If the out of state lender denies you loan 3, 2 or 1 day before closing, there is no way to hold the lender in NV accountable.
An out of state lender, or big bank lender will rely on the 'gut instincts' of the underwriter and will allow the underwriter to sink the deal. They are too remote to know the local real estate market. Yep, they rely on Zillow.
Big bank and multi-state lenders (the top 16) have a third layer of 'Fair Lending Requirements' not imposed on smaller lenders. If your deal falls outside those guidelines your mortgage will be denied and you will never know the truth. "Found something in your credit record is the code words."
#4. Get this away from me
Big banks and out of state lenders ARE in the business of RESELLING the mortgage and collecting the financing and sevicing fees...NOT LENDING MONEY! Because of this, the process, appraisal and underwriting is all about assuring they can RESELL THE MORTGAGE, and has very little (nothing) to do with your hearts desire of owning a home.
#5. I will keep this
Local lenders are less likely to be in the reselling business. This means the lender you use is the one you can hold accountable. This means, since the lender is keeping the mortgage, they have incredibly more flexibility in providing you a mortgage.
#6. I'll go first.
Some local lenders and one large lender will actually invest in you BEFORE you spend money on inspections and appraisals. They will run your application through their underwriting process FIRST and provide you a Clear-to-Close before you spend a dime. That means the lender has COMMITTED to giving you the MONEY!
As you can see, a local lender is much more likely to invest in your success, allow themselves to be held accountable by you and the professionals they must work with, and are able to remove much of the uncertainty of buying a home.
If you need more....I would have to ask, "Are you kidding?"
Overwhelming evidence directs you to a local lender. How will you feel if Wells Fargo abandons you at the buyers alter after knowing all of this?
Annette Lawrence, Broker Associate
Remax Realtec Group
Palm Harbor, FL