Sometimes boring and predictable is underrated in this business.
Couldn’t agree more with that. I’ve refinanced a couple times now, and every time I’m tempted by those flashy national offers, but the headaches just aren’t worth it. Local lenders might move at a snail’s pace with all their forms, but at least you know who to call when things get weird. There’s something to be said for having a real person on the other end who actually remembers your file. The peace of mind is worth a lot, even if the rate isn’t the lowest on paper.
Totally get where you’re coming from. I’ve had my fair share of paperwork marathons with local lenders, but when things hit a snag, it’s way less stressful having someone you can actually reach. National outfits might dangle lower rates, but sometimes that “personal touch” is worth more than a fraction of a percent. Guess it just depends on what headaches you’re willing to deal with... I’d rather have a few extra forms than endless phone trees.
- Totally agree, having a real person to call when things get weird is underrated.
- Local lenders have bailed me out of tight spots just because they knew my track record.
- That said, sometimes those national rates are tempting... but
—yeah, I’ve lost hours in those phone mazes.“I’d rather have a few extra forms than endless phone trees.”
- Ever notice local folks are more flexible on weird property types? Nationals seem to have a checklist and if you’re off by one item, it’s game over.
“I’d rather have a few extra forms than endless phone trees.”
Honestly, that sums it up. Here’s my quick-and-dirty checklist: 1) If your property’s anything but cookie-cutter, locals usually bend the rules a bit. 2) If you’re rate-hunting and don’t mind being “Press 4 for English,” nationals might save you some cash... or sanity, depending on your tolerance for hold music. I once spent 45 minutes explaining what an ADU was to a national lender—never again.
I’ve definitely been in that “Press 4 for English” purgatory, and it’s never just one call. Last time I tried a national lender, I thought I’d save a few bucks, but the process dragged on for weeks. Every time I called back, I’d get a new person who had no clue what the last one promised. At one point, I started keeping a spreadsheet just to track who I’d spoken to and what they said—felt more like a part-time job than a loan application.
On the flip side, the local credit union asked for what felt like a mountain of paperwork, but at least I could walk in, sit down, and hash things out face-to-face. They even flagged a zoning issue I would’ve missed, which probably saved me a headache later. It’s not that the nationals are always bad, but for anything outside the box, I’d rather deal with a little extra paperwork than gamble on whether someone in a call center understands my situation. Guess it just comes down to how much risk (and hassle) you’re willing to take on.
