Why do we recommend that you use a local mortgage company when buying a home in Coastal Delaware? This month we had several settlements in which our Buyer clients had decided to obtain a mortgage from one of the big banks or mortgage companies. In one case, the clients had maintained a relationship with that BIG BANK for years and felt he would be treated as such. You need to understand that –
- Those days are over.
- There is no longer that personal relationship that permeates all of your dealings with a Bank of America or a Wells Fargo.
I do remember the days when it was different, when a Personal Banking Client of Bank of America was treated that way and the entire process was smooth. These days, that person you talk to only hands you off to another department and he or she has absolutely no control or influence on the process from that point on.
Fairway Independent Mortgage is a local company
What’s the difference with a local mortgage company? Let me use Fairway Independent Mortgage as an example. Gail Alm is the Loan Officer that we have recommended to many of our clients. Not only is Gail good at what she does, she is with a company that backs her up. They actually originate the loans they write and do their own underwriting. She will keep in contact with you personally throughout the application and approval process. They only sell the mortgages after you have gone to settlement. Any bank knows how to send out monthly invoices for payment but you don’t want to be dealing with them today during the loan origination and underwriting process.
So, if you want to get to the settlement table on time with all of your hair, take our advice and use a local mortgage company.