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Top 3 Reasons to Shop Locally for Your Mortgage

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Top 3 Reasons to Shop Locally for Your Mortgage

6 mins read
Future home owners consulting with lender

Historically low-interest rates and home prices that won’t break the bank now is a great time to buy a home. BorrowMoney can help you buy your first home, upgrade to a better one, or buy a vacation homes or investment property. Our expert local lenders simplify and remove the stress from the process making homeownership fast and affordable.

Here’s how it works:

  1. Complete our short, easy-to-understand form.
  2. Quickly receive competitive offers from local licensed money lenders.
  3. Compare terms and rates in easy to understand language.
  4. Close in 30 days or less.

What can BorrowMoney do for me?

We can guide you to be better informed, make sound financial decisions, and save your personal and business money. We will match you with local lenders, or online nationwide lenders partners that you can trust will meet your needs and financial goals. if you need any type of loan you can apply on our secure website, fill out a simple fast, safe, and secure form and get an immediate response from our competing local lenders or nationwide lenders partners. We provide you with our nationwide free online real-estate sale and rental listings search on our website, free search and find a verified licensed realtor, sales agents, brokers, lending institutions, and mortgage broker, including rating and profile.

Top 3 Reasons to Shop Locally for Your Mortgage

Finding the perfect home is only the first of many steps in your journey to being a homeowner. After deciding you’ve found the right one, you still have to find the right home loan to pay for it.

Shopping for a mortgage exposes you to everything from online to local lenders, each with its own perks and features. However, local banks offer benefits that online lenders can’t—without sacrificing your time or convenience.

1. Familiarity

As part of your community, local banks know where you’re coming from. You’re more than a customer. You’re a fellow sports fan, grocery-store-goer, and neighbor.

Getting your mortgage locally results in a customized process that truly fits your unique needs. You work face-to-face with bankers who take your home search personally: asking questions to find the mortgage that fits, and then going the extra mile to make it happen.

With online lenders, it’s easy for your application to get lost amongst all the others. Online sites surfaced in response to homebuyers’ search for convenience, but at the cost of personalization. Getting a mortgage online, therefore, makes you part of a standardized procedure, rather than a customized process.

2. Faster Process

When you’ve finally found the perfect home, there’s no time to lose in purchasing. The local decision-making that occurs in most community banks keeps loan approval processes moving more quickly.

Smaller banks cultivate a deeper understanding of their community and regional economy, learning the financial landscape and how best to navigate it—in any situation. And, since they already know you, they can make personalized recommendations in less time than online lenders.

Local bankers can also keep you informed as your loan moves through the approval process. With fewer applications to sort through than online lenders, your banker can personally track your loan’s progress, let you know of any holdups, and partner with you—in person or over the phone—to be as efficient as possible.

3. Flexibility

All financial procedures come with guidelines and criteria, and mortgage loans are no exception. Online lenders, with vast amounts of applications, often lack the capacity to work outside those guidelines. As a result, homebuyers who don’t meet every criterion risk not qualifying for a loan.

Local banks adhere to different loan approval criteria that allow them to be more flexible. For example, some will keep mortgages on their own records, rather than selling to government-sponsored enterprises Fannie Mae and Freddie Mac. This relaxes their guidelines and can help homebuyers who perhaps don’t qualify with larger banks, such as those with lower credit scores or irregular income.

Online lenders typically base loan eligibility on FICO scores. And while local banks do, too, most of them will look more closely at your assets and other income when determining your ability to make mortgage payments. As mentioned above, local bankers know your situation and know where you’re coming from—and that helps them help you.

Let’s do this together.

Homeownership has many advantages including tax benefits, equity mortgage accrual, and long-term investment potential. By using BorrowMoney, you are in control and will experience less stress, paperwork, and uncertainty about the deal you’re getting. Compare offers from our local licensed money lenders who have many programs that will meet your personal needs. They offer fixed and variable adjustable-rate mortgage (ARM) interest rates on loans from 1-40 years. For those who qualify we also offer jumbo loans, VA loans, and FHA loan programs with low down payments and closing costs. See if you meet FHA eligibility requirements.

Use our easy mortgage calculator to take the guesswork out of how much you can afford when buying a house and what the true loan cost will be. Our interest rate guide is constantly updated to show you the daily and weekly national averages. If you have questions or just want more information, be sure to read our advice column and learn more about the mortgage loan process. helps simplify the process and gives you all the tools you need to make an informed decision.

By |October 18, 2021|Mortgage|0 Comments

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