Is it easier to ref with a direct lender or local company?

Asked by Tinker, Haverhill, MA Mon Jun 7, 2010

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Doc & Ellen Stephens’ answer
Doc & Ellen…, Agent, San Antonio, TX
Mon Jun 7, 2010
Hi, Tinker,

I think you are always better off to deal with a LOCAL lender. You can ask several REALTORS® for a recommendation and interview them all. Here's why:

1. Local lenders know what the local title companies require and already have working relationships in place.
2. Local lenders are familiar with local tax structures and Home Owner Association fees, etc.
3. Your local lender cares about his or her local reputation. They are motivated to get a great reference from you. If they come recommended by an agent, they know you will give that agent feedback on their performance. It's a highly competitive business.
4. A local lender will take the time to sit down with you and discuss your personal situation, then find the loan program that fits your individual needs best..
5. If there are hurdles to overcome, as there usually are, your local lender can work with you to get them cleared. Working long distance isn't very easy IF there are problems.
6. Working with an individual who will take personal responsibility for your success is always better than working with some faceless bureaucrat in a corporation somewhere,

Good luck.

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Dallas Texas, Agent, Dallas, TN
Mon Jun 7, 2010
It would not matter all is based on rates, closing costs.

FYI - they state no charge to refi HOWEVER the entire expense is rolled into the loan. If your intent stay in the home for more than 3 years COULD be worth the expense refi. HOWEVER if you are going move within 2 years not worth expense.

Based on value of home refi can cost be $5K or more.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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