the same time continued to add more complex paperwork to the home loan process. If you have signed a set of loan documents in the past few years, you can attest to this personally based on the stack of paperwork you were handed and expected to sign.
For these reasons when choosing a mortgage lender to work with, often times smaller is still better. Here are a few reasons why we believe that to still hold true.
Responsiveness and Accountability
A mortgage is most often the largest debt a consumer will take on, in their lifetime. For that reason, it makes sense that you should be able to have a direct point of contact leading you through the transaction.
The larger the company you deal with, the more difficult it will be to be able to hold any one party responsible for any delays or errors in your mortgage loan application process. When dealing with a smaller mortgage lender, you generally will have direct access to someone who will be handling all aspects of mortgage transaction process, making it easier to receive responsiveness and accountability to your mortgage loan process.
Flexibility To Meet Your Needs
Whether it be in a wider array of mortgage products than any one bank or even just the ability to structure a loan product and process that will put you in the best position to be approved for a mortgage, working with a small mortgage lender has its advantage.
Smaller lenders also have the ability to think outside the box and look for options that fit your specific needs, as opposed to perhaps a large single bank that may have certain rigid guidelines in place.
Furthermore, it also often times means flexibility to work with you on your schedule and not just during the normal business hours. In my years of experience working with clients, working nights, weekends and holidays is a pre-requisite, if it serves the needs of my clients.
Attractive Pricing
In many other arenas, bigger is often cheaper, but that is not necessarily the case in mortgage lending. Often time’s smaller lenders will have more pricing flexibility and more attractive interest rates than their larger counterparts, due to rigid across the board pricing and the unique additional costs associated with larger lending operations, as opposed to other businesses where economies of scale can dramatically decrease costs as production ramps up. Larger is cheaper is not the case in mortgage lending and while pricing will vary with all lenders, many smaller lenders pricing of interest rates will actually be more attractive than their larger counterparts.
These are just some of the benefits of working with a smaller lender, such as Strategic Mortgage. As always, everyone’s situation is unique and to properly look into your specific situation, make sure and consult with a licensed local lender.
For more information on current home loan programs and options for existing and potential home owners, please contact Bill Kamboukos of Strategic Mortgage at (480) 219-3682 or by emailing: info@strategicmtgaz.com or online at www.strategicmtgaz.com
Strategic Mortgage, LLC – AZBK#0909514 - NMLS#158804 - Equal Housing Lender
Vasilios Kamboukos – NMLS#160440
Comments(2)