From record low interest rates in 2020 and 2021 to rapidly rising interest rates in 2022, or the strongest seller’s market seen in history to homebuilding material shortages, the last couple years have brought many unique challenges and opportunities to those looking to buy a home.
These unique scenarios have made it more important than ever to work with a community bank that has the expertise and flexibility to meet your unique lending needs. Here are five benefits you could experience when working with us on your next home mortgage.
1. Product offering is based on your needs
Our in-house loan products have been developed through our experiences working with customers, so they’re based on your needs. And if you’re unsure of what kind of mortgage product is right for you, our expert loan originators are there to make a recommendation. They will take into account the rate environment, your personal financial factors such as monthly payment budget, how long you plan to own the home and more to help you make the right choice.
2. Local decision making
One of the benefits of working with a community bank like Bankers Trust is that local decision making allows for quick turn times. In addition to being more efficient, local decision-making also means your loan originator have more opportunity to discuss your case with the underwriter. This often makes the biggest difference for those facing difficult financing situations that national financial institutions may turn away.
3. Closing takes place with your local lender
This gives your Bankers Trust loan originator the opportunity to wish you well in your new home in person! At Bankers Trust, we distribute checks at closing, which normally allows immediate possession of your home.
4. Easy ability to refinance when the time’s right
Interest rates are currently on the rise, which means current homebuyers may want to refinance in the future if rates come back down. When interest rates begin dropping, there’s often a high demand for refinancing, and community banks tend to handle the demand more efficiently than national banks. However, even community banks tend to prioritize existing customers until they have the capacity to service non-customers too. Therefore, obtaining your mortgage with a community bank will help make refinancing much easier in the future if it ever makes financial sense to do so.
5. Help with a full array of other financial needs
If you’ll soon be undertaking a significant home improvement, repair or other major expense like education or even medical bills, a home equity line of credit may be just what you need. This loan is based upon the equity you have in your property and is a very personal way to borrow money. You will get approved for a certain amount, and the money will sit in an account waiting for you to spend it. You are only charged interest for the money you take out of the account. Much like refinancing, you benefit from having your mortgage with the same bank that is equipped to help you with other financial needs, like a home equity loan, in the future.
Each community bank has its own unique approach to doing business and a close tie with the community it serves. In addition to these five benefits, many of our customers appreciate our personal touch when it comes to serving any of your financial needs, especially when it comes to taking out major loans, such as a home mortgage. To learn more about the benefits of working with us for your home loan needs, contact us below.