When purchasing an Ann Arbor home, there are many things to consider once you’ve found the perfect place. There are inspections, negotiations, paperwork, and more. Working with the right Realtor can help take the stress out of this process. And to make the transaction even smoother, we recommend using a local mortgage lender when applying for the loan. Here are a few reasons why:
- The Appraisal. Generally, local lenders use local appraisers who have a much better understanding of area market conditions and values. Out of area appraisers don’t know the nuances of specific subdivisions. It has become a common problem that homes do not appraise for the loan value, which means the bank won’t lend you the money to purchase it.
- Reputation. Local banks care about their reputation within the community. They are more interested in client satisfaction, gaining referrals, and building long term relationships with the community than making a buck upfront. Out of area banks do not have local ties or incentive to retain clients.
- Communication. Having closed on thousands of Washtenaw County properties, we know how important it is to have open communication lines with the bank. If issues arise, it is imperative to have a timely response from the bank to resolves things as quickly as possible and avoid closing delays. In our experience, local lenders are much more responsive to the needs of their clients and area Realtors. Continue reading