Lender hunt is on! Overwhelmed...

[Anonymous]

But if you don't have any local lenders you like, and want to go with a big nationwide company, how do you choose which?

[Anonymous]

I am working with a lender that is two states away from me. We have done our business solely on the phone and through email and I don't regret it at all. I tried working with a local lender and it was terrible. Her communication was a joke, especially compared to the lender that I decided to go with.

[Anonymous]

My two cents worth is to ask your friends and family for references for an lender.  We are moving to TN at the end of this next week and at the end of Jan got pre-approved with a national lender based out of GA.  Once we actually met our realtor and looked at houses we ended up going through a local lender.  It is a mortgage investment group that does everything in-house, knows the area, knows the appraisers and our LO is highly rated among most of the realtors where we are going.  He matched the rates the other lender was offering, so we just felt more comfortable going with someone who knew the area.  It didn't hurt that the company he works for has been the number 1 lender for THDA homes for the last 10 years and is the largest independent providers of single family homes in TN.  Meet or talk to several lenders before making your choice, we talked iwth the other lender and liked him but at the end of the day were more comfortable using a local lender who has owrked with our realtor.

[edcampbell613]

With the "Big Banks" you can have major appraisal problems.

With the local lenders they usually have a list of appraisers that know the market area.

The appraisal is the "KEY" to the entire loan.

Now if you are buying a Homepath home, then you can use a major bank as no appraisal is needed for a standard Homepath transaction.

[ezdriver]

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axxy wrote:

But if you don't have any local lenders you like, and want to go with a big nationwide company, how do you choose which?

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Use the same criteria to evaluate local lenders as you would non-local lenders. The only component that would be absent is the ability to have a face-to-face meeting should you so desire.

If I may ask, would you shed some light on reasons for not liking any of your local lendeing sources?

[BrianB_The_Loan_Professor]

Someone neds to read the stickies at the top of the page 

[StartingOver10]

I have notified mods of violation of ToS.

The links will be deleted. Thanks.

[Anonymous]

I apologize about that everyone. 

[StartingOver10]

James, why don't you edit your post to remove the link before the mods get to it this afternoon?

[Anonymous]

Will do... thanks again!