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The Value of the Right Mortgage Provider

June 22, 2023

By Jon Auger, EVP and Chief Retail Lending Officer

We understand it’s a tough housing market out there. There is a very limited inventory of homes for sale, and interest rates have increased substantially over the past year. As a result, new home listings are often selling very quickly, and for amounts higher than the asking price. For homebuyers the process can be very stressful and frustrating. All the more reason, then, to choose the right providers to help you.

Why work with a “portfolio lender”?
Of course, working with an experienced real estate agent can make all the difference. They know the local market, can help you find the right home, make a successful offer, and navigate the remaining process. 

But consider the benefits of another ally as well – a local community bank, such as Middlesex Savings Bank, that makes their own loans, otherwise known as a portfolio lender. Portfolio lenders also know the local market, and are dedicated to serving the people that live in it. If you are in the market for a home, it pays to consider portfolio lenders along with other mortgage lenders. 

Although not many buyers realize it, a portfolio lender can make the entire process of financing a home much more convenient. And where they do not sell all of the loans that they make into the secondary market, they may be able to offer you some unique options and services. 

Here are six reasons why working with a portfolio lender like Middlesex Savings Bank may be right for you:

1. Easier application process. We believe in serving customers the way they want to be served. Our team of local home loan specialists will help you figure out what kind of loan best fits your needs and guide you through the loan process from application to closing. Unlike some online-only lenders, we will not require you to enter all of your information and only communicate with us electronically, or require that you grant permission to third parties to obtain your income and asset information for us. If you prefer to start your application on our website, you have the flexibility to do so. If you prefer to apply for a mortgage by phone or in person, our home loan specialists are available to get you started. You can choose to upload documents to us through our secure application portal, or drop them off at a branch. And whatever your application preference, your loan officer will be there to assist you by phone, email, or in person throughout the entire process.

2. A better pre-approval. As a portfolio lender, we approve our own loans. Loans are not approved by automation software and they do not have to be sent to the company that is buying the loan for approval. That is why when we say you are pre-approved, you can bank on it. And our pre-approvals also come with our rate guaranty which can protect you from rising interest rates for up to 120 days while you shop for your new home.

3. One interest rate with no add-ons. Our published rates are available for all loans up to $2 million. Unlike most lenders, we do not adjust the price based on your loan size, credit score, down payment amount, etc. We do not charge more if the property is a condo or multi-family. With Middlesex, all of our borrowers get our very best rate.
4. We do the shopping on your behalf. We can also sell loans too, and if there is a situation when we might be able to offer an additional benefit to a customer by doing so, such as a lower down payment, we will make the option available to you right up front.  This allows you to make the choice without any surprises.

5. We specialize in construction lending. Maybe you’re already living in your dream home and just don’t know it yet. It just may need a little more space or some updates. Whether you are looking to build a new home or renovate an existing one, we have a range of great options for you, and dedicated construction lenders to help you make it happen.

6. The service does not end when the mortgage loan closes. As a portfolio lender, we will be there when you need us. For example, when you have an insurance claim and need the check endorsed by the bank. And we can often offer more flexibility with things you may not originally consider, such as seamless rate modifications. If interest rates drop, rather than having to go through the whole mortgage refinance process, imagine being able to walk into a branch, sign a piece of paper, pay a nominal fee, and have your rate reduced to the current one. You can do that at Middlesex.

I hope that you will consider us when buying or refinancing a home. At Middlesex Savings Bank, home lending is an area of expertise that we are very proud of. We strive to build lifelong relationships rather than just transactional ones.  I believe that this is why our largest source of new business is referrals by our current customers to their family and friends. If you’re interested in talking more, please reach out to us.

"Although not many buyers realize it, a portfolio lender, like Middlesex Savings Bank, can make the entire process of financing a home much more convenient."
Jon Auger, EVP and Chief Retail Lending Officer
by Middlesex Savings Bank