Mortgage Local

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I’m a proponent of buying local. Not only does it make me feel good, but the quality of the product also tends to be a bit sturdier. The term “buying local” itself conjures up emotional ties to your community, and at a deeper level, the actual families who are connected to these businesses.

But what does it mean when buying local doesn’t involve commodities? What does it mean to buy local on a service? A financial service for that matter? What does it mean to “mortgage local?”

There are direct benefits and indirect benefits of “mortgage local.” Let’s take a dive into one from each. Direct benefit: local market knowledge. Special down payment assistance programs are usually hyper localized. The Maryland Mortgage Program is a state-run program to help make the initial investment into homeownership more affordable by providing down payment assistance. There are many tiers of the program, but the design is to help people with down payment funds. The direct benefit to the borrower would be the funds obtained from these programs and can be the difference between becoming a homeowner or not. A local lender would have the knowledge of these programs, over a nationwide lender.

Indirect benefit: peace of mind. Generally speaking (and this can be subjective by interpretation, but I’m speaking for myself), your local mortgage professional will care more deeply for their clients as they live in the community they serve. We have a responsibility to help one another, to look out for our neighbors, and it’s more apparent when your clients can literally become your neighbors. Our kids play on the same teams, we shop in the same shopping centers, we share the same values. With peace of mind comes the assurance that you’ll be advised in your best interests, you’ll be communicated with, and you’ll be able to get answers to your questions quickly. Merely answering the phone on an evening or weekend can go a long way to establish trust and peace of mind for someone dealing with quite possibly their largest financial transaction of their lives. It’s something that’s inherently unquantifiable but incredibly important, nonetheless.

Let’s face it, home mortgages aren’t exactly the most exciting thing in the world. Most people perform a home transaction every seven to 10 years, so the terminology isn’t something that you are entirely familiar with. Some take it as an overwhelming experience. One that they just want to get over with because the end game is a new home. They suck it up and do whatever is needed to finalize it just to get to the closing table. For me, that’s an awful take on it. You would think that with something so significant, you’d want to remember it in a positive light. It’s the experience for me. That’s what I’ve always wanted to bring to the table, and at its core, that’s the essence of what it means to mortgage local.

For a one-on-one mortgage consultation for your next purchase or refinance, contact Tony Leighty at tleighty@firsthome.com or 443-623-3882.

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