I am still here but summer is in full swing, especially in the Cheyenne real estate market because just as I tell my clients, the real estate does not seem to slow down here, even with 6.5%-7% interest rates!
I had a few tough experiences this summer that I have a moment to talk about. My husband said I should be educating more on the subject of: Why You Should Go with A Local Lender!
I will not state names in this blog of any lenders that I had not had the best experience with working with but, I WILL name a few local lenders that I highly recommend. Seem fair? Great!
So, here are my reasonings that I have personally found on why a buyer should go with someone local for a lender instead of those “Big Corp Guys”:
Let me paint a picture… I had the sweetest family, ready and excited to buy their first home! My favorite! They were already prequalified with one for the “big wigs” I have never heard of before but I am always willing to work with any lender! So, after looking at a few homes and missing out on a couple of offers, we came across, drum roll please, the DREAM HOME that somehow, they were chosen by the sellers to purchase. Things could not be going more smoothly at this point! We were well on the way for this family to have their very own home, space, and land to fulfill all their dreams. It was within their fingertips, and I had gotten them there! Until I received the call…
The lender came across a small but major detail on credit that made him tell me that my super sweet, excited, young buyers no longer qualify for anything. I said, “nothing!?” If you did not know, that is me screaming: “nothing!?” And the answer was in fact, nothing…
I did not give up, however, after me and my buyers heard this I reached out to other lenders I trusted and some that I just knew could work numbers and squeeze people by. The response I received from everyone was that they should not have been qualified in the first place due to many reasons that I think only lenders can understand because if you do not know by now, A LOT goes into buying a house and a lender needs to focus on every little detail before giving that prequalification letter out.
Why is it so important to make sure that a buyer is prequalified correctly from the start? Well, it was not only the financial turmoil for my buyers who still had to pay for the inspections, appraisal, etc. because we were already that far in, but also the emotional distress of the sellers, me, and my buyers who had to say goodbye to the dream home that they almost had. It can be a very sad time for them and maybe even caused a little damage emotionally for them when and if they ever try to buy a house later.
This was just one example over the summer I had. I also had another buyer whose “big wig” lender had to delay closing a week, yes A WHOLE WEEK, due to a lender not being on the ball and getting items in when he need to. Can you can tell my frustration?
Needless to say, I have never had these problems with a local lender. Local lenders offices are in town, within reach. So, they are usually a little more cautious for that reason! Another big reason local lenders are more trustworthy and “on the ball” is due to the fact that they are also commission based. So, if you do not succeed in buying a home, they do not succeed with being paid! They want to make sure they are working diligently for you every step of the way and that includes talking with you and me to get all items needed during a real estate transaction.
I use CrossCountry Mortgage and Jonah Bank of Wyoming exclusively here when recommending lenders to new buyers. But, I have worked with so many here in town and have had so many wonderful experiences with, but not limited to:
Wallick & Volk Mortgage Banker, American Pacific Mortgage, Guild Mortgage, and Wyoming Bank & Trust!
Let me know if you are interested in talking with someone from these mortgage companies about buying a home, refinancing, and more!