2006-12-01 02:10:06 · 4 answers · asked by erinkott 1 in Business & Finance ➔ Renting & Real Estate
All other things being equal, there's no benefit that I know of to doing it in one place or another (tax-wise, I mean), but generally, unless it's a nationwide lender, mortgage companies don't like to lend outside of their home state or area (indeed, they may not be licensed to).
A major lender like, say, GMAC, has offices everywhere, so if you are using something like that, you could contact a local office if it's easier and set it up through them, if they allow such a thing. Otherwise you'd want to be near the property.
Same holds for insurance.
2006-12-02 14:48:43 · answer #1 · answered by T J 6 · 0⤊ 0⤋
You can use an out-of-state lender but the seller and their agent would prefer to have the lender be local. That way if any problems arise during escrow (and there are always problems!) the realtors can easily reach the loan officer and get them what they need.
As a Realtor myself, I'm on the phone with lenders constantly during a transaction and it's much easier to work with someone local.
2006-12-01 06:36:21 · answer #2 · answered by operababe_61 3 · 0⤊ 0⤋
VT. You get the mortgage where you're buying the property. There are legal issues for banks and lending institutions about where they can lend.
Good luck with your property-hunting! ;-)
2006-12-01 02:20:10 · answer #3 · answered by locolady98 4 · 0⤊ 0⤋
Go to www.Explorevermont.com, My parents own a real estate business there for 20 years, they can help you out..
2006-12-03 06:16:34 · answer #4 · answered by oreogirl 2 · 0⤊ 0⤋