Local Vs online lender

[Summer Li]

Hi All,

We are purchasing our first investment log cabin. Online lender is a much cheaper (5500 dollars per year) option but the local lender is saying you can’t go with those out of state underwriters because they don’t know the local market. The online lender is saying they have experience with cabin investment properties and they do use local appraisers. We could really use some advice on how to choose. anyone with similar experience? 

Thanks so much!

Ivy. 

[Mike Singer]

Big box Online lenders (Rocket, Loan Depot, etc) are a nightmare for anything out of the ordinary. Bite the bullet and go with the local person. A broker should be able to beat anything the online retailers are offering right now. Maybe try a local mortgage broker.