Real Estate Thoughts April 20, 2023

Local Lenders: The Importance and Benefits

Buying a home can be a stressful process, especially when it comes to financing. Many people turn to big banks and online lenders for their mortgage needs, but there are significant benefits to working with a local lender. In this blog post, we will discuss the importance of working with a local lender and the benefits it can bring to your real estate transaction.


  • Personalized Service – Local lenders offer personalized service that larger institutions simply cannot match. A local lender is more likely to take the time to get to know you and your unique financial situation. They can provide customized solutions and tailor their services to your needs.
  • Local Market Knowledge – Local lenders are familiar with the local real estate market and can provide insight into the unique conditions of your area. They understand the local market trends and can help you navigate the process more efficiently. They can also advise you on the best loan programs and rates available in your area.
  • Accessibility – A local lender is more accessible than a large institution. You can often meet with them in person or over the phone, and they are more likely to be available during off-hours. They can also answer your questions quickly and provide you with prompt updates on your loan application.
  • Faster Closing Times – Working with a local lender can lead to a faster closing time. Local lenders have more control over the loan approval process, and they can work quickly to get your loan approved and closed. They also have a better understanding of the local real estate market, which can help them to avoid delays and quickly resolve any issues that arise.
  • Community Involvement – Local lenders are invested in the community they serve. They are more likely to support local businesses and charities, and they understand the importance of a healthy local economy. When you work with a local lender, you are supporting your community and helping to strengthen the local economy.


  • Use Our Resources – One of the main benefits of hiring a REALTOR in the first place is to utilize our connections for a smoother transaction. The lender-REALTOR relationship is a key part of that!
  • Transaction Failures – When a deal does fall through because of a lender a majority of the time it is an out of town lender. It’s not uncommon for this to occur outside of protected windows for buyers and late into the process. This can cost you several thousand dollars in forfeited earnest money, inspections, appraisals, and other costs.
  • Review Your Quote – There is a lot of fine print in lending. We find that more often than not the deal you think you’re getting online isn’t quite as good as it may initially appear. Take that quote to one of our local lending partners and have them review it with you so you can be sure you are making the correctly informed decision.

In conclusion, working with a local lender can bring significant benefits to your real estate transaction. From personalized service to faster closing times, local lenders offer a level of expertise and accessibility that larger institutions simply cannot match. If you are in the market for a mortgage, consider working with a local lender to help you navigate the process with ease and confidence.