Now is the time to talk with your local mortgage lender if you are thinking of buying your first home, moving into a bigger home or looking to downsize. It is still a seller’s market with fewer homes for sale. However, the craziness seems to be cooling down a bit!
Here are seven reasons to use a local community bank lender in today’s market.
1. Local Housing Market Expertise
Community bank lenders are just that…they provide mortgage loan expertise in your community. As mortgage rate increases begin to stabilize – and may even drop a bit from the abrupt increase from the lowest mortgage rates in history – they understand your individual needs. In addition, home prices are also starting to stabilize. There are still fewer homes for sale; however, the bidding wars have calmed down making it a wise time to consider a new home. If anyone knows the pulse of the local housing market, it’s your local community bank lenders.
2. Local Economy Assessed Daily
One of the ways your community bank lenders are able to compete with the big institutions is through their familiarity with local market conditions. Your local community bank lenders are assessing the financial risks and opportunities in your area daily because this is where they work and live. Unlike big banks, their understanding of the local economy is used when approving home mortgages.
3. Greater Flexibility to Loan
Community bank lenders can often approve mortgages that big banks are unable to approve because of their cookie-cutter guidelines. Many community banks have lending guidelines that are different and more comprehensive. Big bank lenders need to efficiently process large numbers of loan applications; therefore, they need to have rigid guidelines that enable them to identify qualified borrowers with a minimum of fuss. Anything that falls outside conventional guidelines can be denied. Community bank lenders can often think outside the box offering greater flexibility when making local loan decisions.
4. Local Decisions = Quick Decisions
When your community bank lenders live and work in your community, you’re that much closer to the decision makers with the authority to approve your mortgage. Rather than dealing with bigger banks that are most likely outside of Michigan – with multiple departments and inquiries – your local community bank lenders can make decisions on your mortgage quickly and efficiently.
5. Relationships Matter Greatly
Buying a home is always a significant investment in your future. Working with someone you trust is the first step to building a lasting relationship. Again, because your community bank lender lives and works in your community, relationships matter greatly. Your personal relationships will continue to matter in your everyday banking as well as when you look for additional financial advice in your future.
6. Unique Loan Products, Personalized Services
Many community banks offer unique loan products to best fit your needs, lifestyle and budget. Again, community bank lenders understand the local market, economy and community. They can offer unique loan products community banks are willing to consider. Also, personalized service is what community banks have been known for throughout history. Whether it is with your personal banking needs, loan requirements or just needing help with the latest technology, your community banker stands ready to serve you.
7. Local Mortgage Closings
Because you’re much closer to the decision makers with the authority to approve your mortgage, your closings can be timelier, too, to fit your needs and schedule. You are dealing with a local mortgage team who can handle your inquiries quickly and efficiently, and at a closing that will happen on time with locally based agents.
One other reason to work with your local community bank lender — Kalamazoo County State Bank (KCSB) is the local community bank serving your neighborhoods for 115 years. As KCSB celebrates its 115th Anniversary in 2023, feel free to stop in for some financial advice on any of your financial needs.
Call us at 269.679.5291 or visit us online at https://kcsbank.com/mortgages/.
Kalamazoo County State Bank is an Equal Housing Lender.