Work With a Recommended Local Lender
The difference between getting pre-approved by a bank and a local lender.
Today we're going to talk about working with the right lender and the importance of getting pre-approved before you go shopping for a house.
Buyers who are pre-approved by banks and credit unions are not as desirable to sellers as are buyers pre-approved by a local mortgage broker, especially in a hot market. This is because when we make an offer, the listing agent wants to be sure that we can close on time. The listing agent will determine this by calling your lender. Better yet, your lender is going to call them after you submit your offer. A reputable local mortgage broker will be prepared to talk with the listing agent about your financial situation.
“Use a rock-solid local mortgage broker who always has your best interest in mind, can close on time, and is always available.”
Banks and credit unions are typically bogged down with many cases, open only from Monday to Friday, and located in other parts of the country. This just won’t cut it in a competitive market situation because most deals come together on nights and weekends, and because banks typically work with so many loans at once, they have difficulty closing on time and often require extensions.
From the seller's perspective, they want to close quickly and efficiently. You may even submit an offer that's identical to another buyer’s, but could end up losing the bidding war due to your lender's unavailability and unpreparedness.
Another thing to keep in mind is that just because a bank advertises a low interest rate, it doesn't mean that they have the best loan for you. These low interest rates are often misleading and not even close to what you're going to pay at closing. If you want to buy a house in a hot market, it is paramount to your success that you use a rock-solid local mortgage broker who always has your best interest in mind, can close on time, and is always available outside of normal working hours.
If you'd like to learn more or need a recommendation for a local mortgage broker, don’t hesitate to reach out.