I am often asked why to use a local bank instead of one of the larger national lenders. Well, there are several reasons:
- Flexibility. The biggest reason to go with a local bank for your home loan is the increased ability to close loans due to the flexibility of its portfolio. The large national lenders tend to only follow the guidelines from Fannie Mae and Freddie Mac because the loans they complete are done with the intension of selling the investment and risk in the loan to one of those agencies. While most local banks also do loans with these agencies, many offer additional programs that could be a better fit for the buyer.
- Great customer service. Univest Mortgage Loan Officers have extensive experience in securing home loan financing for a wide variety of clients. They are also familiar with the local market allowing them to provide personalized service and help buyers navigate the home buying process with confidence. Plus, they live and work in the communities they serve so they’re able to meet in person wherever convenient for the client.
- Support the local economy. With a local bank, all of the jobs from sales to processing, underwriting and closing are handled by people who live in the local area. Choosing a local bank in turn allows that bank to give back to the communities it serves. Univest, for example, contributed $1.9 million to communities through its Committed to Local philanthropic program in 2020.
- Customized experience. When faced with a unique situation, alternative options are necessary. For one reason or another, a borrower with good credit, income and assets may not be approved for an agency (Fannie Mae or Freddie Mac) loan. This could happen because the property doesn’t conform or something doesn’t fit all of the agency guidelines. Since the loan is not going to be sold, the lender can use its own criteria for underwriting the loan. While the local lender still needs to follow national lending laws, there are many scenarios where a portfolio loan can work where an agency loan would not. Many local lenders offer both agency and portfolio loans while the national lenders may not offer portfolio loans.
Ready to buy a home or refinance? Working with a local lender who knows the market and understands the nuances impacting property values, can provide a level of personalized service that isn’t matched by a big box lender. Get the process started today by applying online or calling us at 877-723-5571.
Univest Bank and Trust Co. is an Equal Housing Lender. NMLS #415882