When you are applying for a home loan, you can choose to apply for a mortgage with a large corporate bank or with a local lender. Although both types of lenders can provide you with the loan you need, local home loans offer some advantages over loans from larger banks. Some of these advantages include:

1. Less restrictive guidelines.

In some cases, local lenders’ requirements may not be as strict as those imposed by larger banks. If you have negative entries on your credit report or a high debt-to-income ratio, it may be easier to qualify for a mortgage with a local lender.

2. Personalized advice.

Larger banks have a significant number of clients, making it more difficult for them to provide customized, one-on-one advice to each borrower. With a local lender, however, you are more likely to work with the same people throughout the application and closing process.

3. Knowledge of the local market.

One of the problems often encountered when working with a big bank involves the bank’s lack of knowledge of local market trends. For example, if the bank uses an appraiser from outside your area, the appraiser may not assign the correct value to the home you hope to purchase. Likewise, if the bank is not familiar with the type of properties commonly sold in your area, they may be reluctant to approve a home loan on a more unique property, such as a farm.

4. Quicker responses.

Throughout the mortgage application and approval process, you are likely to have many questions for your lender. However, if you are working with a larger bank, getting someone on the phone to answer your questions can be difficult. Small local lenders, on the other hand, are more likely to be responsive when you have a question or concern.

Starboard Financial is a full-service local lender serving clients in Gilbert and the surrounding area. Contact us today to learn more about the mortgage solutions we offer. Whether you live near our offices in Arizona or Illinois, or in other parts of the nation where our loan officers can serve you, we are happy to help you with all of your mortgage needs.