When shopping for a mortgage, think about the advantage of a small mortgage lender. This option provides more responsiveness, flexibility and local expertise.
Advantage of a Small Mortgage Lender
Offer More Responsiveness and Flexibility
The mortgage lending business is similar to the restaurant industry. Smaller establishments are easily overlooked. A big national chain will typically offer a standardized menu that caters to a broad base of individuals.
If you want something special or different that offers a personal touch, you are often better off going to a small establishment. Here are some main benefits you’ll receive by choosing to utilize a smaller boutique lender offering an advantage mortgage.
When you choose to use a smaller lender, you’ll probably be closer to the people who are making the decisions. This can be a breath of fresh air as you won’t have to deal with the corporate bureaucracy of a large institution. If you’ve ever dealt with this type of entity, you know how long it can take to have a decision approved through the lengthy chain of command.
A smaller lender is much more likely to be personally involved in your situation to help you get qualified for a mortgage. This can be especially helpful if it’s your first time buying a home or you are a self-employed entrepreneur.
Understands the Local Market
Another benefit of utilizing this type of company for an advantage mortgage is their knowledge of the local market. This familiarity with the local economy and market conditions can prove to be quite valuable. While a large lender may be more reluctant to approve a certain property, a local lender may know its history and feel comfortable offering a loan.
Offering More Flexibility
Big mortgage lenders will typically have a set of rigid guidelines they use to identify borrowers who are qualified for a mortgage. If a few individuals fall outside that parameter, this type of lender isn’t too concerned as they already have a large part of the market. This is where a small lender offering an advantage mortgage can offer more flexibility.
It will often come down to the matter of effort that is made to qualify you for a mortgage loan. If you’re a person who is self-employed and has an irregular income, this type of lender will look at your specific circumstances and make a decision based on that data.
When you take the time to consult with a small mortgage lender, don’t be surprised at the attention you’ll get during the personalized lending process.