The Local Lender Advantage

Jun 8, 2021 1:48:00 PM / by Platinum Top 50

“People want authentic. They want real. They want passionate.” Tim Tebow


I recently read this quote and it got me thinking about what people want within the real estate industry. With so many options out there (from realtors to lenders to insurance agents to title companies) how does someone decide who to work with/trust during one of the biggest purchases of their lifetime? From what I’ve observed over the past several years, and even more so these past 18 months, people are choosing authentically real and passionate producers that are experienced in their field, communicate regularly with honesty and integrity, and are LOCAL. And in this competitive, fast paced, housing boom, the “local” aspect is increasingly important and a key component putting clients in a winning position.


But what does going local mean when it comes to mortgages? Why is it important? Here are 5 reasons why you should go with a local lender (such as Legacy Mutual Mortgage):


1-Legacy works with a local appraisal firm and not a national appraisal management firm. National appraisal mc’s are fine for transactions in another state but you won’t know who/what you’re getting. Could be someone new or experienced, someone local or someone 2 hours away. Using a local appraisal firm means your appraiser understands the market, knows the neighborhoods and completes something called tidewater. Tidewater is when an appraiser picks up the phone and talks to realtors on both sides of a transaction (ahead of an appraisal) to make sure they understand the property, can provide the best comps (including off market listings or homes that’ll close in the next week), or raise any potential issues ... this is huge! Finally, a local appraisal firm recognizes getting a home’s value back quickly is critical in this aggressive market and they work hard to make that happen. 


2-Legacy lenders know the market. This enables us to “tell the story” to our underwriters when certain things are out of the box with appraisals. We are also quick to jump in and make calls to listing agents to help them understand a buyer’s offer is strong and they’ve been pre-approved, not just pre-qualified. Calling the listing agent and having that open dialogue has been instrumental to many of Legacy’s clients getting their offer accepted in this highly competitive market.


3-A lot of listing agents aren’t comfortable with accepting offers from non-local lenders or big banks. They don’t want their client’s to endure the headache of 60 days in underwriting, extreme delays with appraisals, and/or a complete lack of control throughout the process. Going local keeps everyone in the driver’s seat.


4-Legacy has in-house/local operations so you aren’t waiting on processing, underwriting, closing, or funding. Our streamlined process has kept underwriting decisions to 24-48 hours, even during peak times. Closing in 30 days (or less!) will help your buyers win deals and aid your sellers when it’s necessary to close quickly.


5-Legacy understands Texas laws, property taxes and products. We help strategize the best terms and rate for a client’s overall financial plan. If an out of state lender confuses Texas property laws or products, their mistakes can delay closings and cost everyone time, money and undue stress. Go local and choose a lender that has done thousands of Texas loans.


Legacy Mutual Mortgage is proud to serve Texas since 2003 and the greater Austin area since 2013. If you aren’t working with one of our local loan officers, reach out and discover why we’re different. Learn how we efficiently, effectively and proactively close loans. Find any of our top producing Loan Officers on our Legacy website and start a conversation today: Josh Penland, Nick Pronsky, Josh Brown, Mark Smith, Michelle Ikonen, Pat Odom, and Curtis Mueller.


The bottom line: GO LOCAL before you GO LOCO in this hot Texas market!

Platinum Top 50

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