Local Lenders Rant, Rave and Chant

By
Real Estate Agent with Rocky Mountain Realty #EA40039680

Copied from my Face Book page.                                                                                

 

Listen :

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.

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All content, including text, original art, photographs and images, is the exclusive property of Dena Stevens, and may not be used without the expressed consent. All information is believed to be accurate but is not warranted, Copyright 2004-2017 Dena Stevens Realtor 719 369-9087. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this information was published as the information could have become irrelevant over the past days, months and years. Copyright Dena Stevens © All Rights Reserved 2017

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Topic:
Mortgage / Finance
Location:
Colorado Fremont County Canon City

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Rainmaker
441,130
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Dena Stevens thanks for speaking up for the value of working with reputable, local lenders. I recently attended the Colorado SAFE comprehensive class and it was stated there are currently over 11,000 licensed LO's in Colorado. Yet only 3,600 of them actually live in Colorado! The instructor cited issues arising to include the lack of understanding of table funding or even that a buyers' EM is at risk if the funds aren't at closing. And of course these issues might come up, only if you overcome the ones you have already stated. Ugh... Good luck and hope you finally have a happy ending on this situation.

Jun 21, 2017 11:44 AM #1
Rainmaker
486,310
Dena Stevens
Rocky Mountain Realty - Canon City, CO
Putting The Real Into Realtor Since 2004

There are 11,000 LO's in Colorado? Geez - no wonder we're tripping over all them. I'm lucky, there are about a dozen in my town - and I know where most of them live! That's local! 

Jun 21, 2017 01:39 PM #2
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Rainmaker
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Dena Stevens

Putting The Real Into Realtor Since 2004
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