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Is it ok to find a morgage lender 1000 miles away?

Is it better to find a local lender compared with a lender far away like 1000 miles away? Does it matter? One lender responded to my quote thorugh Zillow but he is in Texas while I live in New York. Thanks!
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June 12 - US
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Answers (8)

Profile picture for PMSoldier
Contributions: 478
I can speak to my experience...

I live in Washington State.  My lender is in Missouri.  I've never met the guy but I have spoken with him several times over the phone and did a ton of email traffic with him.  Did I wish he was somewhere I could "pop my head in" and check to make sure things were going smoothly, heck yes I wish I could have but my LO came through with everything he said he was going to do and did a great job.  Would it have been nice yes, but at the end of the day, my LO got me a great rate, did a great job with getting everything to the title company, 5 days early, and came through with everything he said he could do.  I think if you have the abilities (i.e. scanners, email, and a good contact number for both you and him) then it doesn't matter where either of you are.
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June 19
Profile picture for Brian Brady
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Brian Brady

Solana Beach, CA

Mortgage Lender

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Contributions: 101
New York is a funky state.  Dealing with an "alien lender" carries a better than average risk.  Why not bring the Texas broker's quote to the closest broker, in New York, and request that it be matched?
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June 19
Profile picture for CFCU Home Loans
Contributions: 115
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Since June 2009

If you feel you trust your lender than it's OK.  I've done loans for clients 3000 miles away.  Technology today makes it possible, without any slow down in the process.

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June 18
Profile picture for Palmdale Mortgage
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Contributions: 219
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Since June 2009

Location is not as important as motivation. I am sure you know people that pass up a lot of churches to go to one that gives them the arm fuzzy feeling. I am sure you pass up a few hamburger stands to get to your favorite burger. The best option usually has nothing to do with distance. If it did why would you be on the world wide web? You want the peson who will get the job done well and in a timely manner. Price is a factor but never the most important factor. Your decision should be based on ability to perform the job at hand not whether or not the lender is around the corner.
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June 13
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Hamp Yonce

Rock Hill, SC

Real Estate Agent
Contributions: 1616
Ok is the perfect way to describe it. It is just OK. You don't really want OK do you? Take the time to find a local professional.
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June 12
Profile picture for Lynda Mckenzie
Mortgage Lender

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In today's world of technology, the whole loan process can be done without ever meeting the client.  Remember the lowest rate is not always the best deal.  Sometimes it is worth it to pay a bit more and receive a higher level of service from someone local that the realtors, attorney or friends can refer.

I would also suggest that you make sure the lender is licensed to do work in your state.

I am surprised that no one local from your area responded to your post.  It might be worth another try.

Good luck.
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June 12
even 3000 miles away would be ok, as long they're properly licensed in the subject state.  Listen, it comes down perceived service, comfort level, pricing, and above all if you can get references from past customers, then yyou should be ok.
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June 12
Profile picture for daveskow
Mortgage Lender

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4.9/5.0

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Contributions: 367
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Since October 2009

yes and no
1) make sure they are responsive to your requests / needs
2) make sure they are licensed in NY
3) I always prefer to do business locally in case something goes awry with communication- one can meet with the loan officer ( if needed )  ...have you no replies from local loan officers?
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June 12
 

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