Local Lenders for All Your Mortgage Needs

(music) Are you looking for a
home and a mortgage? or just need to refinance your exisiting
loan. If so go local, well that
seems easy enough, there are things you need to know. Participating federal home loan
bank lender are making the mortgage process easier, faster
and better for consumers. Meet
Chad and Elizabeth Vertinin, who’s dream of home ownership
became a reality, they decided to go local for their mortgage
needs. One of things that I
liked about the local lending institution, was the we had a
lot of things going on at the time. So we were at the same
time planning for a wedding and with all the craziness of that
the people here at tropial financial really made it
accessable. And so, they gave us
their phone numbers, we were able to call them; our lender
really made herself accessable to us. So it was great help for
us. The best part of the local
lending instituiton was how flexible they were and also how
friendly they were. One of the
things I find most helpful was that obviously mortgage rates
were lower. I was like, let me
dive in more, let me learn a little more. What I learned
about this lending institutions was the fact that they kind of
laid everything out for me. They
were kind of walking me through the process but at the same time
letting me know, these are the steps needed to take in order
for us to close on this property. (Music) The federal
homeloan banks are made up of eleven home loan banks across
the United States. We are a
corporate system establish by congress in 1932 to help support
local lenders and make sure they have the funds availbale to
them, needed to make sure that they can continue lending across
the United States. Kind of makes
me think of a movie, “It’s a wonderful life”; you may have
seen it at christmas time starring Jamie Stewart. That was
all about the financial crisis and the fact that the funds were
not available when it was needed. The home loan banks make
sure that money is available when it’s needed. The federal
homeloan bank mortgage purchase program is a program that allows
community lenders; such as credit unions and local
community banks. Make mortgages
in their market and work with local people And take those
loans and have a source secondary market is what we call
it. To sell that loan to, we’re
that investor that buys that loan and puts it on our balance
sheet, and gives them the money back so that they can relend it
in their community. Having that
local experience and understanding what the local
environment is, what the real estate market is about. Those
are the type of things that the local lenders has the experience
and knowledge of that perhaps someone who is national may not
have that local understanding. FHO banks are sponsored by the
federal government and has helped millions of home owners
since they were created in 1932. Through it’s mortgage programs
the FHO banks have provided six hundred and eighty billions
dollars of mortgage funding. The
federal home loan banks through our mortgage purchase programs
for a variety of products that we make available through our
local lenders. For example,
Tropical Financial Credit Union is working with us under our
“JUMBO” product and making JUMBO available in addition to that we
have other products for instance the thirty year fix such as the
FHA and VA loans. So alot of
products make a lot of options available to local community. It’s the biggest process you’re
have to go through, It’s the biggest purchase in your entire
lifetime. And it’s a very scary
process, it’s not something that just happens over night. So
having someone local to walk you thtough every single step, I
think is really imperative. It’s
building that trust relationship with someobody that you can work
with and understand the complicated process of obtaining
a mortgage loan. And to have
somone that you can go to locally pay that premium at the
local bank and have a friendly smile greet you everytime you do
that is a wonderful thing. So,go
local reach out to your local community bank or credit union
support your local community. While saving time and money,it
is a win win. To locate a
community bank or credit union in your city of town. Go to
mymortgagelocatordotcom or visit our website
designingspacesdottv. Anybody
who wants to buy or refinance a home. I would totally recommend
that they go would local, like we did.

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