If you're to the point in your home buying process to compare lenders, then it's time to talk about big bank vs community lender. When you're looking at the difference between an Amerifirst Home Mortgage and a Wells Fargo, you'll have a lot of points to consider. Especially when you're looking at the Amerifirst vs Wells Fargo 203k loan.
First, the FHA 203k is a home improvement loan that helps the borrower finance renovations directly into the mortgage loan on their house. So if you're looking to pay for a kitchen remodel, a new deck, window replacements or another remodeling project, then you're in the right place.
If you're only shopping for the lowest possible interest rate for your mortgage, then a big bank may be the best option for you. Because these giant entities can move volume the way they do, they often have the lowest interest rate...but not by much. And the problem comes later when you can't get your loan closed and no one will call you back. And truth be told, smaller, specialized lenders can often offer the same rate, if only a small amount higher.
When dealing with a local lender that specializes in taking care of its clients, you can often count on having experts at the other end of the line who can close mortgages more efficiently and quickly. We've heard horror stories about big banks taking 90 days or more to close a 203k loan. The turn time at Amerifirst is generally half that or less.
Sales AND Service
Amerifirst also services the loans it closes. In other words, when you work with us we keep your loan here so that if you have any questions, concerns or issues, you talk to the Amerifirst servicing department. When you close with a big bank, like the Wells Fargo 203k loan, that mortgage often gets sold on a secondary market so you'll end up chasing your information all over the country.
Plenty of local offices for the big banks have great folks from your community working there. But the corporate headquarters for these giant corporations are far away. Instead, when you work with a community mortgage lender like Amerifirst, you can visit the branch or our corporate HQ. We're located in Southwest Michigan and we have a real-live person answering our phones!
So when it comes to deciding whether you'd want an Amerifirst or a Wells Fargo 203k loan to pay for your home improvements, it's up to you to decide if you'd rather have a local expert working with you from one of the top FHA 203k lenders in the country, or you'd be happy working with a national corporation where you may end up chasing that mortgage information all over the country.
You can learn more about Amerifirst and the FHA 203k. That's another difference: we offer a ton of educational material regardless of where you choose to go. Download the free eBook we've prepared for buyers considering this home improvement loan. "The Ultimate Guide to Renovation Loans" is a short guide that covers this option front to back so that you decide whether it's an Amerifirst or Wells Fargo 203k loan for you.