When it comes to financing your home purchase, there are many options out there to explore and consider.
As soon as you start the mortgage process, you’ll likely realize there are various avenues to choose from when it comes to obtaining a mortgage that works for you. You’ll come across large-scale commercial lenders, banks, and local mortgage lenders, just to name a few.
We’ve already delved into the comparison between brokers and banks (you can find more on that here), so now we’ll dig into the key differences between local mortgage brokers and large national mortgage lenders.
Exploring your options is always a good idea when it comes to making an important decision. Unfortunately, because large national lenders are often front and center when it comes to advertising and promotion, many home buyers don’t initially realize that working with a small local mortgage broker is an option. As a result, some buyers end up working with a commercial lender when a local broker would have actually been the better choice for them.
The good news is, if you’re here reading this, you’re going to have an understanding of these two specific financing options and be able to move forward with the knowledge you need to make the choice that’s right for you.
Here are a few main points you should be aware of when you are comparing a local mortgage broker vs. a national mortgage lender:
While brand name, large-scale national lenders may grab your attention with flashy, compelling advertising, they may not provide the customer service and individualized attention you need to navigate the mortgage process in a way you feel most comfortable with.
When you’re investing in something as complex and expensive as a mortgage, you’ll want to be working with an ally – someone who gets to know you as a person and who is truly on your side as you embark on your home buying journey. With large-scale national lenders, that may be what’s promised – but it’s not always what you’ll receive.
National lenders often promise fast closings and competitive rates, which are really great selling points. What many home buyers don’t realize, however, is that local mortgage brokers can actually offer those things as well.
A local broker will work hard on your behalf to secure a home loan quickly and affordably. They aim to work faster than their national competitors, which means you get to close on your new home sooner in many cases. They also have access to dozens of loan programs from a variety of lenders – many of which aren’t accessible to the general public. This means they can shop around to find a competitive rate and a mortgage that truly works best for you!
While a large-scale national lender may tout their knowledge and the options they offer, no one quite understands your community and the people in it like a local mortgage broker. They are more than just mortgage experts; they’re also your neighbors and community members who recognize you as more than just a client or customer.
They’ll get to know you, providing the individualized attention and partnership you need to secure financing for your dream home. And you can work with them having the confidence that you won’t have to go it alone; they’ll be there to help every step of the way.
Want a quick recap of how working with a local mortgage broker compares with securing a mortgage from a national loan company? Check out the short video below for a quick overview.
If you’re a home buyer in New York State and you’re ready to take the next step towards purchasing the house of your dreams, we’re here to help you! Our team of experienced mortgage professionals will help you go into the home purchase process feeling confident and well-informed about your financing options.
We’ll guide you every step along the way to ensure that your home purchase process is smooth and frustration-free. Whether you’ve purchased homes before or you’re a first time home buyer, we are a local mortgage broker with a lot to offer!
Interested in learning more about the benefits of working with a broker? We cover more about what a mortgage broker is and why using one is advantageous here.
Want to get to know us a little better? Learn more about Maple Tree Funding here.
Ready to get the mortgage process started today? Submit your information here to jumpstart the pre-approval process and connect with one of our mortgage experts here.