Advantages of Working with a Community Bank for Your Mortgage
Summer is often the time of year when purchasing a new home or remodeling your current home is top of mind. With the many financing options available, you may think, “Why work with a community bank for my mortgage?”
Each community bank has its own unique approach to doing business and, as the title suggests, a close tie with the community it serves. Local banks can often provide a more personal touch when it comes to serving any of your financial needs and benefits, especially when it comes to taking out major loans, such as a home mortgage. As a local lender in Central Iowa for over 100 years, Bankers Trust has established itself as a community-minded servant. Here are some examples of the difference you could experience when working with us:
Product offering is based upon your needs
Our in-house loan products have been developed through experience of working with customers, so they’re based upon your needs. From fixed rates loan products to Adjustable Rate Mortgages, we hope to step up to the plate when your situation is outside the box of Fannie Mae lending requirements. “Make sense” underwriting has earned us the reputation to save those difficult financing situations that national financial institutions may turn away.
Local decision making
Speaking of underwriting, one of the benefits of working with a community bank like Bankers Trust is that underwriting happens right here in Des Moines (or Cedar Rapids or Phoenix), allowing for quick turn times. No sending your loan file to an underwriter in Timbuktu! Local decision-making is not only more efficient, but having the ability to discuss your file with the underwriter is invaluable.
Closing takes place with your local lender
At Bankers Trust, we distribute checks the day of closing and have the opportunity to wish you well in your new home, in person! We will even provide you with your abstract at closing, and we can accept a personal check for any cash you may have due at closing.
Easy ability to refinance when the time’s right
Refinancing your mortgage for an improved interest rate, or to take some equity cash out for home repairs, college expenses, or vacation cash, is also our forte. Your local mortgage banker can run the numbers for you to see if you can benefit from a refinance.
Help with a full array of other financial needs
If you’ll soon be undertaking a significant home improvement, repair or other major expense, 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 the cash-out refinance mentioned above, you can spend the money for whatever fits your needs at the time.