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Are Mortgage Lenders Better Than Banks?

Homebuyers review a mortgage application with their local mortgage lender. Local lenders are often the best option for helping clients purchase or refinance a home.

There are many reasons why choosing a local mortgage lender to buy or refinance a home is best. Working with a trusted local mortgage lender can ensure that homeowners get the highest level of customer service and the best deal when applying for a loan.

4 THINGS TO KEEP IN MIND WHEN PICKING A LOCAL MORTGAGE LENDER

1. Identify the Type of Mortgage Financing Needed

First-time homebuyers, investment property owners, or homeowners interested in finding a new home to fit their lifestyle can benefit from working with a reputable local lender. Local lenders have a strong pulse on the housing market and have many different mortgage programs to fit their clients’ financial needs.

Homeowners can also refinance their properties, usually at no cost with a local lender. Refinancing with a local lender allows homeowners to get lower rates, cash out on some of their property’s equity, or transition into a different loan program with new terms.

JVM Lending is the only lender to offer a “First-Time Homebuyer Deal” to qualified applicants, and their Mortgage Analysts are highly trained on mortgage loan products.

2. Credit Score Education and Credit Repair Services

Many homebuyers are surprised when their mortgage lender reports a lower credit score than they are used to seeing online. Consumer scores are very different from the credit scores that mortgage lenders use for qualifying purposes.

A mortgage credit score pulls three scores from three major bureaus (Transunion, Equifax, and Experian) and correlates to the middle of the three scores.

A homebuyer’s credit score can impact their mortgage interest rate by as much as 1%. Credit repair is often a great solution that often pays for itself when borrowers have lower credit scores.

Local mortgage lenders usually have two types of credit repair services: rapid re-scores and full credit repairs. Rapid re-scores occur when a lender works with a homebuyer to decide which balances to pay down. Rapid re-scores work best for homebuyers who are few points short of the score they need to qualify. Full credit repairs are useful for homebuyers with very serious credit issues – particularly with incorrect data and misreporting.

JVM Lending’s Mortgage Analysts to assist homebuyers with rapid re-scores in-house and has a partnered third-party full credit repair company to help homebuyers with more severe credit issues.

3. Check Online Reviews

Today, social proof is more powerful than ever before. Testimonials from clients speak for themselves. Homebuyers should never underestimate the value of excellent customer service, speed, and homebuyer education. JVM Lending has over 700 five-star reviews and is the highest-rated local lender in Texas and California. Our Mortgage Analysts pride themselves on their congeniality, their famous 14-calendar day closes, and the best homebuyer education in the industry.

4. Transparent Rates and Fees

Working with a lender transparent with their rates and fees helps ensure they are competitive and eliminates big surprises when it comes time to lock a rate. JVM Lending has been a leader in rate transparency and has posted online daily. Homebuyers can access current rates through JVM Lending’s Daily Rates Page.

Get Started and Apply Now with JVM Lending!

Need A Mortgage Loan Or Have Questions?

JVM Lending is a local lending firm serving California, Texas, and Arizona. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us if you have any questions or are ready to apply for a home loan.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167