Local lenders know the market in your area better than anyone else. That means they have a better understanding of property values and the local economy. When you work with a smaller, local lender, you’re paired with a licensed loan officer and team of professionals who are experts in the region you’re buying into.
Do sellers prefer local lenders?
Sellers and listing agents typically prefer when buyers use local lenders. They know the norms of our market. If you’re in a competitive situation, using a respected local lender may just tip the scales in your favor. In the DC area, lenders are typically reachable on weekends and evenings.
Why do sellers want a local lender?
Local lenders and real estate agents have an incentive to provide you with excellent service because they want you to be a source of referrals for future business. They know that whether you have a great experience or a bad one, your friends and relatives are going to hear about it.
Why does my Realtor want me to use a local lender?
Some agents choose their preferred lenders because they get deals closed quickly and reliably. That’s also good for buyers, but the missing element in this equation is the loan cost. The in-house lender may feel that they have you “buttoned up” as a customer. They may feel they no competition for your business.
What are lenders allowed to ask borrowers?
While it may seem that a lender can ask a borrower anything, there are two topics that are forbidden for lenders to investigate: family planning and health issues. According to HSH.com, under the Equal Credit Opportunity Act, lenders are not allowed to ask if you are planning a family.
Can a lender ask if you are planning a family?
According to HSH.com, under the Equal Credit Opportunity Act, lenders are not allowed to ask if you are planning a family. In the past, this question was used to discriminate against female borrowers because lenders assumed women would quit work when they became pregnant.
Should you talk to a lender first or a real estate agent?
Your mortgage is actually just a part of a large transaction. What you absolutely don’t want to do is find a house first, even if that seems to make the most sense. First, consider what’s most expeditious. Your agent can help you find a mortgage lender much easier and faster than a lender can help you find a good agent.
Can a lender discourage you from applying for a mortgage?
They cannot discourage qualified people from applying for a mortgage. It’s important to know your rights when you shop for a mortgage. If you’re asked an inappropriate question, report it, then find another mortgage lender.