I always recommend that my buyers use local lenders as opposed to large national lenders when purchasing a home on the Treasure Coast. Aside from getting better rates with the local banks, these big institutions are famous for over-promising and under-delivering. I have had countless deals with large banks who have caused a delay in closing because they were asking the client to produce documents at the last minute, or even more aggravating have barely started working on the file. Although things usually work themselves out, it can put the buyer’s deposit at risk if the bank does not fulfill their obligation.
Recently I received an email from a buyer’s lender (a large institution) explaining that we may want to consider getting an extension on the mortgage commitment date because of “Loan Volume Capacity” in their underwriting department. The sellers were less than thrilled and I don’t blame them. There is no reason that a bank cannot provide a loan commitment within 30 days. This is an issue I never have with local lenders. They know that their reputation is the most important thing to them and work extra hard to get the deal done in the quickest time possible.
In addition to the process running smoother and faster with local lenders, the appraisers tend to be more knowledgeable about the local market. They know the intricacies of different neighborhoods on the Treasure Coast and provide much more accurate reports.
It really takes a lot of things to go right to get a deal to the closing table these days and I like to put the best team in place to make it a smooth and stress-free process.