Big banks & online lending corporations spend big bucks to get your business. Local lenders in your area have grown their business from the ground up. Working your local market & becoming an expert for your community.
Just as it is important to have a Real Estate Agent representing you that you trust, you should trust your lender with all of your financial data. The size of our community in Lane County allows for the community to really get to know people in the lending & real estate community. In our market, using an online lender can get messy. Here are a few reasons why you should consider a local lender in your market:
Word of mouth advertising- A tried and true method to advertise your business is by word of mouth & referrals. Local lenders as well as real estate agents rely on this type of marketing. I always recommend to ask people you know as well as your real estate agent for a lender they can trust. If you are hearing the same name multiple times, the reason is probably because consumers have a great experience & they can’t help but to share their story & help others achieve the same end result. Your Real Estate Agent is going to want the deal to close & for you to get a great deal, so if they have any names they can give you, chances are you are going to have a great experience. Your lender or real estate agent don’t get anything for referring you to each other, they only get the satisfaction that you are going to have a good experience, the deal is going to close, and they hope in turn you will be telling all of your friends & family how great your experience went as well.
The other added benefit to going with a local lender is knowing that their paycheck is going directly back in to your community. Their money is being spent in the same places you are spending your own money.
The online lending community tends to promise you the world, they are big companies working to reach their number goals. The recommendation here is to proceed with caution, if it seems too good to be true, it probably is. Make sure you are asking all the questions and don’t be afraid to compare online to your local lender. Do your research on whatever company you are thinking about going with. We are lucky to live in the world where there is so much transparency by going online and googling the company you are thinking of working with.