Knoxville Mortgages: Crucial Reasons To Stick With A Local Lender

We live in a day and time where we can get just about anything online.

Want food delivered? Call Uber Eats.

Need groceries delivered in two hours? Call Instacart.

Need dog food delivered? Order it on Amazon.

With the world being at our fingertips, people tend to want things that can be done with the click of a button. For this reason, online mortgage companies can be tempting.

After all, who doesn’t want to get pre-approved while streaming Netflix and eating cheap Chinese? Type in some information, hit submit, and two minutes later your pre-qualified.

Unfortunately, it’s not always that easy. Transactions can be plagued with problems by online mortgage companies later on. When applying for a Knoxville mortgage, it can be crucial to pick a local lender. In this post, we’ll cover the important reasons why.

Applying For A Mortgage Is A Complicated Process

Buyers often dread the mortgage application process. But who could blame them? You often hear about the horror stories: submitting endless documentation over the course of many weeks and signing a mountain of paperwork at the closing table.

It’s this sense of dread that causes many buyers to want to use an online mortgage company. They’re drawn in by the ease at the beginning of the process. After all, if you can get pre-qualified in a matter of minutes, the rest of the process must be just as easy, right?

Unfortunately, that’s often not the case.

First and foremost, the mortgage approval process is a complicated one. It’s an important one for every buyer. So, there is a reason that you shouldn’t want to be hands-off. You’re not just buying an item you can return on Amazon. You’re getting a mortgage. Once the paperwork is signed there is no going back. You want to understand the terms of your loan before you get to closing and it’s too late.

A local mortgage company can help make the process easier for you. A local lender will be there to help you find the best loan option for you and help you understand everything along the way.

Instead of having to ask questions on the phone or via email, a local lender can sit down and discuss everything with you. In a process as important as buying a home, this can be crucial.

It’s Easier If You Encounter An Issue

The truth is – you may not really realize the importance of having a local mortgage company until you actually encounter an issue. Generally speaking, when a mortgage company is local, it can be easier to get someone on the phone or get assistance when the company is based in town.

There are times during the loan process where things get delayed or additional paperwork is needed. Many contracts are on tight deadlines, so any little delay could mean a delay in closing. Picking a local mortgage company with a reputation for closing on time is essential as a buyer. When everything is done locally, it can help make the process smoother.

In contrast, for online mortgage companies, you’re just one of many customers. They’re often not as concerned about keeping customers happy because to them you’re just a number. Oftentimes, their teams are based all over the country and sometimes in different times zones. This can make it hard to reach the proper person when you’re needing to get answers.

Bottom Line: Local Mortgage Companies Can Make A Big Difference

The mortgage company you choose can make all the difference in the world. It can make the process a total nightmare or completely stressfree. Before choosing a mortgage company, be sure to do your research and talk with your Realtor.

Realtors have seen the good, the bad, and the ugly when it comes to mortgage companies so they can help guide you in the right direction of what mortgage companies have a good reputation.

Are you thinking about buying a Knoxville this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected] or by phone at 865-696-1888.

If you’re ready to start your home search today, be sure to our Knoxville Home Search Page.