Local lending with community banks makes sense when you want personal service, knowledgeable lenders and local decisions – which makes the process go smoother for you. Working with Chelsea State Bank you get the advantage of a lender with local knowledge of home values; greater flexibility; understanding of the local economy; decision making done locally; loan products that reflect the local market choices; and a mortgage closing that will happen on time with local closing agents. Here are 6 advantages of using a local mortgage lender for your home purchase:
Chelsea State Bank has its finger on the pulse of the local economy and has a better sense of the lending risks and opportunities in the area. We know the markets. Best of all, we understand our customers and their lending needs as a local mortgage lender.
Greater Flexibility to Loan
A local mortgage lender can often approve mortgages the big bank can’t or won’t. That’s true at Chelsea State Bank because our lending guidelines differ in some key ways. Big lenders need to efficiently process large numbers of loan applications. To do that, they need to have fairly rigid guidelines that enable them to identify qualified borrowers with a minimum of fuss. They’re going for the fat, juicy center of the market. Anything that falls outside those guidelines falls by the wayside. At Chelsea State Bank we think outside of the box when making loan decisions.
Understanding Local Economy
One of the ways community banks are able to compete with the big institutions is through our familiarity with local market conditions. The markets are part of our local or regional economy, so we know first-hand what’s going on here because we live here – and use this knowledge when approving mortgages.
Local Decision Making
Working with Chelsea State Bank, you’re much closer to the decision makers with the authority to approve your mortgage. Rather than dealing with a corporate bureaucracy that is most likely outside of Michigan and who can only see your inquiries through multiple departments and up and down a lengthy chain of command, with Chelsea State Bank you’re dealing with a small team located in the area. Our team can handle inquiries quickly and efficiently.
Unique Loan Products, Services and Personal Relationships
Many community banks offer unique loan products and are able to offer mortgages that best fit your needs, lifestyle and budget. In addition, many of our mortgage loan customers do business with Chelsea State Bank and then build an ongoing, personal relationship with our bankers for their everyday banking and other financial affairs. It provides you a sense of security and trust when it comes to taking financial advice and making other financial decisions down the road. You already have developed the relationships at Chelsea State Bank through the mortgage process, and it only makes sense to continue for all of your financial services.
Mortgage Closing On-Time and Local
At Chelsea State Bank you’re much closer to the decision makers with the authority to approve your mortgage. You are dealing with a local team who can handle inquiries quickly and efficiently, and at a closing that will happen on time with local mortgage lenders.