We are moving out of state soon and are hoping to purchase a home. We are wondering if we can use our bank here to process our mortgage or if we have to go through a bank in the state to which we are moving.
Thank you for stopping by my site and asking a question.
The answer to your question is rather simple in my mind.
If your bank has no problems with you using them while buying a house out of state, there should be no problem. With overnight couriers, email and the ability to send documents in digital format this really makes it easy.
The real question is if your bank can feel good about putting a lien on the property when it may be far away.
Often times banks may use their own appraiser and if the house is a good distance away, that may be where the problem comes in.
When I was in the mortgage business, I closed loans all over the USA. I worked for a large national lender and when I started working with a customer in other states, I just found local vendors for the services needed. People like appraisers, home inspectors, title companies and such are all important parts of the process.
With all of that said, if you have a small local bank, like the kind where you know everybody, you have your favorite people you work with etc. I understand why you may want to stay with them.
If you find that you will need to work with a large national lender, you may want to take a look at my page first time home buyer programs because on that page I have a link to lenders that can help you. Or you can use the link in the upper right corner of this page under the picture "mortgage application" to get started if you're ready.
Just be sure you ask the person you deal with for the 203b FHA loan product. That is the preferred choice for many first time home buyers since it offers the best options.
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