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Old 03-28-2012, 08:24 PM
 
2,811 posts, read 2,822,606 times
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Is there any benefit to going with a lender in the town in which you plan to buy?

I'm looking to buy where I currently work. My long time bank is about 300 miles away. We're a lightly populated state (Wyoming) and tend to know what's going on in other parts. Plus, the officer I would prefer to work with is from the town where I am buying, has family, and family business here.

My realtor is suggesting I use a bank in town. Would there be any benefit to me? To my realtor?
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Old 03-28-2012, 08:52 PM
 
Location: Austin
7,205 posts, read 19,002,604 times
Reputation: 9813
You can use whomever you want. The Realtor is probably recommending someone she's worked with in the past and has a good customer service relationship with. Many times, when a buyer goes to just any mortgage person, they don't know the agent from Jack down the street and it's hard to get updates and information needed to make the transaction go smooth. We're always only looking to help make things go smoothly. There is no other benefit involved.
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Old 03-29-2012, 08:03 AM
 
Location: El Dorado Hills, CA
3,724 posts, read 8,862,237 times
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^^^Agreed. If you trust your lender, go with them. There can be some time delays just due to distance (getting documents sent back and forth) but shouldn't be more than a couple days. We get no benefit from you using our suggested lender outside the knowledge of the lenders ability to complete the deal with good customer service and good flow of information.
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