Can your get a mortgage loan from a bank that isn't in the town you live in?

Answer 1

The short answer is yes. We have created a system with the help of the federal government that allows money to be lent all over. It is a good thing because it makes more money available to communities, like low income areas. Today, mortgages are pooled up and sold as securities. Given this is one of the primary sources of funding mortgages, it makes location less important.

A mortgage broker does exactly what it seems. Their job is to get you the best deal that they can. Frankly they are indifferent to location because they are primarily shopping rates and terms. If someone is cheapest money with the best terms, the mortgage broker is generally going to take the deal. Just a note, you can go direct and try to find a deal yourself. Generally you won't have as many sources available to you as a broker would. Brokers get information or rates sheets constantly.

I might suggest you look for some workshops on home buying in your area. They can give you a good overview of the process. You can also find a mortgage professional that you trust to give you more one on one instruction. There are a lot of books as wellas web sites on this topic. The information is pretty easy to find.

Answer 2

Can get a mortgage from banks anywhere that they choose to deal. Many institutions deal nationally; and some small banks will deal for the most part in the counties they service.

Answer 3

Yes, of course. Just be very careful of internet contacts. They are giving promises promises promises. They will do anything to get your business. My first choice would be to talk with your Realtor or Broker and get his contacts. Go talk to at least three places in person. Many times your Realtor will take you. They have as much knowledge as a Morgage Broker.
An example:
My sons friend was in contact online with a morgage broker. They were boosting his pride by talking trash. They told him he was smart and much like Pres. Bush. Told him he could create a portfolio like Trump by getting started in buying RE at 24 yrs old. He was enamored by all the comments and so wanted to go with that company. My husband stopped him in his tracts and took him to a local mortgage broker who got him the best deal ever. Shop around. Local Mortgage brokers are better since they will do anything to get future business. If they do a good deal for you be loyal and refer them out. It help you next time you need a mortgage. Please be loyal to your Real Estate Broker too. It all helps for future investing.

Answer 4

yes defintely if the bank has its coverage area falling there second thing is wether the disbursisng authority is willing to take the risk of venturing into the area .Thirdly the banks feel it trouble some to reach the customers in far off places in cse of default but surely it depends upon the capabilities of taking the responsibility by the disbursing authority of the bank.

Answer 5

Of course, most mortgages are from banks from other states.

Answer 6

Sure! Go on the internet, you'll be surprised at just how many mortgage companies offer online application.

Answer 7

Yes

Answer 8

Yes you can. As long as that bank is licensed to do business in the state you are purchasing property.

Answer 9

yes you can but before you do anything you need to check us out. WE guarantee that we can get you a loan with lower interest rates of any of our competitors. Submitt your info on this site and a live representative will contact you shortly http://rstinson.pwsmortgage.com

Answer 10

Beth, Sure you can! email me and I will send you my contact information. We are national lender licensed in all 50 states.

David