Congratulations on Choosing a Local Lender vs. an Internet Lender

Here in Manhattan, getting a mortgage is very specific to our local market.  Even if you are getting preapproved at a big bank that has a presence in multiple states, working with somebody that knows the market you are buying in is always the best route to take.

The advantages of a local lender or lender you could actually go and meet in person have a lot of strengths because getting a mortgage can be a very intensive process. 

sometimes price isn't the most important thing... sad that it's so often NOT the best value at the cheapest price... like buying the $99 tv

Excellent points Julie, especially about buyers shopping endlessly for the BEST RATE.

Julie - call me old fashioned when I am talking large amounts of money/credit I want to see the other person face to face .... internet connections are fine to check things out but before I sign I want to see a face. 

Julie - I have a buyer right now who is frustrated with a lender they chose based on rate.  Rate is important though it is certainly not everything.

Julie, and alternate tittle for this post could have been: "Congratulations for using common sense!"

I could not agree with you more.  Using a local mortgage lender will provide so much more than an internet lender. There is a saying, you get what you pay for.  Pay less, get less service.  Be careful what criteria you use to find your lender.  It is not just about the rate.

Julie, great post and nice to see you here in the AR community!  I'm sure you have a lot of happy homeowners because of your top notch lending service.  Good luck to you at Prospect Morgage.

Julie, when working with an internet provider, all is well until there is a hiccup.  I find it much easier to work through problems with a local lender as opposed to someone that may not be emotionally invested.

Another advantage to using a local lender is that they tend to use experienced local appraisers.

Julie, it is always nice to work with someone locally. I had a client who worked with a lender who was on the opposite coast. Just the time difference alone was very frustrating.

Good Morning Julie, I was happy to read your blog this morning where this important fact is often overlooked by buyers and their agents. Using a TRUSTED and LOCAL lender is the most important step when buying a home. It is not about finding the best rate as they will usually make up for it in increased closing costs and or a lack of service. What most buyers who choose to skimp on service and go with JUSt low rates do not realize is that it could cost them the opportunity to buy a home when the loan does not close. Nothing beats a friendly face to be able to ask a question, drop off paperwork to and who is working hard to get your loan to actually close

I want to see my lender FACE to FACE! I helped a client that said they HAD to use a certain company because they were military and it would save them $950. I asked them if their sanity was worth $950. They went with their lender. COUNTLESS times they called because they could not get in touch with their lender, their lender didn't know how to apply for their 6,000 appliance upgrade, etc.. When it was over.... they said it was SO not worth the $950.00. But then... I already knew that. Go local! 

Julie - Thank you for sharing detailed quality information on choosing a local lender vs. an internet lender.

I agree Julie. I love working with local lenders. It's much easier to communicate and get things done. Working with an internet lender can cause so many issues for the buyer. More often than not, they end up sadly spending more money.

I have heard so many horror stories of people using internet lenders. Just heard another one yesterday. 

Great post!

Thanks.

Kevin