Orlando Real Estate

Use a Local Lender for Your Mortgage

February 20th, 2015 8:31 AM by David W. Welch

I always recommend a local lender to my customers needing a mortgage to purchase a home. There are a few reasons I strongly urge them to work with a local firm. First, the big banks are, in my opinion, horribly inefficient. The loan officer is here, but the processor may be in another state and the underwriter in yet another. Second, because they are often so spread out your loan officer may not even know who will be making the determination on your loan, which means they are constantly coming back to ask for more information from you. Third, the decision about your loan is likely coming from someone who does not know the local market, let alone you or even your loan officer. All of this separation requires strict adherence to policies and procedures, and in my opinion most real estate transactions do not neatly fit into a set of policies and procedures.

A local lender knows you, knows the market, and while they still need to meet Fannie Mae, Freddie Mac, FHA, VA or USDA guidelines they can be more flexible in terms of their own internal policies. In my experience, you don't pay any more for your loan, and you are less likely to get a last minute surprise and far less likely to have delays in your loan process. Please listen to your agent when they make a lender recommendation, and you can still shop around for your mortgage. I just recommend that you work with a local lender. I promise you will be glad that you did.
Posted in:Opinion and tagged: Mortgages
Posted by David W. Welch on February 20th, 2015 8:31 AM


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