You’ve found your dream home and you’re ready to buy! How exciting and frightening! Purchasing your home is one of the biggest financial decisions a new homeowner can make. In this tip, we share some reasons why it’s important to use a local financial institution for your big step.

Learn more about Triangle's local mortgage lending: https://trianglecu.mymortgage-online.com/

Check out the other podcast episodes in our home buying series: 

How Do I Get Pre-Approved For My New Home? 

Finance Options for My New Home Purchase

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Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast. 

Buying a new home is a big step so it’s fairly important you’re making this journey with a reputable, credible financial institution. Here are some reasons why you should consider financing your mortgage with your local credit union: 

 

Personal Service – You can meet your Mortgage Originator in person to apply or ask questions. You are not just a number. Mortgage Originators guide you through your first mortgage purchase or refinance and are very responsive and focused on the member experience. 

 Local Expertise – Our local experts work with other local experts, such as realtors and appraisers. It’s their business to know the market and use their years of experience to benefit you. 

Mortgage Servicing – Your loan is serviced locally so if you have concerns with your mortgage you can stop by any of our branches for assistance or make your payments. Every loan, whether small or large, receives the same attention and service.  

I can speak from personal experience on local servicing. Years ago, I had a mortgage with a national lender. Before I made my first mortgage payment, I received a notice that my loan was sold to another lender, which meant new customer service numbers, new loan numbers—it was a nightmare! Whenever I had a question, I had to weed through paperwork to find numbers and when I finally found what I was looking for, I would dial the customer service number and wait—it was very frustrating. About six months into this fiasco, I refinanced my mortgage with Triangle, and worked with my local mortgage originator who walked me through the refinance step-by-step. If I had any questions, it was a simple email with a fast response. Now I have a local lender with a lower rate, which was a savings for me! 

The Triangle Mortgage Team strives to meet the top four expectations from ALL borrowers, according to an article published by Pipeline Magazine, which are: 

Speed –   Borrowers want the process to be fast and don’t really care about the process itself. 

Clarity & Communication – Borrowers want to be informed from start to finish; they don’t want to have to call and believe it’s the financial institutions job to inform them throughout the mortgage process. 

Personalization – Borrowers want the human touch. Eighty-five percent of today’s borrowers want and expect the human touch throughout the mortgage process. Buying a home is a big deal. Financing a home is frightening. Borrowers want reassurance they are doing the right thing and doing it the right way.  

Convenience – Borrowers believe lenders should be able to obtain every possible piece of information about them and the house they are purchasing without having to invest too much time themselves. 

Safety – It’s important for borrowers to know their lender is concerned about their privacy and personal information as much as they are. 

We recently asked one of our local mortgage originators for some insight on why it’s important to borrow local and here’s what she said: 

“Going into a local branch and having the option of working with someone face to face, gives a lot of members peace of mind. All too often, we get members that refinance here because they are “sick of dealing with” t