With all the changes still taking place in the mortgage banking industry, it’s more important than ever to use a local experienced mortgage banker. Preparation is key in preparing the buyer, realtors, seller & loan package for processing, underwriting & closing. Expectations must be realistic. All parties to a mortgage banking transaction are very busy now & clear communication is of the utmost importance. Communication is very difficult with large “mega” banks. I have more clients complain about working with large mega banks that it only makes sense to work with a smaller, local, experienced mortgage lender if you want your transaction to go as smoothly as possible. Why send your application to a website & your personal information via a FedEx package or to an 800 number?
Most smaller, local community banks have all the mortgage products available- the changes in the industry have leveled the “playing field”. There are even some smaller banks that are still portfolio lending albeit very limited when the loan parameters just don’t fit Fannie Mae or Freddie Mac’s guidelines!
These are the most important reasons to go to a small, experience, community bank for your mortgage lending transaction.