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Why would it be better to use a local lender vs a reputable internet Mortgage provider?

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May 24 2011 - Discovery Bay
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Answers (8)

I always prefer face-to-face... the biggest thing is to look at the ENTIRE cost of the loan, not just the rate. Some lenders post low rates and make up the difference in up-front fees.

Ask friends who've recently bought homes or refinanced for recommendations. 
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June 14 2012
The key is being able to go over to their office if need be. Many clients tell me they feel more secure and some friends have mentioned that with remote lenders they have been shut out during a difficult part of the process. Phone calls going to voicemail and not getting returned for days. Emails treated the same way.
Is this your first time going through the process? Is the Internet Mortgage provider actually handling your loan or sending it to a central processing location. Is the person you are talking to just a customer service rep?
If this is your first time (or first time in a while) then local is better. If you have been in your job 20 years, have no debt, make a lot of money and have 800 credit scores? Maybe the internet is the way to go.
One thing local and internet should have is a current NMLS#. This is a designation that will steer you clear on a whole other topic of making sure your mortgage solution is licensed properly. Good Luck on your next purchase!
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June 14 2012
I prefer my clients to deal with a local lender because that lender knows that potentially there is more business coming from me so they need to work their hardest to benefit my client and get the loan through in time for closing. Thats not to say I couldnt work with a reputable internet mortgage lender (or actually my clients couldnt) 
I like to 'buy' local
For me, as a Realtor, its all about what benefits my clients, what serves them best to make the purchase as stress free as possible for them.
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May 29 2011
That really depends on your objectives.  I would recommend speaking with a "top producer" or someone that is reputable or one you can trust.  If your objectives are best suited for an internet provider, they should be honest.  There are the pros and cons of each - you would need to give a lot of facts to get a concise answer (which I would not recommend doing here).
Good luck!!!!
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May 29 2011
Carol,

It's not where they are located, it's how well they can serve you. Today, 25% of loan originations do not close. You want to be sure you are working with someone who has the necessary skills and their firm has the operations staff to make it happen.

The majority of my business is local. Although, I rarely meet my borrowers in person.
 
Happy funding, Rudi
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May 25 2011
It's always better if possible to work with a local Loan Officer, but with technology being what it is today, it's not like it was several years ago. Most of us spend hours on our computers and fall asleep with our cell phones stuck to our ear and there are still some really good honest people in our business. I have done loans on opposite sides of the U.S. and it seems like we're in the same city. If you can connect with a good LO that make communication número uno! You have a business partner for life. That's the key! Feel free to contact me if you have any addition questions.

Best of Luck!


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May 24 2011
Profile picture for B Mike West
It boils down to service and accountability.  Do you want to be a client or an account number?  If a local loan officer makes a mistake you can go to their office and get it corrected quickly.  If the paperwork comes from the other end of the county, getting things fixed becomes a real challenge.
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May 24 2011
Always a good idea, especially if you're working with a local agent. Local people rely on local business. Internet lenders don't need referrals, because they have spent hundreds of thousands of dollars for good search engine placement. No matter how dissatisfied a client is, there is virtually no way for their review to supplant any of the positive information that the company purposely optimizes for web content. 

The bottom line is, if a lender doesn't provide good service in their own backyard, they don't get to eat!
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May 24 2011
 
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Why would it be better to use a local lender vs a reputable internet Mortgage provider?
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