Seven considerations before you go for that online mortgage company

In today’s digital age, it can be so easy to apply for a mortgage with an online company that promises to offer a superfast loan. It almost seems like any ole’ company can offer one too! But there are some big differences between many of those companies and the financial industry, and in particular, your community bank. If you’re not careful, it could be risky or problematic. So here are a few reasons why we believe your mortgage experience would be better with us.

1. We keep servicing your loan. For many companies, once the mortgage application is complete, the agency will ‘sell’ your mortgage to another company to service it, which means that you will make your payment to a company other than the one that you applied to. At Chesapeake, we’re fortunate to have an underwriting and servicing team in house. So, unless it’s a loan tied to special programs, we can handle your mortgage, all the way through closing up to and including your regular monthly payment and eventually paying off your loan.
2. We know who you need to know. When you buy or sell a home, it will often involve many parties from inspectors, appraisers, contractors, realtors, and more. The good news is that our lenders live and work with the other local businesses in your community. We can make recommendations if you don’t know who to call for something. But also, we most likely already have a good relationship established with that provider.
3. A local appraisal can be more accurate. Every mortgage will need a current appraisal to justify the cost of the loan. When you work with members of your community, they are not only able to assess the value of your home, but they know the market value of the other homes like yours in the area. This can mean a big difference in the final value. An online company from another state may not be as familiar with your region, and the appraisers that they work with may not be either.
4. We have a personal touch. Many of our Mortgage officers will tell you that they feel like close friends by the time a mortgage is complete with one of their clients. It’s not uncommon for homeowners to have many questions. So, there are a lot of conversations. As we said earlier, we can make recommendations, but in construction loans, we can handle a lot of the pieces for you. You’ll also always have a live accessible person to call. You’re not just a number to us.
5. We have options for unique situations. As it turns out, many online lenders can’t always handle construction loans or even lend on large parcels of land because their guidelines are different than those of financial institutions. As a community bank, we don’t have to stick to rigid big box banking models, and we have options to tailor a loan to meet your needs.
6. There’s less impact on your credit. Interestingly enough, not all companies that advertise mortgages or home loans are even lenders. A broker can collect your information and then ‘shop’ the market to get you a ‘better’ loan. Unfortunately, sometimes this results in your credit being pulled more than once. Multiple credit inquiries in a short period of time can hurt your credit.
7. We also have an online mortgage application. That’s right, if an online mortgage application is part of the appeal when you choose a lender, know that we have one. It’s fast, easy, and a live person from our team will call you back within 24 hours.

Still have questions? We’re here to help. Call us at 877-436-9032. Otherwise, what are you waiting for? Apply now!