When it comes to buying a home unless you plan on paying cash, you will be getting a home loan. The other reality is that there are so many choices, sometimes it can easily be overwhelming on where to go, and who to choose, to getting qualified for a home loan. Especially when you go online there is an endless places to go to get a home loan. Buying a home is stressful and its one of the biggest financial decisions that most families will ever make in their lives. Its a huge investment which carries lots of rewards and of course some risk. Now just like every industry you have your good and you have your bad. But in writing this I have to be honest it will biased, and its based solely on my opinion and my experiences you will have to do what you feel is best for you. Now this is not about whether you should use a bank or a mortgage broker.
If we can agree that buying a home is one of the biggest financial decisions that you will ever make and that it carries a lot of stress along with it. Why would you use some one that is not local to you or has not been referred over to you personally ? I am constantly blown away when someone is using someone that is a voice over the phone located in another state to get their home loan. You are making the biggest financial decision of your life and you are willing to settle for an internet application and a voice over the phone. I am not sure if I am just old school and not caught up with the times. But I still believe that being able to look someone in the eye and physically meet them and talk to them and shake their hand, is just not replaceable.
I had a phone call the other day with someone I guess that decided not to go with me and was getting her home loan with someone they found online. Someone in Texas, now mind you they are in California buying this home. Escrow is opened offer accepted etc. but now the fees are coming out to be much larger than what they thought. Of course they had a slew of questions for me, but reality is I am not the person you choose to do your home loan, why are you not asking him these questions. “Well sometimes he does not answer and we have to leave messages”. Again nothing beats the ability to, just walk in someone’s office that happens to be down the street and get your answers. If someone is local, I want to make sure I can do a good deal for my clients, I live in the same community they do I shop in the same places my kids go to the same schools. The person over the net does not have much to lose if all goes wrong.
If you are going to use some one out of the area, use some one that is referred over to you, from a friend or family member that can vouch for them. Not someone that you just clicked an ad on. If you are going to use someone local, its pretty easy to just ask around and ask some simple questions as well when you meet them you can learn a lot more about that person than you ever will over someone over the internet.
Like I said I was going to be a bit biased, but it is just my opinion to use someone local that you can build a relationship with and some trust, and this advice is more on a human level rather than on a business level but of course just because you use someone local. It does not mean that person is any better than someone that is not local. But I think you have a better chance on making sure you are dealing with someone more trust worthy than stranger that you found by clicking an ad online.