Benefits of borrowing from a bank that doesn't sell mortgages on the secondary market

Posted by Skowhegan Savings on April 5, 2022

Choosing a lender is an important decision

One of the most important decisions anyone makes is to buy a home, and choosing the right lender is just as important.  Many home buyers feel that just getting financing approved is what matters, not necessarily where you get the mortgage from.  Consumers often see advertisements that sell the idea of a low-interest rate, and although low-interest rates are key factors in where you purchase your mortgage, we believe it's equally important that you are confident everything is done properly and on time.  From the pre-qualification letter to getting the keys to your new home,  the home buying process should be an enjoyable and exciting experience.

Benefits of choosing a local bank

The process to obtain a mortgage is about the same at most banks.  You speak with a loan officer who will ask you basic questions about income, debts, etc.  Then you provide the paperwork to prove your income, credit history, debts, other assets, liabilities, and anything else that they may need to prove you're able to afford a mortgage.  However, the service that you receive throughout your full mortgage experience may be significantly different between a large regional or national bank and a local Maine bank. 

Skowhegan Savings Bank - Skowhegan, Maine

At Skowhegan Savings Bank, we take pride in being a local community bank that knows the Maine market and can look at each of our mortgage applicants individually for consideration of a loan.  Unlike a national bank, our lenders live and work in the same neighborhoods as you.  In fact, they very well could be your neighbor.  This gives our Community Bankers an advantage in understanding additional aspects of your intended home purchase, that perhaps an out-of-state bank may not factor in.  That said, all of our lending decisions are made here and quickly.  The shorter the decision-making chain, the safer the decisions can be for you as the borrower.  

We make mortgage decisions for people in our communities

A major lender makes decisions about a mortgage with a stranger's name on it.  We make decisions about people who live and work in the same communities we do.  Not all mortgage applications from financial institutions are completely straightforward.  Maybe you're a first-time homebuyer who wants a lot of advice and suggestions.  Perhaps you want to weigh the differences between the 10, 15, or 30-year loans that we offer, or would like to know how a bi-weekly payment could save you interest on the life of your loan.  Our Community Bankers take pride in being a resource to answer all of these questions and guide you along the entire home buying process.  

We provide direct servicing and support for your loan

What does this mean to you as a borrower?  When a national bank or mortgage company looks at an application, the decision-maker knows they must satisfy the rules and standards of the secondary market, which essentially means they're going to sell your loan to a third party.  When a bank intends to sell a loan to a third party they are going to often look for additional credit criteria to satisfy the third party purchaser.  With the exception of the home purchase loans originated under the Maine State Housing Authority program, we do not sell our loans on the secondary market.  This allows more flexibility in the decision-making process and allows us to continue servicing the loan and your needs. When you close on your mortgage with us your loan will be serviced by our local Maine team, who can assist you with any of your questions.  If you prefer to make your payment in person, you can stop in at any of our 12 branches throughout Maine.  From the start of the application process to the day you make your last payment - our experts will be here to help.  

At Skowhegan Savings, we want to make sure that you get the mortgage that best suits your needs.  Our goal is to make you feel comfortable throughout the entire process of buying a home.  Our Community Bankers are accessible to assist you on your time, after normal branch hours, and even on weekends.  For more information about our home loan options, to connect with one of our Community Bankers, or to apply for a home loan online, click here! 

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