The market is hot, and you’re ready to buy. The first step is getting approved on your loan. But which lender should you use? The promise of quick approval through internet based providers is tempting, so why use a local lender?

1. Reliability

Everyone involved in the process, sellers, real estate agents, and you, the buyer, want the loan to close on time. Local lenders have a better reputation for closing loans on a timely basis.

Further, your local lender typically does not work banker's hours. You have a much greater opportunity to get them on the phone anytime of the day or weekends.

2. Reputation

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. These people live and work in the local area, and thus, it is their reputation and livelihood that is at stake.

3. Personal service

You can meet your lender face to face and ask questions in person if need be. In an era when phone calls are considered intrusive and people generally don’t like talking on the phone, I find that meeting people face to face can be very effective for resolving issues. I think it slows down the pace of the discussion and it is more effective for getting on the same page.

4. Local expertise

Besides knowing the area and local real estate market, a local lender will appear more attractive to certain home sellers and real estate agents because of the importance of a timely closing and a smooth process. In a situation where several offers are on the table, having a local, trusted lender could be the difference between landing the house or not. Some sellers and real estate agents may not even consider offers from national banks or online lenders because of previous bad experiences, or because of the bad reputation some of these have.

5. Save money

Local lenders have the ability to adjust their rates or offer you greater savings as they have more flexibility in the fees they charge for their services. Imagine asking a national bank such as Chase or Wells Fargo for a discount in fees, or perhaps a credit towards closing costs? They would chuckle and tell you that is not possible. But local lenders want your business and they will work hard to earn it.

We have all been there before, it is Saturday afternoon, one of the few days off you have, and you need to contact your banker...well...because you have a question. The only problem, they are closed...and they are only open when you are not able to call them.

Or, you are out looking at homes on the weekend and you found the perfect place. The challenge is that you need to get pre-approved or need to inquire what the payments would be for such home. But, your lender's phone is routed to voicemail.

We live in your community, and know it is important to be able to connect with your lender anytime you have a question.

Knowing your lender’s direct contact information ensures open and easy communication as well as faster response times. Wouldn’t it be better to have your lender’s cell phone number and email than to go through an 800 number or generic customer service?

With Old Town Lending, we will answer your call, or call you back within a few minutes after leaving a message.

When it comes to purchasing a home, Old Town Lending knows the constraints you may be in to:

1. Make your offer competitive, hence you need to know if we can close your loan on time, or
2. You need a pre-approval to accompany your offer, or
3. You are in contract, and have contingency deadlines.

Our turn around times typically depend on you and your ability to provide all the documentation needed to underwrite your loan.

Provided that we have all the documentation and conditions met, we can close your loan in as little as 14 to 21 days.