Local lenders vs. National lenders

As a Realtor representing both buyers and sellers in western Washington, I have seen a strong preference among agents for dealing with local lenders who have earned a good reputation over national or “Big Box” lenders seen advertised on TV.   This preference is based on positive past transactions.  Beside a transaction actually closing, what made the experience positive?

  1. Friendly and responsive service.  Not everyone can pick up the phone every time it rings, but everyone can manage to return a call or send an e-mail on the same business day. This is simply respect.
  2. Ease of meeting face to face, or a smooth interface on the internet.
  3. Ease of documentation – what is required documentation and how does one get bank statements, pay stubs etc off to where they need to go?
  4. Honest and candid answers – and maybe more importantly, education.  real estate professionals need to know what questions first time, or even experienced home buyers don’t know to ask.
  5. Flexibility – In some cases, local lenders, such a O’Bee Credit Union and Timberland Bank will keep some of their loans in house as part of their “portfolio”.  This means they can be more flexible with properties that may not be acceptable to the secondary mortgage market.

If you absolutely need to get a Rocket Loan, then “go for it”.  If you are buying a home or property and are not sure who to speak with, please contact me.  I can provide you with a list of local folks that can help, regardless of your need for a zero down VA Loan, FHA, Conventional or Jumbo loan.  They can also help with getting you ready, if your credit is not quite there yet.



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