In the present day, almost any purchase you want to make, can be done in a matter of seconds, on your smartphone, computer, tablet, smart home system and many other things coming your way soon.
However, when it comes to a home mortgage, whether it be to purchase or refinance, the process is not done in an instant, regardless of who you choose to work with. In that regard, the mortgage loan is one of the few remaining processes in the world, that it really makes sense to choose the right initial provider.
In the end, most mortgages are pooled together and serviced by large institutions, to which you will make your payments. However, the process of getting to closing and getting the right loan for you, requires making the right choice of who to work with at the start.
For these reasons when choosing a mortgage lender to work with, often times it makes sense to think locally and find the right, trusted provider to get your loan to closing the right way. Here are a few reasons why we believe that to still hold true today.
Meeting Your Individual Needs:
A trusted local mortgage lender, that works with multiple lenders and banks, has 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.
A smaller local lender, can 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.
Accountability and Responsiveness:
A home 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 or if you deal with someone outside of the geographic area you a purchasing a home or refinancing a home mortgage in, 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, local 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.
In many other industries, bigger is often cheaper, but that is not necessarily the case when it comes to mortgages. 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 interest rates will actually be more attractive than their larger counterparts.
These are just some of the benefits of working with a smaller local 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: email@example.com or online at www.strategicmtgaz.com
Vasilios Kamboukos – NMLS#160440