A local or online mortgage broker may find you a lender in another part of the country.
An online bank might not have a local office where employees can help you one-on-one.
Some out of town lenders don’t understand the types of heating systems used in specific areas, they aren’t familiar with private septic systems, and they don’t immediately understand common classifications and terms used by local appraisers. Those are just a few examples of problems I’ve seen that caused significant slow-downs in loans made by an out of town lender working with a mortgage broker.
Using a local bank can sometimes be a plus. Their staff generally understands the specifics of local properties, but a distant lender who doesn’t will delay closing until questions are answered. Mortgage brokers can often find a lender who will make loans that a bank refuses–problem credit is one example. Loans for unique or commercial properties might be easier to secure through a mortgage broker.
Make your choice of a lender based on the best loan terms you can find. Ask questions about expected time-frame. Ask your real estate agent friends who have recently bought a home for lender and broker referrals.
Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.