The Advantage of Choosing a Local Mortgage Lender for Your Home Financing Needs
By: Richard Mantyla - MLO, Residential Mortgage
In the ever-evolving landscape of homebuying, choosing a mortgage lender is a crucial decision. While some homebuyers may be drawn to larger, national lenders, there are compelling reasons to partner with a local mortgage lender.
Alaska-based mortgage lenders thrive on personalized service. Unlike large institutions, they take the time to understand the unique needs of their clients, creating tailored solutions that fit individual financial situations. You’re not just a number – you're a valued member of our community.
A local mortgage lender possesses an in-depth understanding of the Alaska market. They are well-versed in the specific challenges and opportunities here, allowing them to offer insightful advice on the best mortgage options that align with your goals. Additionally, Alaska Housing Finance Corporation home loan programs can’t be offered by out-of-state lenders.
Working with a local lender means accessibility and convenience. Face-to-face meetings are beneficial, providing a level of communication that is challenging with a national lender. This accessibility is particularly beneficial during the loan application process, ensuring a smooth and transparent experience.
Local lenders have streamlined processes due to their smaller scale. In-house underwriting results in quicker decision-making and a more efficient loan approval process. Your loan file will be processed by Alaskans who understand this market. You may find that your loan application is processed more swiftly, allowing you to move forward with your home purchase without unnecessary delays.
One misconception is that local lenders do not have as favorable terms and rates as larger, national lenders. With multiple products and programs provided by many investors, access to Alaska Housing Finance Corporation loan programs and specialized portfolio programs tailored to Alaskans, local lenders are very competitive. One-third of homebuyers choose AHFC home loan programs because they’re the best option. Also, AHFC allows up to one year of interest rate protection for new construction buyers. With countless options, local lenders remain extremely competitive and can create customized solutions that potentially provide more favorable term or unique financing options.
Choosing a local mortgage lender means investing in your community. Local lenders are often deeply connected to the areas they serve, contributing to the overall well-being of the community. By supporting local businesses, you help foster economic growth and development in your neighborhood.
Local lenders rely heavily on their reputation within the community. This accountability translates into a higher level of customer service and a commitment to ensuring client satisfaction. We know the homebuilders and appraisers on a first-name basis.
The decision to choose a local mortgage lender can significantly impact your homebuying experience. The personalized service, in-depth local knowledge, accessibility, streamlined processes, community commitment, flexibility in mortgage options, and a strong sense of accountability make local lenders an excellent choice for those looking to finance their homes. By opting for a local mortgage lender, you not only gain a financial partner but also contribute to the growth and prosperity of your community.
RICHARD MANTYLA, NMLS No. 196418, is an experienced and knowledgeable mortgage loan originator (MLO) at Residential Mortgage. He’s worked as an MLO in Anchorage since 1984. He was one of Alaska Housing Finance Corporation’s top closing lenders in 2018, 2019, 2020, 2021, 2022 and 2023.
Residential Mortgage, LLC
NMLS No167729
100 Calais Drive, Anchorage, AK
99503 | (907) 222-8833
