Nov. 6, 2017

Leon Springs Community News - November 2017

Why You Might Want To Consider A Local Mortgage Lender

This month I sat down with Michael Litwin, Sr. Loan Officer, at Guild Mortgage to discuss Local versus Online lenders.

Why should I recommend a local lender to my clients vice an online lender?

Litwin:  “It really depends on the loan.  For instance, Quicken is good, if the loan is perfect or easy.  Anything outside of that, there are going to be issues and it is all about expertise.  Texas is different for lending laws than the rest of the country, so an expert in Texas lending is exactly what is needed for a successful home purchase.  They know the local market, have local lending knowledge, know local appraisers, and they have a local team.

And, think about it this way.  70% of communication is nonverbal, so if you are only speaking online you are missing most of the conversation.  Passion and local experience are needed to originate, process, close, fund and service a Texas home loan.”

What is servicing?

Litwin:  “Taking care of the loan from inception to pay off.  Servicing lenders DON’T sell your loan.  This provides the client with long-term stability, and a central, local point of contact that they can call years later.  Many lenders sell their loans in the market.  That means that the client’s loan can be sold several times and each time it’s sold, they end up with a new loan company.  It can be confusing!”

How do you feel about the future of the local home market?

Litwin:  “Rates are likely to creep up, but not drastically.  Greater San Antonio is still affordable, and is bringing in industry, jobs, and young educated people.  We’ve been fortunate not to have experienced peaks and valleys in our economy.  The area is still a great place to raise a family and has been in a steady upswing for a long time.  I don’t believe that it is going to change anytime soon.”

Gina M. Sohmer, is a veteran, a second-generation REALTOR®, a Graduate of the REALTOR® Institute and a member of the Phyllis Browning Company.  She can be reached at

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