Hiring the lender with the lowest interest rate possible isn’t always the best idea. There’s a good chance they will actually cost you more than you will save by hiring them.
Looking to sell a home in Jupiter? Click here for a Home Price Evaluation
Looking to buy a home in Jupiter? Click here to perform a full home search
Most people look for a lender with the lowest interest rate. While having a good rate is important, you need to take the total cost into consideration when deciding. You also need to consider the ability of the lender themself.
The No. 1 reason for frustration, anxiety, and deals falling apart is choosing the wrong lender. If I was going to choose one, I would go with a local lender. Local lenders understand the market, the specific contract in your state, and all the time constraints that need to be met.
When dealing with online lenders and big banks, you might get a slightly lower rate. However, they don’t have their reputation at stake like a local lender does. From my experience, these lenders don’t really pay close attention to time constraints either. If your lender drops the ball, it could not only end up costing you more, it could end up destroying your entire transaction. Nobody wants that.
A local lender makes things so much easier.
A local lender will make your life a whole lot easier. There are plenty of good ones around here, and we’d be happy to refer you to one if you’d like. Buying a home is stressful; you don’t need the added stress of worrying about your lender being able to close on time.
Interest rates are important, but having a lender that understands your market, and the importance of getting your deal done on time is even more important. If you have any questions for us about this topic or anything else about real estate, give us a call or send us an email. We would love to hear from you.
