Top 10 Reasons to Choose a Local Lender
Michael Saunders & Company strives to offer everything to assist our clients in the process of home building, including in-house title, homeowner's insurance, and mortgage lending. Our mortgage team recently released the following list about why you might choose a local mortgage lender when buying property in Florida, be it your future year-round or vacation home. If you need assistance with any and all aspects of buying or selling a home in southwest Florida, please touch base with me today and I can connect you with our wonderful team after I help you find the home of your dreams!
Top 10 Reasons to Choose a Local Mortgage Lender
A mortgage professional who truly knows your market is essential in securing a loan that is suited to your needs. Consider these advantages of a local lending professional:
1. Essential Experience
An out-of-market lender may not have experience in Florida. Be sure to find out the last time your potential lender closed a loan for the purchase of residential real estate here in the Sunshine State.
2. Appraisal Advantage
Many out-of-market lenders rely upon an appraisal management company (AMC) to select the appraiser for a property. AMCs often choose a low-bid appraiser from a location that may not be near to similar to your prospective home. The resulting appraisal is often less informed than the one from a qualified local appraiser familiar with your neighborhood.
3. Condo Comprehension
Local lenders are well-versed in the complexities of the condominium-approval process in Florida. An out-of-market professional may not possess such a thorough understanding, which could delay important approval times.
4. Reliable Review
Did your out-of-market loan officer provide your pre-approval letter after having your income and assets reviewed and underwritten? Or is your pre-approval based solely on a conversation with the loan officer? Working with a local team ensures you properly adhere to the requirements.
5. Pre-Approval Proficiency
Your real estate agent will need a solid pre-approval letter before presenting your purchase contract. Your local mortgage company will provide a "second opinion" of your pre-approval purchasing power to expedite acceptance of your offer.
6. Confident Communication
Our loan officers are located in our Michael Saunders & Company office so they're available at all times. You have full access not only to him or her, but also to their manager. This places important resources at your fingertips and means that any questions or concerns will be answered immediately.
7. Licensed Lender
Every one of our in-house loan officers has an active Federal and Florida state mortgage-loan-officer license. Does your loan officer with the out-of-market lender have an active state and national morgage license registered with the NMLSR (National Mortgage License System Registry)? You should know that not all banks require these professional registrations.
8. Critical Closing
How familiar is your out-of-market lender with Florida closing costs? If you have a copy of the estimated closing costs and fees that your loan officer prepared for you, we can review it for accuracy. Many buyers and even out-of-market lenders are unaware that Florida is considered a high-closing-cost state.
9. Insurance Intelligence
Homeowner's insurance is an essential part of the loan process. It's important to consider how familiar an out-of-market lender is with the options and costs of such insurance along with the scope of required coverages.
10. Cash Competition
In a hot housing market, cash is your biggest competitor. Entrusting your mortgage financing process to an out-of-market lender could mean delays in making commitment dates and deadlines, which could jeopardize your home purchase.
Please call for more information.
Megan Kendrick, Loan Consultant