Is a Local Lender Best? What You Need to Know
In this conversation, Jennifer Goldsby discusses the pros and cons of working with local mortgage lenders versus boutique or niche lenders. She emphasizes that while local lenders can offer community knowledge and personalized service, they often have limitations in loan options and pricing. Boutique lenders may provide specialized loan programs, making them a better choice in certain situations. The conversation highlights the importance of expertise over location when selecting a lender and encourages buyers to ask the right questions to find the best fit for their needs.
Takeaways
• Local lenders have community knowledge and understanding of local markets.
• Personalized service and face-to-face communication are advantages of local lenders.
• Local lenders may have limited loan program options.
• Smaller lenders often have higher rates and fees compared to larger institutions.
• Boutique lenders can offer unique loan programs like renovation loans, bank statement programs, or reverse mortgages.
• Expertise in specific financing is crucial when choosing a lender.
• Buyers should consider their specific needs when selecting a lender.
• Research and asking the right questions are essential in the lending process.
• Not all local lenders are the best option for buyers and homeowners.
• Focus on expertise rather than simply convenience of location.
Chapters
00:00 Local Lenders vs. Boutique Lending Institutions
07:12 When to Choose a Boutique Lender
10:41 Choosing the Right Lender for Your Needs
12:35 Compliance Disclosure
