A Personal Touch: Benefits of a Private Banker in Today's Mortgage Climate

By Kristen Katz, Vice President, Senior Relationship Manager, WSFS Private Banking By Kristen Katz, Vice President, Senior Relationship Manager, WSFS Private Banking | November 20, 2023 | People Sponsored Post


In today’s ever-evolving real estate landscape, choosing who to trust with your homebuying process is the key to success. Purchasing a home is a significant milestone in one’s life, often representing years of savings and financial planning. While independent mortgage brokers and online lenders remain popular options, engaging a private banker brings a distinct set of advantages that can significantly enhance your mortgage experience.

Private bankers are seasoned professionals with a deep understanding of the mortgage industry and specialize in providing a consultative approach. This long-term relationship can be invaluable as your financial situation evolves and changes over time—the relationship does not end after your mortgage closes.

Understanding The Complexities of Buying a Home

When looking for a financial partner, look for someone who truly understands the mortgage industry and your needs. A private banker will take the time to understand your unique financial situation, goals, and preferences, structuring a lending solution that aligns with your broader financial objectives.

Private bankers often have access to exclusive mortgage options, or portfolio loan programs, that may not be offered by traditional mortgage brokers or online platforms. These specialized mortgage programs are typically not advertised and can include lower interest rates, lower down payment requirements, and common-sense underwriting. Look for a banking partner that knows how to structure a lending solution utilizing other lending instruments, such as a securities-backed line of credit or HELOC, along with a mortgage to complement the overall financial plan, ensuring that you secure the best terms.

The mortgage application and underwriting process can be complex; a private banker will work with your accountant, attorney, and other professionals to help collect information and expedite the approval, guiding you through every step of the process. Some local private bankers often have relationships with local builders, real estate agents, and title and insurance companies, leveraging these connections to help facilitate the homebuying process and ensure that all parties work together seamlessly. Ongoing support to make the mortgage process tailored to your needs is crucial as high interest rates and housing shortages shape the market.

The decision to work with a private banker for your mortgage offers many benefits. Look for a banking partner that will streamline the process and ensure a seamless transaction. Despite today’s challenging real estate market, you can still navigate a smooth path to homeownership if you have the right partner.

About the Author:

Kristen Katz is a Senior Relationship Manager for WSFS Private Banking. With more than 20 years of experience in lending, she provides customized lending and deposit solutions for individuals and businesses offering financial solutions such as residential mortgages, stock-secured loans, home equity loans and lines, unsecured lines of credit as well as investment real estate loans. She also provides commercial financing solutions to Private Banking clients.

Products and services are provided through WSFS Financial Corporation and its various affiliates and subsidiaries.

WSFS Bank and its affiliates, subsidiaries and vendors do not provide legal, tax or accounting advice. Please consult your legal, tax or accounting advisors to determine how this information may apply to your own situation.



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