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Out of state mortgage company
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CouponKT
Our family is complete
Member since 6/06 16494 total posts
Name:
K
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Out of state mortgage company
The mortgage company we are going with only has branches out of state. It kind of worries me that there isn't a person local that I can go to.
Is this better, worse, doesn't matter?
I am going with this company since a close family friend is pretty high up in the bank and is holding my hand through it.
Thoughts?
Message edited 4/11/2012 4:07:32 PM.
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Posted 4/11/12 3:57 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Out of state mortgage company
Wouldn't bother me. I don't think I have ever been to a local branch to get any of my former mortgages.
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| Posted 4/11/12 8:04 PM |
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pnbplus1
Family
Member since 5/09 5751 total posts
Name:
Mommy
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Re: Out of state mortgage company
I wouldn't worry. Although we used B of A,our mortgage banker was in North Carolina (she was a friend of a friend). She was who we spoke to and she handled everything. It was actually a fantastic experience. Never had to bother with a local branch or "see" anyone.
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| Posted 4/11/12 9:03 PM |
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Re: Out of state mortgage company
It's common to deal with out of state mortgage personnel, esp. if dealing with a large bank. Just the other day, I was on the phone with someone in Arizona re: a purchase mortgage for a local property.
The only potential downside is that they are not familiar with the local market, and what's usual and customary here on Long Island. And that can come into play if you have missing COs, second kitchens in single family homes, etc. Out of state reps from large banks are likely to be sticklers, whereas a local mortgage lender is more likely to understand that it's very common for single family homes to have a second kitchen, for example.
I generally recommend the smaller mortgage banks that have a local presence (e.g., U.S. Mortgage Corporation, Continental Home Loans, Academy Mortgage, GFI) versus large commercial banks. I find they are quicker, better with customer service, and overall easier to deal with.
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| Posted 4/11/12 11:25 PM |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: Out of state mortgage company
I wouldn't worry about it. Usually they sell your mortgage to another company shortly after you close anyway.
We started with Commerce and within the first 2 months it was sold to US Bank - who is not in local.
We also did a streamline mortgage with US Bank based out of CA and had no problems.
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| Posted 4/12/12 8:03 AM |
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