In today’s fast-paced, blink-and-you’ll-miss-it real estate market, buyers need all the help they can get. Many prospective buyers exasperated from losing bidding war after bidding war are looking for something—anything—that will help their bid stand out. So if you’re about to pick up a pen to compose a heart-wrenching letter to the seller of your dream home, read this first.
Would it surprise you to find out that shopping locally for a mortgage is actually one of the best things you can do when it comes to having your bid accepted? “A lot of people think that the highest bid is the one the seller automatically chooses— and ultimately there’s a lot more to it than that,” says Allen Tate Mortgage’s Vice President of Loan Origination, Lisa Green.
“Good Realtors will advise their clients to look beyond the dollar signs of the offer— not that offer price isn’t something that’s important, because it is, it’s just not the only thing sellers should consider,” Lisa said. “Just like conditions are important to weigh in the decision process, sellers should also think about whether or not the prospective buyer has been vetted and truly pre-approved by a local lender.”
Sure, spending twenty minutes to fill out an online form to set up a mortgage might seem like a good idea on the onset, but when the rubber meets the road, it’s hard to forgo the ability to walk into your local mortgage office or pick up the phone and speak to an actual person when issues arise, and most Realtors agree.
Besides the fact that it’s nice to stop by your lender’s office to drop off documents, make copies, hammer out small details or quickly get the answers to the questions you may have, “there’s no shortage of hurdles buyers have to overcome during the home buying process, and local lenders are best served to help you maneuver those roadblocks,” says Lisa.
Having a local lender who understands the market is key, Lisa explains. “Having market knowledge enables an underwriter to easily tackle each element involved in going from contract to closing.”
Turns out, reputation matters too. “We hear it time and again— Realtors really like to work with lenders who have a local reputation of getting to closing on time without hiccups,” says Lisa.
But still, some skeptics might shy away from using a local lender in favor of a quicker process with an online-only company.
“A lot of people are shocked to find out that local lenders are just as fast as online companies, says Lisa. “There’s no reason why we wouldn’t be able to get a client from contract to close in 30 days. If you’re pre-approved with us, we can even close in under 30 days.”
Completed an online application already? No problem. Take advantage of Allen Tate Mortgage’s Best Rate Guarantee program for a free, second opinion to ensure you’re getting the best total financing package available. Simply allow us to review your quote from another lender. If we can’t meet or beat your total financing package, Allen Tate Mortgage will pay you $500 after closing. The best part about our Best Rate Guarantee? It’s available every day.