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Do institutions lend out of state?

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Contributor

Do institutions lend out of state?

Was just wondering if, for example, a California based Credit Union would generally lend for a mortage on a property in, say, New England. I know every case is different, and I should definitely ask. But I was thinking that there might be logistical issues with lending, appraisal, etc, that lenders would shun if the target property was accross country.

 

Any general ideas? Thanks

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Regular Contributor

Re: Do institutions lend out of state?

Hi --

 

I live in Nebraska and the auto loan on our car is from a credit union based solely in Texas. So yes, I believe some do. You should call and ask. The worst they can say is no.



03/19/2011 EQ: 627 EX: 602 TU 590 (lender pull) 07/16/2011 EQ: 646 EX: 629 TU 647 Fell off the wagon in 2012. Starting over in 2013.Current Score: 01/07/2013 EQ: 646 EX: ??? TU 608 Goal Score: 700 club

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Community Leader
Super Contributor

Re: Do institutions lend out of state?

A credit union needs to be chartered in a state to be able to lend there, so it's entirely possible but since most credit unions serve a local population the odds won't be great.  Still, it's worth a call.  A bank or credit union that has "Federal", such as First Federal Savings and Loan Association, or "National", such as First National Bank, in the name likely will lend in more than one state and even nationally.  If it's "Southern California Edison Credit Union" then my guess is they may not lend outiside of California.

Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
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Contributor

Re: Do institutions lend out of state?

Thanks for the advice. I checked with the credit union, and they do not lend for property out of state.

 

Ugh, I wish I would have checked years ago. I've been with them since 2001, but haven't lived in CA since 2004, so I have literally wasted 7 years with them. Should I just yank all my money, checking, savings away from them, and into a more local institution? The way I see it, there is now absolutely no practical benefit for remaining with them. But I don't want to drop them if there is some benefit I am not considering.

 

Thanks...

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Community Leader
Super Contributor

Re: Do institutions lend out of state?

You'd have to compare the benefits they offer vs. a local credit union or bank offers - to my knowledge there is no secret benefit a CU in CA would have over a CU in another state.

Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
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