If you are a first-time homebuyer and have started the process of buying a home in Los Angeles you may have been tempted to find a lender online. This would probably be because you have not yet talked to a Los Angeles Realtor® who would be advising you on the path to take.
A huge part of the escrow process, in fact the major part, is acquiring the loan. It is difficult enough under normal circumstances without having to deal with someone across the country who is not familiar with the local market. And we Realtors® need to be able to interact with the lender throughout the process, as does the escrow company. You may get a great rate from an online mortgage company but that means nothing if you cannot close the loan.
Another point to consider is when you make your offer, the listing agent is not going to take a pre-approval from an online lender seriously, especially when others are using a local lender or paying cash.
Having a lender at the very least in your State is the best way to go. They know the appraisers and can generally get them out to the property as soon as possible. They know the local conditions and may have experience with a particular building in which you are interested. And communication is key. Case in point, I left a message for an online lender a day ago and still have not received a call back.
Buying a home in Los Angeles, or anywhere else is a team effort and a matter of personal connections and strong communication.
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