Why Not Get a Home Loan with a Big Bank? because…

In my experience homebuyers are better off getting a home loan or mortgage through a local or regional lender/bank. In transactions we have seen with our agents, our Buyers have had more problems when dealing with a Big Bank, like Wells Fargo and Bank of America, than with a regional like Union First Market, BB&T or a mortgage company like Benchmark Mortgage. We’ve also seen problems on loans with “mortgage brokers” who do not have any affiliation with the Lender who actually closes the loan at settlement. Some of the the big national banks have so many departments and processing teams, that your loan must pass through before it can be closed, that it often causes major problems and delays closing. This creates very problematic scenarios for buyers. Recently, we built a New Home for a customer in our subdivision, Parham Estates, located in the West End of Henrico County. On the scheduled closing date the customers had movers lined up and literally had to move that day. The Bank could not close the loan due to some minor issue that would not allow their Underwriter, who was probably in another state, to clear the loan to close. As a Developer, we allowed them to go ahead and move-in, Rent-Free, because we know they are very qualified. The husband is a Firefighter here in Richmond, VA and a delay in moving would have caused major impact to his family because he was about to start a 4-day, 24-hour shift. Like I said, they really had to move!

Anyway, at Snipes we prefer to use local companies because we know the people, they know the market and the community. Communication is usually easier if the parties involved in your closing are local. The thing to remember is this, you can a great rate from just about any lender these days, but getting great local service can truly make the difference. Get information from your Realtor about different loan products. There are so many options that you should really discuss this with your buyer’s agent first and foremost and give serious consideration to avoiding internet lenders or a big banks, when your local institutions are a better source.