Friday, November 17, 2017

Don’t be another Horror Story, work with a local lender!

I’ve been doing this job a long time and i’ve run into too many people that were trying to save a couple of bucks so they decided to go with a big lender, or even worse, an online one. 

Let me just tell you guys why that isn’t always the best idea, 

  1. You’re just a number
I hate to say it but that’s how they get such “good” rates. They work in volume which leaves the door open to more mistakes which can then become a delay. If you’re someone who is looking to purchase a home, a delay can mean thousands of dollars! Here’s one simple scenario that i’ve seen happen: you put your home on the market for sale and you’re planning on buying a new one. If there are any delays in your ability to purchase your new home, you could be stuck living nowhere. This means, hotel bills, moving and storage costs, and just lots of time being spent on something that should’ve gone smoothly.

  1. Put a face on it
I have an open door policy, yes in many cases I never meet my buyers face to face, but they take comfort in knowing that I am local and just a short drive away. Most big banks do their loan processing at their headquarters to save money, so you never really meet who is in charge and there is no direct line of communication between you and your lender. That alone is pretty scary, especially when you’re dealing with hundreds of thousands of dollars. 

  1. Flex room
One of my favorite things about working at C&F is that I know everyone in the building, and I work in our headquarters, in fact I talk to my boss everyday. So if a situation arises with a client that needs a little bit of flexibility from the bank, we can try to work with them. These kind of exeptions don’t really exist when you deal with large banks. It goes back to their clients just being a number in their books, they’re not interested in trying to figure out a solution for you when they can get another customer at the drop of a hat. It’s sad but true. 

  1. Good business for small business means more business
Back in the day, businesses ran through word of mouth and less from advertising. I still believe that the best type of client will be the type that comes from a referral. I want to do a GREAT job for all of my clients, and even though I know I won’t be able to make everyone happy, I will try my best. Those happy clients will tell all of their friends and family. This alone is reason enough for me to do an outstanding job. 

If you have any questions whatsoever about how I can help you become a homeowner, please don't hesitate to give me a call! 

Monday, November 6, 2017

5 Reasons Why Working With A Local Bank Can Be Better When Applying For A Mortgage

I work at a local bank, right in Corporate, and my office is just a couple of doors down from the VP. This has lots of advantages for my clients but I wanted highlight the top ones for you, this could help you when deciding to work with a local lender.

1. Knowledge Of Local Products
Mortgage lenders have access to many different products but there are certain products that are specific to Virginia, like the Virginia Housing Development Authority. The VHDA helps homeowners with things like downpayment assistance but there are certain things that an applicant must have in order to qualify. A lot of the time big banks don't process their loans locally, instead they send them to corporate where the staff might not be well versed on loans geared towards residents of Virginia. This means that they might not know how to properly qualify someone for something like VHDA.

2. Local Processors
We've mentioned that big banks sometimes send their loan processing elsewhere but how does that impact someone when shopping with a local lender? As an experienced loan officer in Virginia, I have direct contact with my loan processors so if there are any issues with paperwork or if I see something off about the paperwork, the situation can be rectified quickly. Access to a loan processor can not only help us push an application through quickly but also allows us to catch any errors before they become major issues.

3. One On One Time
Some people feel comfortable with email, phone and even text conversations but there are others that prefer putting a face with whoever is helping them with their mortgage. Most people might buy a home once in a lifetime, and it is comforting to know that someone is there to walk you through the process.

4. Familiarity With Business Partners
Local lenders tend to become familiar with different Realtors, Contractors, Insurance Companies, etc. This can be used as a referral network and a resource center. Need to buy new insurance? We probably have an excellent person for you! What about a home inspector? We tend to know those too.   In some instances we have clients calling us well after their purchase is complete because they are looking for a reference such a cleaning company or maybe a good painter.

5. Keeping Up To Date with Changes In The Industry
This goes back to some of the previous points we deal with local mortgage products often so we're very well aware if there is any changes in policies. This makes the process go much smoother for our clients and in some instances it saves them time and money. Knowing all the requisites, timelines and changes can make sure that we're processing a loan the most efficient way possible.

At the end of the day there are pro's and con's to working with a local bank vs. a large nationwide one. You should pick whatever is more comfortable to you but it is nice to have someone close by that you can easily get in touch with if needed, this is especially true if it's your first time buying a home.