Benefits of Working With a Local Mortgage Lender

There are so many options when it comes to borrowing money for a home loan. From private lenders to big banks, there are pros and cons to each process. We’ll breakdown why borrowing from a local lender, like first Ohio home Finance, is a better route to go for some homebuyers.

The downside to doing business with a big national bank is that they’re, well big. Often times, mortgage lending is less than 10% of the business that most banks do. Rather than having a personal relationship with your mortgage lender and having the freedom to text or call them and get a quick response, you’ll likely have a 1-800 number where you’ll call a call center and get transferred to a different person each time. At First Ohio Home Finance, you will have one loan officer that you will work with directly and mortgage lending is 100% of our business. Since we have local offices in Central and Northern Ohio, you can meet face to face with your loan officer during the mortgage loan process and develop a trusting relationship and be treated as a person rather than a number.

Another perk of working with a local lender is if you don’t fit the standard profile. For example, if you are self-employed. Digging up tax returns, profit and loss statements, and business balance sheets isn’t always easy to do for a self-employed home buyer, but a local lender may be more willing to help you through it. If you have a few credit goofs on your credit report, your local lender might be more understanding than a large bank. They might be more willing to work with you over a period of time to raise your credit score. Or if your credit score is on the edge or you don’t have an established credit profile, they may still be willing to work with you.

Buying a home is one of the most significant personal and financial decisions in a person’s life. Financing any mortgage loan demands that you do your homework and fully weigh the positives and negatives of buying from a large bank or local mortgage lender. In addition to comparing rates and fees, you should determine which option offers you the best service, a proven record of integrity, and the most peace of mind.

If you’re interested in working with a local mortgage lender, we want to help! Contact us today to get started!