I have closed literally hundreds of loans remotely; however, purchase transactions are almost always better off handled locally. I do not refer to the need to sit down face to face; in fact, I do not meet many of my clients personally. However, I know the rules, regulations and laws of CA; therefore, the transaction does not turn into a learning curve of why "this" is different than "that". Strongly encourage you to consider local...some good news you will find in financing in CA....our closing costs are probably 1/3 of the costs of NY!!! I was always shocked to see the final HUD on NY closings! LOL! Let me know if I can be of assist...one of values I garnered in working across the Nation is that I really do understand the differences from state to state....helping consumers understand them is very helpful to the process. Best to you!
That being said, regardless of where your loan officer is, they must know and understand the local fees and how a closing works escrow/attorney/title company state. If they don't know, they'd better get on the phone with their manager for a crash course or the title company to get accurate fees (actually, the later is a must or a lender will end up with costs-to-cure at close so any internet based lender is probably already doing this on all transactions).
That being said, there are lenders local to me who don't even know that Chicago has a $7.50 per $1000 tax transfer stamp and they're here so I wouldn't assume your local lender knows any better than the lender elsewhere.
Bottom line, talk to your prospective loan officers, maybe bring up a couple items and see if they know what you're talking about (without googling it) and that may answer this for you. If they do have to google it but quickly come up with the answer, you should take that as a sign of a resourceful loan officer which will factor into your decision making process.
Best of luck with your transaction!
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The Good Life Team
Keller Williams Landmark II
Serving Queens, Brooklyn & Nassau
I believe it is best to use local lending agencies when purchasing a home because they understand the trends & economics in the cities in which they work. Lenders are familiar with the prices of recently sold properties which their local appraisers will use to determine current property values if you are getting a loan. A buyer who makes an offer above the appraised value will have problems executing a loan and using an out of area or out of state loan company will not make it any easier.
If you are interested in desert properties and need assistance, please let me know.
Committed to Excellence
Windermere Real Estate
73-993 Highway 111
Palm Desert, CA 92260
760/774-6510 (cell) http://www.CarolynVoet.com http://www.CarolynVoet.MyWindermere.com
It would also help to have your loan office be on the same time zone as escrow and the agents......unless your NY loan officer is willing to take calls or emails at 10:00 at night.