![]() Many local lenders make it a point to help you get a rate that fits your needs, especially if you can show them numbers from shopping around. Instead of spending time “selling” other customers or realtors, our dedicated non-commissioned Loan Consultants are available to help via text, phone, or email.ĭo you care about affordability and rates? With our technology working around the clock and underwriters in multiple time zones, we can run the numbers and let you know about any change in the status of your loan instantly. We let you lock in 24/7 at the time that works for you. There's no need to get your lender on the phone and miss out on your desired rate. When you're ready to lock your rate, you can do that instantly, too. Local lenders can and will take up to 3 days to deliver a Loan Estimate-which is the most important document for comparing your home loan options. This also gives you instant access to your Loan Estimate. Need a status update? Check out your online portal at any time during your application process. Access to our website 24/7 and instant Loan Estimates.We close 10 days faster than the industry standard, which is 42 days.(This can take days with brick and mortar lenders.) You can change the terms and re-check the estimate instantly. Get a basic pre-approval in 3 minutes by entering some basic financial details.Delays from back-and-forth between a local lender and their Appraisal Management Company can lead to costly delays. What is the turnaround time for appraisals across all their loans? A fully approved mortgage requires a fully completed appraisal. Make sure you know what to expect from your local lender around closing times and what they’ll do if something doesn’t go as expected.ĭo you fully underwrite your loans? If they’re working with outside underwriting parties, this could add time-consuming back-and-forth to collect or verify documentation before your loan can close. How often do customers’ closing dates need to change due to issues with the loan? Delays can be costly. How long does it take to get a pre-approval? This is the best way to learn how much you can realistically borrow-and your accompanying pre-approval letter will show sellers that you're serious about making offers. But make sure to ask them the following, more pointed questions to ensure that your timeline and needs are met. Do you care about face-to-face interactions?Ī personal referral to a local lender who has a track record of being responsive and closing on time is hard to ignore. ![]() ![]() Do you care about affordability and rates?.Questions to think about when considering a local lender We’ll arm you with the questions you can ask yourself, your local lender, and your real estate agent to ensure you’re making the right choice. We’re obviously biased, so let’s talk about the pros and cons. We built Better Mortgage to remove some of the pain points of working with a local lender (hello, 24/7 access and the ability to do everything online) while keeping the personalized service you know and love. But going with your local lender may not always be the best choice for you, depending on your needs. That person-to-person “handshake” is how business has always been done, and working with someone who knows your neighborhood or city can provide a sense of comfort and confidence in the process. UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILIAL STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO:ĭeny a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling, or to deny any loan secured by a dwelling or Discriminate in fixing the amount, interest rate, duration, application procedures, or other terms or conditions of such a loan, or in appraising property.When you’re looking to buy a new home or refinance your current one, the thought of working with a local lender can be appealing. We do Business in Accordance with Federal Fair Lending Laws ![]()
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