Question: Our goal for this next year is to buy a home in Summit County. We want to get some information on financing and are considering using an Internet lender. What would be the benefits of working with someone locally versus working with an Internet lender?
 
Answer: There are numerous advantages when using a local mortgage lender as compared to a mortgage lender obtained over the Internet.
 
Customer service is the number one advantage. A local mortgage lender is familiar with the properties in their area, whereas an Internet lender may have limited knowledge of the requirements associated with a resort area.
 
With a local lender the borrowers will have an individual who is personally working on their loan application, as every borrower's needs and financial situations are unique. The borrower also has a contact person to check the status of their application and to answer any questions they may have. Plus they will be able to speak directly with a local lender without having to play phone tag or leaving messages in voice mail that can be associated with the larger mortgage corporations. This can be frustrating to the borrowers.
 
The lender is responsible for ordering the appraisal on the property, which should be from a local appraiser. This is very important. A local appraiser is familiar with the area and the values of the properties and any changes in the area that can affect those values.
 
When purchasing a condominium unit, local lenders will be familiar with the condominium projects in the area and will know if the project meets the lender's requirements.
 
There is also the working relationship with the local title companies, surveyors and insurance companies to meet the state's requirements to provide each borrower with clear title to the property. There are several steps that must be completed to take a borrower from application to approval to the closing date. Working with the local mortgage lenders, title companies, appraisers and surveyors makes all these steps come together. You have the advantage of the individuals familiar not only with the area but also the requirements of each purchase contract.
 
Purchasing a home whether it's your first home, vacation home or a rental property can be stressful, working with your local professionals can make this process a lot easier.
 
 
 
For answers to your real estate questions, call Allison at 970-468-6800 or 1-800-262-8442. Email - [email protected] or visit their web site at www.SummitRealEstate.com. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field.  Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.