Current Mortgage Rates: Richmond, VA
3.000% (3.001% APR) 30yrs
2.375% (2.381% APR) 15yrs
as of 10/18/21
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Mortgage Blog

Advantages of a Local Mortgage Lender

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Quick mortgages are advertised everywhere these days. Large quick approval mortgage lenders portray home buyers signing “instant” mortgages over their smartphone. Corporate structured mortgage lenders advertise that they care about individual success and financial security. Whatever the claim of these large companies, it’s nowhere near the reliability of a local mortgage lender. Here are four reasons why you should work with a local mortgage lender:

1. Have the opportunity to shop rates more closely
Having the availability of a mortgage lender in person will give you the opportunity to view and discuss mortgage rates and loan types more closely. Insider knowledge will allow you to see the variables that are affecting your rates and will help you to understand which mortgage type may be best for you. You won’t be able to get that sort of conversational feedback from an app or large financial institution.

2. Face to face contact unavailable from a website or app
Local mortgage lenders are usually small, personal businesses that value relationship building. Many rely on setting appointments, standing by for phone calls, and giving quick replies to questions. Don’t deal with the contact structures of corporate or online lenders who will reroute you through their customer service department. To them, you’re a number. Local lenders will give you their time and presence in order to ensure that you have a friendly experience.

3. Work with one person who understands your needs.
National banks are giving you scripted information. Their loan types are a part of a system that was built at a corporate office. Mobile apps and websites are even further detached and will allow no options for conversation, feedback, and re-evaluation. Meeting with a local lender will allow you to build a relationship that isn’t possible with online or large corporate lenders. Shop local to meet a real person who will evaluate and value your needs.

4. Local lenders will understand your local market.
Shopping for a mortgage locally will not only make it easier to find a reliable partner in the expenditure of buying a home but will also provide insights into your local real estate market. Real estate agents will commonly have relationships with local lenders and can point you in the direction of someone trustworthy. A local lender will understand your wants and needs better than a large lender or app because they will have worked in your area previously.

Local has meant better for a long time now. Local mortgage lenders are going to give you more time and appreciation, and in turn, you will return more value on your new home. Mortgages don’t need to be a hassle, and lenders don’t need to rush you in and out of their doors. Remember to shop locally when considering a mortgage.

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