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Why Work with a Local Mortgage Lender?

Ann Arbor Home Buyers with Mortgage LenderWhen 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.
  • An Attractive Offer. Realtors know the importance of local lenders. When your offer is presented to the seller, it is more appealing if you are working with one.
  • Closing Costs. Hidden fees can derail a closing and potentially lose your dream home. Each state, county, and city has varying closing costs, transfer taxes, title fees, etc. Local banks understand the fees involved and can properly advise you of the correct costs well before the closing.
  • Closing Delays. A smooth move relies on perfect timing, from having the utilities activated to securing a moving truck and help. Local lenders understand the areas customs and typically work harder to ensure an on-time closing.

On-line lenders may offer low interest rates and no money down to entice home buyers. If you think you are getting a good deal from one, demand a good faith estimate and take it to a local lender to see if they can match it. For a list of local lenders that have gone above and beyond for our Ann Arbor real estate clients, contact us today at 734-761-3060 or info@bouma.com. And if you are thinking of purchasing a home or condo, check out our Subdivision Hotline and Condo Hotline for up-to-date active and sold listing information.

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