Local Lender Trick Wins Bidding Wars
Any lender can send you a pre-approval letter, but not every lender is taken seriously by listing agents or sellers. Using a lender for CONVENIENCE or advertised RATE is a huge mistake. It will cost you the house!
If you choose a big name Internet lender with a reputation for lousy service, poor communication, and writing pre-approval letters for anyone, but having issues getting to closing, you can be SURE the listing agent will warn their seller about potential problems. The “convenience” of the big name lenders isn’t worth it, trust me. And you may be surprised to find that even local lenders have Internet portals, 24/hr help service, electronic signatures and verification, and all the other tools advertised by the big-box lenders. The local lenders just do it all better. Don’t be mad if sellers choose a buyer with a local lender. Don’t say I didn’t warn you.
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