5 Reasons to Work with a Community Bank for Your Mortgage

From home prices to mortgage rates, it can be hard to know how best to approach the homebuying process.

That’s why taking advantage of the expertise and flexibility offered by a community bank is more important than ever. Here are five reasons to work with a community bank on your next home mortgage.

1. Product offering is based on your needs

At community banks, loan products are often curated based on the individual needs of customers. As you learn what mortgage products are available, an expert loan originator will be there to provide recommendations. They will consider the rate environment, your personal financial factors, how long you plan to own the home and more to ensure you make the right choice.

2. Local decision-making

One of the benefits of working with a community bank is the convenience of local decision-making. Not only does this allow for quick turn times, but it also gives your loan originator a better opportunity to discuss your case with the underwriter. This often makes the biggest difference for those facing financing situations that national financial institutions may turn away.

3. Closing takes place with your local lender

Community banks have the capacity to provide you personalized service up until the very end of the homebuying process. When you close on a mortgage, expect your loan originator to be there in person to wish you well in your new home.

4. Easy ability to refinance when the time’s right

When interest rates drop, there’s often a high demand for refinancing. Community banks can typically handle the demand efficiently while taking care of their customers. Obtaining your mortgage with a community bank will help make refinancing much easier in the future if it makes financial sense to do so. 

5. Help with a full array of other financial needs

For those undertaking a significant home improvement, repair or other major expense like education or 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. Home equity loans are approved for a certain amount, but the money will not be distributed until you are ready to spend it. You are only charged interest for the money you take out of the account. Much like refinancing, having your mortgage with the same bank allows you to take advantage of a full suite of financial services – checking, savings, investments and more – all in one convenient place.

The benefits of working with a community bank go beyond what we’ve listed. Community banks provide a level of personal touch when it comes to serving your financial needs that national banks are unable to replicate, especially when it comes to mortgage loans.

To learn more about the benefits of working with a community bank for your home loan needs, reach out to a banker today.