While local brokers are becoming more popular option, many homebuyers in Florida are still unaware of their benefits and continue to use big box direct lenders.
But there are quite a few ways in which a local mortgage broker in Florida may be able to help you, but a nationwide direct lender might not. Following are a few things a big box lender might not be able to do for you.
1. Offer you the most suitable loan.
A direct lender can only set you up with a mortgage which they themselves offer. They do not provide broker services, which means that they cannot reach out to a network to connect you with a lending product that they do not provide.
In some cases, one of the loans which a direct lender offers might be the ideal fit for a homebuyer. But in many cases, it might not be.
With so many more options through a mortgage broker in Florida, it is far more likely that you will find the ideal product.
2. Bring you local knowledge.
If a nationwide company has a local presence in Florida, they should have some degree of local knowledge. But it will probably not be a match for the local knowledge that a small local business can bring you.
3.Connect you with other local businesses.
A big box lender working with customers in FL should also have some community connections. But these two probably will not be nearly as extensive as the networking connections of a small, local business.
So, if you are looking to be connected with real estate agents or other businesses to help you with different aspects of purchasing a home, a local broker can likely point you toward more possibilities.
4.Work with customers without perfect credit.
Big box lenders usually operate within narrow, specific parameters. Outside of these parameters, they may be either unwilling or unable to assist customers with purchasing a home.
If you are shopping for a home without a great credit score, you might already have been turned away by one or more big box companies. A bad experience can leave you wondering whether you can even purchase a home at this time.
A local mortgage company in Florida is far less likely to turn you away for several reasons:
- With a network of direct lenders partnering with the broker, the broker is more likely to be able to locate a suitable product for a customer without ideal credit.
- Many small mortgage brokers specialize in helping customers that big box lenders do not accommodate.
- With a more personalized approach to the entire lending process, a local mortgage broker is willing to take the extra time and put in the extra legwork necessary to help a homebuyer work around a low credit score.
We offer hard money loans, which means that working with customers without perfect credit is among our specialties.
During your consultation, we also can advise you as to whether there is any way to raise your credit score before applying for a loan.
5. Handle nontraditional income situations.
A big box lender is less likely to reject you outright for having a non-traditional income situation than a poor credit score. But they can make it difficult for you to get what you need in a timely and hassle-free manner.
If you are self-employed, for instance, you might run into obstacles when attempting to document your income. You might find yourself dealing with a team that is confused about why you cannot furnish a W-2.
As a local broker, we work with many customers who are self-employed, own their own businesses, invest in real estate, freelance for all or part of their income, or have other nontraditional situations. We’ve come up with simple solutions for processing loans in these scenarios.
6. Treat you like a neighbor, not a number.
Perhaps the most frustrating aspect of working with a big box nationwide lender is discovering that to them, you are just another number to process. When you are viewed as a number, the service you get will always be sub-par.
But at Premier Lending Corp, you are literally our neighbor here in Florida, and we will treat you accordingly. We value your business and you and are honored to be a part of your life journey of buying a home.
PLC Is Your Local Mortgage Broker
Are you ready to schedule a consultation with a local Florida mortgage broker that is going to provide you with a smooth, easy, personalized home buying process? We can’t wait to work with you and bring you all the benefits a nationwide big box lender can’t. Please call us today at 954-840-8811 to begin.