If you are getting a mortgage, please, PLEASE find a loan office who resides in the same state you live in. Don't go to Joe's Loan Service, located in Ottumwa Iowa because you were given his name as a "preferred referral partner" of some big warehouse store. Joe's Loan Service doesn't know the ins and outs of real estate transactions in your state (unless you are in Iowa). They can cause you lots of heartache.
They can also cost you lots of money if they don't play by the rules of the contract. One underwriter, where my client refused to listen to me and use a local company, said, "well, we didn't write the contract," and therefore, didn't feel compelled to work with any expediency. My client was out $5,000 if the loan didn't close by Monday. The underwriter didn't care, he got a pay check either way. (the loan closed. A letter was written to the president of the company with lots of mulit-syllable words and the nasty e-mails her employees sent to me attached as further evidence her employees needed to dislodge their heads from where ever they were lodged and learn to do their jobs).
Even if you own a home and are refinancing, please, PLEASE don't use an out of state lender. There is a loan company (whose name rhymes with "sticken loans") who doesn't feel title insurance is necessary--so their fees are lower because they are missing this integral component. Even if you don't know what title insurance is, I promise you IT IS NECESSARY.
Stuff like this scares me.
Sometimes these out of state lenders promise my clients the moon. They promise lower closing costs. A lower interest rate. Or they offer to throw in the cost of the appraisal. That's nice and all, but there are loan officers locally who can do the same things if one asks.
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