or should you go with someone from your area?
2007-06-28 01:43:19 · 9 answers · asked by bethybug 5 in Business & Finance ➔ Renting & Real Estate
No, it doesn't matter if your mortgage broker is out of town. They're still obligated to have a local title company to complete the closing, so you will have someone at the closing (either an attorney or notary depending upon the state you live in, which ever the law requires) who can explain all of the final closing documents to you. When working with an out-of-town broker or lender, make sure that you give them several ways to contact you. Such as home and cellphone. That way if they need to get in touch with you regarding the loan for any reason, they'll be able too.
2007-06-28 01:49:47 · answer #1 · answered by Ari 3 · 0⤊ 0⤋
It doesn't matter from where the mortgage broker is. My only comment to that is a local mortgage broker may be more convenient with which to work, simply because they are physically closer to where you are.
Might make communication and documentation easier.
Other than that, go for the rate !
2007-06-28 09:30:51 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
I am of the opinion that you get what you pay for. Most likely you are choosing this broker because they are very inexpensive. As a result, you can expect the processing to take longer as they will not be familiar with your local area's way of doing business. Real estate differs from state to state and even by county.
This is not necessarily a bad thing. If you are not in a hurry, then saving a buck makes sense. If you need a quick and smoother closing, I think staying local will serve that need better.
2007-06-28 08:51:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
As long as the lender is licensed to work in your state, it doesn't matter.
What does matter is that you have compared the entire package. Make sure you have looked at everything, not just interest rate.
It is also nice to have a lender in your area for processing the transaction. There have been many bad experiences with out of town lenders, without the ability to walk in the door and resolve problems, you are at their mercy.
2007-06-28 11:12:16 · answer #4 · answered by godged 7 · 0⤊ 0⤋
doesn't matter but be sure your broker is licensed to work in the state in which you are buying. I spoke to a broker (friend of a friend) recently about rates only to have him tell me he couldn't work with me because he's not licensed in the state in which I will be buying.
2007-06-28 09:38:58 · answer #5 · answered by ruzgarlimisiniz 1 · 0⤊ 0⤋
i dont think it would matter as long as they are in the same state . I agree with the way things are you need a low rate . good luck on your house buying.
2007-06-28 08:46:14 · answer #6 · answered by Kate T. 7 · 0⤊ 0⤋
No, it doesn't. If a reputable broker can give you a great rate, you should jump on it.
2007-06-28 08:50:41 · answer #7 · answered by frankmoore 4 · 0⤊ 0⤋
whatever you feel more comfortable with. Everyone is different , but it doesnt matter if he is out of state.
2007-06-28 09:32:25 · answer #8 · answered by WeLoan.Us 2 · 0⤊ 0⤋
doesn't matter at all. but read all the documents very carefully.
2007-06-28 08:46:16 · answer #9 · answered by Anonymous · 0⤊ 0⤋