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Old 02-26-2010, 09:05 PM
 
1 posts, read 13,185 times
Reputation: 16

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Are local lender better than out of state lenders ? if so , why?
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Old 02-26-2010, 11:14 PM
 
Location: Anchorage, AK
73 posts, read 255,122 times
Reputation: 61
I believe that local lenders are better because you can go in and talk to a real person. It's a more personal experience and they know the local market better than someone on the internet or in another state.
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Old 02-27-2010, 04:01 PM
 
Location: Niceville, FL
8,058 posts, read 16,594,284 times
Reputation: 8522
Does the local lender continue to service the loan after the mortgage is closed? If you've got an escrow account that is run by the local folks who remember to send in your property taxes on time so you get the 3% discount every year, I'd call that a bigger plus than what happens over the course of a few weeks when the mortgage is written.
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Old 03-01-2010, 10:05 AM
 
Location: Plano, Texas
1,676 posts, read 6,535,262 times
Reputation: 688
I would definitely say a local lender or broker. If you live in New York, do you really want someone from Nevada doing the loan? They may not be familiar with all the in's and out's and dos and donts.
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Old 03-01-2010, 08:37 PM
 
Location: WA
5,445 posts, read 21,754,794 times
Reputation: 6105
Two of my six mortgages were handled by local firms... I saw NO advantage. Use the internet and phone to shop across the country for the best deal.
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Old 03-03-2010, 07:32 AM
 
Location: MID ATLANTIC
7,846 posts, read 19,164,896 times
Reputation: 8671
It depends upon how competitive your market is......Our market sees several contracts for each property and I can tell you the local lenders are recommended above the no-name out-of-staters. A realtor threatening to share their bad experience carries a lot more weight with a local lender than someone halfway across the country........"Okay, so you will make sure I don't get another loan you are involved in. So?"
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Old 03-03-2010, 10:48 AM
 
3 posts, read 24,728 times
Reputation: 10
internet is the way to go such as lending tree or google comparisons. This way you ensure you are getting the best value across the country!
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Old 03-03-2010, 12:15 PM
 
Location: Coastal Georgia
38,391 posts, read 47,274,053 times
Reputation: 64860
Quote:
Originally Posted by cdelena View Post
Two of my six mortgages were handled by local firms... I saw NO advantage. Use the internet and phone to shop across the country for the best deal.
I really disagee. Just because you did not have a problem, doesn't mean that, if you had, you wouldn't be wishing you were never born.
I will pay a little more to avoid having anything to do with an impersonal, national bank. They don't give a flip about you or you particular situation. You are only a number and if you don't like something that's just tough.
My BIL is a big believer in getting the best deal no matter what. He just found out the hard way, when his bank reassessed his home value ("Sorry sir, it's all done automatically by computer"), that his equity line, which he operates out of since he has a commission only job, went to zero without notice. He wishes he had a human being who gives a s**t to talk to.
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Old 03-03-2010, 04:23 PM
 
Location: WA
5,445 posts, read 21,754,794 times
Reputation: 6105
Quote:
Originally Posted by gentlearts View Post
I really disagee. Just because you did not have a problem, doesn't mean that, if you had, you wouldn't be wishing you were never born.
I will pay a little more to avoid having anything to do with an impersonal, national bank. They don't give a flip about you or you particular situation. You are only a number and if you don't like something that's just tough.
My BIL is a big believer in getting the best deal no matter what. He just found out the hard way, when his bank reassessed his home value ("Sorry sir, it's all done automatically by computer"), that his equity line, which he operates out of since he has a commission only job, went to zero without notice. He wishes he had a human being who gives a s**t to talk to.
Mortgage brokers are good and bad all over the country so it is important to get one that is trust worthy and charges a fair amount but it makes no difference where they are located as long as they are licensed to do business in your state. I have always had responsive and productive phone and email interaction.

Mortgage companies that actually write the loans use underwriters and administrative staff that never see the borrower. It makes no difference where they are located.

Title companies that order the searches, write the policies and present you with closing paperwork all do the same job. It makes sense to get the one that works as cheaply as possible regardless of location. When you close you can do it at a local office or with a remote service that come to your house.

In today's world there are many good ways to do financial dealings without being in the same location as the institution executing the transactions. I have spent many years banking, investing, and doing mortgages, etc. without caring where the people are located. Look for integrity, service, and best price.
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Old 03-03-2010, 04:53 PM
 
4,891 posts, read 12,215,183 times
Reputation: 3639
Here is one of many posts where a borrower went with some unknown mortgage company and some unknown title company:

http://www.city-data.com/forum/mortg...d-america.html

If I were ever to cease being a lender and needed to obtain a mortgage of my own I would only go with a strong local reputable lender and a strong local reputable title company. It is not worth it to go with complete unknowns for an eighth in rate or whatever the so called saving are.
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