Use a local mortgage company, please…..
[youtube]http://www.youtube.com/watch?v=VC7IbFHa66M[/youtube]Had a property that was scheduled to close yesterday morning. Buyers are putting down almost 40%, and have credit scores around 800. Perfect buyers, one would think.
This is a classic story that reinforces my belief that buyers of real estate are so much better off using a local mortgage company, than going direct to a large, national lender, or finding a lender on-line.
Check out the video for the story, but basically, the lender these buyers chose, was a very well known, enourmous national, bank.
The bank was completely clueless as to how we work in Pennsylvania. As amazing as it sounds, they didn’t even understand that in Pennsylvania, we fund loans the day of closing. The buyers were selling a house in North Jersey, the day before their purchase, and the lender refused to do anything, including even preparing documents, until they had the copy of the HUD, (the closing statement) from the New Jersey settlement. We sent the Hud 4 times, before they even acknowledged receiving it.
Most banks will send documents, etc, and just make that a final condition.
Although closing was scheduled for 9:00 AM, we never received anything from the bank, until almost 4:00, and all we got at 4:00, was a mortgage. Didn’t get the note, didn’t get funding, and could not ever get anyone on the phone.
The complete ineptitude, was absolutely amazing!
This is not the first time I have experienced this. If you use a local mortgage broker, you will have a local contact. Generally that person will be at the closing, or if not, will at least be in control of what is happening.
Again, generally the rates are comparable, so you are not paying anything extra, for having the benefit of a local contact.
The local contact will understand how our local market works.
Please do yourself a favor, and work with a reputable, local mortgage broker.
Please feel free to share your thoughts and comments.
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