Mention the phrase “mortgage company,” and many home buyers and homeowners think of the big national and multinational corporations.

But a local New Jersey mortgage company might offer a number of advantages you don’t find on the bigger stage. As a recent Wall Street Journal article points out, a local lender could even help you win a bidding war in a hot real estate market.

‘Going Local’ With Your Mortgage Needs

The “shop local” movement has grown steadily in recent years. These days, mindful consumers shop locally for everything from books to produce. It supports local businesses, and puts money and jobs into the local economy. It’s an economic win-win.

So why not shop locally for a mortgage loan? For home buyers and homeowners in New Jersey, working with a local mortgage company can offer several advantages.

Consumer advocates and housing experts have long encouraged mortgage shoppers to consider local lenders based in their city or state. There are several key advantages to this, and one of them has to do with the sheer size of the “big banks.”

Large, multinational mortgage companies are, well, large. The bigger the company, the more business they do. This means that you, as a borrower, might be one of thousands of customers working your way through the pipeline at a given time. So you might not get the attention or efficiency you would receive from a local New Jersey mortgage company.

On the other hand, a smaller and locally based mortgage company will do everything they can to earn your repeat business. You’ll be treated more like a living, breathing person — and less like a number.

Gaining Advantage in a Hot Real Estate Market

In a hot real estate market with strong competition, home buyers need every advantage in their favor. Moving quickly with a strong offer can make the difference between closing the deal, or seeing the home slip through your fingers. Working with a local mortgage company can give you a leg up here as well.

This month, the Wall Street Journal published an article about real estate bidding wars. The author echoed the sentiments we’ve shared above. In a competitive market, “buyers who need financing can strengthen their offers by working with a locally based mortgage banker or loan officer.”

The article included comments from real estate agents, who say that working with a local lender can sometimes help buyers get over certain humps and resolve issues faster. For these reasons, some agents actually prefer to deal with home buyers who are using a local mortgage company.

According to the WSJ article: “Agents want to work with buyers whose lenders know the local market and have a record of getting deals done. That reassures the listing agent and the seller that a sale will close.”

Benefits of Working with NJ Lenders Corp.

The WSJ quote above cited the importance of working with a lender that knows the local market. This is one of several benefits you could enjoy by working with NJ Lenders.

Our loan officers maintain positive working relationships with real estate and housing professionals across the state of New Jersey. We understand local market trends in each area, and how they relate to you as a home buyer or homeowner.

We also have a strong record of helping our clients close on time, which is very important in a competitive real estate market. In a hot market, where multiple offers are common, sellers often go with the buyer they feel can close on time. Working with a local New Jersey mortgage company could give you a much-needed advantage when it comes to efficiency.