4 Compelling Reasons To Go With Family Owned Mortgage Lenders
When looking for a mortgage, you know you'll be making decisions that will have a huge effect on your life
. You need to choose the length of the mortgage and how much you want to borrow. You need to decide whether to go with a large corporate bank or to work with family owned mortgage lenders. While some big chain banks offer things a small family owned lender may not be able to, such as multiple locations in your neighborhood, it is usually in your best interest to go with the family owned business instead of the faceless corporation.
Family Owned Lenders: More Personal
Walking into the office of locally owned mortgage lender can be a lot like walking into the bar on the TV show Cheers: everyone knows your name. If you love the personal touch, a family-owned mortgage business is the best option for you. Here's a few more reasons picking a family lender instead of a large bank is preferable:
1. Dedicated service.
When you go with a family lender, you are a person, not just an account number. They'll have had the time to get to know you as a person and knows more about what your specific needs are. A family lender is also more dependent on referrals from happy customers, so providing a high level of service is a necessity for the company's survival.
2. Supports the local economy.
A lot of people were angered after the housing bubble burst and the recession began, as the the large mortgage lenders were in a large part to blame. When you choose a family owned lender, you are making a statement that you support your local area businesses and that you have faith in the local economy.
3. Focus on You, Not the Bottom Line.
Since big bank sub-prime mortgages lead directly to the crisis, it became painfully obvious that they were only attempting to boost their bottom line. Instead, the sub-prime loans caused the market to crash and many people lost their homes. A family-owned company cares about their bottom line, but it also cares for your needs. Most family owned companies only recommend loans and mortgages you can afford.
4. Flexibility.
Most family owned lenders don't have thousands of loans, they're able to offer more flexible options so you can get a mortgage that actually fits your needs the best. For example, if you are a young home-buyer and haven't had time to build up a credit history, family owned mortgage lenders may be able to work with you to build a mortgage that works best for your situation.
by: Wilhem Kearnes
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