Local is the way to go

ErikTheRed · Joined: 14 Apr 2005 Posts: 2

I've been in the mortgage business for several years and honestly, I don't think you can beat working with somebody local. There are a lot of advantages to it and usually you can get just as good of a rate going local.

Just my .02 :)

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

A fairly bold statement to make without anything to support it.

I have to say that honestly the 'local' mentality gets a lot of people screwed over in my market. We have quite a few dishonest brokers and rich bankers that want to make money here. The amazing thing is that the people keep *going* to these people, just because they are local.

I would say that 75% of my production is not 'local'. Either it is farther upstate or outside of the state entirely. Most of my business has come from people that I know around the country, and just asking them for business.

Is there a less personal touch? Of course! However I make myself available for people anytime they need me and with the backing of being licensed in all 50 states, it allows me some extra flexibility for people that are moving to different areas etc.

Of course there is always something nice about being able to walk into someone's office and saying 'wtf?!?' if something goes wrong.

Now if you want to talk about the difference between say...an online lender and an actual broker/bank, I'm sure we could write a book ;)

ErikTheRed · Joined: 14 Apr 2005 Posts: 2

You make some good points. Granted there are dishonest lenders in all areas. Just because somebody is local doesn't make them the right lender to go with. Borrowers still need to shop around and make comparisons. My point was that there is this idea out there that you can get a much better deal online, when that just isn't true most of the time. Most of the time lenders are on equal ground when it comes to rate competition. The part where a borrower and lender can meet face-to-face is a plus to many borrowers.

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

The more I read in this forum, the less certain I am that I will find an honest lender when my time comes. Hopefully by then, I can get one of the "honest" people here to help me. :D

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

I'm sure when you're ready the question won't be 'how do i find an honest lender?" it'll be 'which one do i choose???' hehe

chow · Posted: Sat Apr 23, 2005 12:29 pm Post subject:

David, I'm not trying to scare you or anything, but you might want to start shopping....I don't think these rates are going to last forever.

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

thats the great thing about being a broker...for my people "locally"...i can shop the rates with lenders for them nation wide...and they deal with me "locally". I personally attend all my closeing and make myself available to them before with edcuation,during with getting through the loan and even after to touch base inclusing lunches and updates on whats going on with the market........But with todays advances i could do this for just about anyone...its all about follow up!!!!!