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Local lenders vs. a National lender
Choose your lender wisely
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If you are trying to buy a Colorado Springs home with FHA or VA financing, choosing a nationwide bank or lender can raise red flags
for the seller and the Listing Agent. In theory, the nationwide banks may seem to offer the best pricing and best closing costs; but not being local can cause problems.
- Even if you have a letter from the national lender saying you are pre-approved, the house still needs to appraise.
- I’ve heard from some of other Realtor friends that some of the national banks (who don’t have a local office) are using appraisers who are not local and who may not understand the prices and the market trends in Colorado Springs.
- Even if the appraisal does come in at or over the contact price, some of the larger lenders are requiring second, even third appraisals.
- Also, some of the larger nation-wide lenders don’t assign one key contact to your account. Hence, if you have a question, you may be transferred to a person in a call center, and sometimes the call center isn’t even in the U.S. No problem if your loan doesn’t incur any challenges, but if you run into any problems you want one consistent person to talk to to get answers from.
- If you use a local lender, you can walk in their office and talk to a live person. Sometimes that can make the difference in getting a loan.
If you decide to choose a lender that is a nationwide bank or lender, you won’t necessarily have a bad transaction. But there are advantages to staying local.
For a list of Colorado Springs Lenders and banks, contact Kathy at KTorline@msn.com
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