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I'm a first time home buyer living in the Bay Area (California) and am shopping around for a mortgage lender.

One of my relatives who's a real estate agent highly recommended a lender in Minnesota whom she works with. This lender works for Interbank/RMG Mortgage in Minnesota, and it turns out his fees are quite a bit lower than the few lenders I looked at in California.

When I talked to my real estate agent about this, she cautioned me against using an out-of-state mortgage lender, and recommended one locally. She says that many sellers won't accept an out-of-state mortgage lender. Is this correct? Any help much appreciated!!

Al

hemsleysue · Joined: 13 Sep 2009 Posts: 72 0.02 Dollars($)

you can take help from "No-obligation free consultation" Section of this mortgage forum.

jveenstra · Posted: Fri Oct 02, 2009 11:09 am Post subject: Lender

Never heard of a seller who would not sell to someone because a lender is out of state, but, anything is possible. It is not uncommon for a seller to refuse to someone who is getting an FHA mortgage rather than a conventional mortgage, but, that is usually based on how FHA used to operate, not today.

There is no problem getting a mortgage from an out of state lender than there is getting a mortgage from an in-state lender. You simply need to shop and compare.

The fact that a relative referred you to the out of state lender and that they have experience with the lender doing a good job more than once, tells me that particular lender is safe and worthwhile speaking with.

gmakerley · Posted: Fri Oct 02, 2009 11:11 am Post subject:

well, that response didn't do much for me...not sure about you, al.

i've originated and closed a loan out of state myself, and none of us had any issues whatsoever. now my borrower was stellar and the home was beautiful, but that shouldn't have much to do with how we did it. i'm also working right now on an out-of-state deal, and there will be no difficulties in doing this one, either.
an associate in my office has done quite a few also, and has never run into any snags.

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Is using a mortgage lender out of state a big NO-NO?!