During a recent real estate transaction, on which I was the listing agent (representing the seller of the property), I experienced first-hand the obstacles that can occur when a buyer is using a mortgage broker or loan originator from outside our state. The closing was unnecessarily delayed by 14 days because the lender did not understand how business is done in Colorado and has no incentive to learn.
Here are my top 10 reasons buyer’s should use a GOOD LOCAL mortgage broker when securing a loan for the purchase of a home:
#10 They understand how real estate transactions are handled in your state.
#9 They have taken the time to establish relationships with title companies ensuring a smooth transaction for your purchase.
#8 They are willing to work closely with everyone involved with the transaction from real estate agents to title companies, inspectors and contractors. Communication is key in successful real estate transactions
#7 They are able to be more flexible with changing situations throughout the entire process and can respond quickly to special requests.
#6 Using a good local mortgage broker can give you an advantage in multiple offer situations. Your offer is evaluated on more than just the purchase price, it will also be evaluated on the likelihood you will make it to the closing table. I have negotiated many multiple offer situations, both as the buyer’s agent and as the seller’s agent. The reputation of the buyer’s lender is important.
#5 They know about special state, county or city programs that may provide credits or incentives to buyers.
#4 They will focus on your personal GOALS and build a program around what matters most to you: low down payment, target mortgage payment, 1st-time home buyer programs, grants and assistance programs, etc.
#3 They know that every deal is a little different and can successfully navigate you though all the details required to deliver the funds ON-TIME for Closing.
#2 They have an incentive to work closely with you as a client since their business success depends on quality customer service rather than the quantity of transactions.
And the # 1 reason to use a local mortgage broker … You’re making one of the most important purchases in your lifetime – don’t leave the details to someone who doesn’t know your market or who hasn’t taken the time to get to know you.