WHY SHOULD I USE A LOCAL JACKSONVILLE FL LENDER?
BECAUSE INTERNET LENDERS QUOTE SUCH GREAT INTEREST RATES!
Great question! And one we have answered through painful personal experience with deals that almost fell through and would have if we didn't have local Jacksonville FL people who could swoop in and save the day deal. In our experience, buyers who shop around and secure an internet lender or one they do now know and we do not know, often have a very unhappy and possibly deal-killing experience. Consider these true stories:
1. Does the lender know your FLORIDA state laws and fee structures? You're almost to the closing table and the HUD comes back with wrong numbers because the lender didn't know your state laws. New rules mandate a closing delay for several days. This puts you out of contract. There is a back-up contract waiting to take your place. You just lost the house! And all because your lender didn't do their job.
2. Did the lender quote you a real rate or just a teaser rate that will change later on? This is a famous tactic used by unscrupulous lenders and yes, it still happens today. All of a sudden, when you're almost ready to close, that program that they quoted isn't available anymore and you have to use this program with x% interest rate which by the way, is what other truthful lenders would have quoted you in the first place.
3. Can you get in touch with the lender and their processor? One of our biggest frustrations is lenders we can't reach, so we can't get a status, so we don't know if we really are going to close next Friday... The lenders we refer are always in touch with us and the buyers and we all know what's going on every step of the way.
4. Why should I use a local Jacksonville FL lender? Because if there is something going wrong, you can march into their office and sit in front of a real person to get it resolved. Local people care about their reputations because word can get out that they don't do their job. Not so much with the internet guys - how can you track down someone in Kalamazoo MI?
In this conservative financial climate, Buyers need all the help they can get on the way to the closing table. Choosing a local lender who is available, responsive and knows their job gives the advantage to the Buyer. This is not the time to play financial roulette with your largest investment.
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