Copied from my Face Book page.
1) If you're buying property it is VITALLY important to use a local lender. (Where ever you're buying) It's not only that I have them on speed dial already, it's to protect you! Local lenders use local appraisers (very important) Local appraisers don't need to use a GPS to find the property. If they need a GPS how well do they know the market, the area and the things happening in the area?
2) Local lenders have local processors, underwriters and maybe even a local board of directors. These people know the area too. They probably drive past the property you're trying to purchase.
3) If you chose a lender that is out of area or out of state I'd bet my Beanie (my dog) that there are going to be issues. And YES I'm having issues with an out of state lender right now. His processor should be fired. With one clueless phone call she about blow up a deal. #truestory
4) Bet you're wondering why I'm so upset? Maybe it's my commission on the deal - Nope! My commission on this deal is less a lot less than most people would think. Less than 4 digits.
Listen - listen, we're all about buying local aren't we? You go to local farmers markets, you know if you purchase from a local shop the owners kids get fed that night. Why would you do any differently with a lender? Honest, I doubt that out of state lender is giving you a better product.
Disclaimer: shop for loans. Not all lenders or their products are the same.
'Nuf said? I feel better now.