When purchasing out of state - Local or Out Of State Lender?

5 Replies

Hello BP Community,

When purchasing am residential MF property out of state - Should I use a local lender in California or should I use an out of state lender in the area I am planing to buy in e.g North Carolina? 

Does it even matter? 

- Conventional Lender 20% Down, second property. 

Thanks in advance ;-)

it doesn't matter so long that your lender does the loans in NC

@Roman M. Thanks that is what I thought, but wanted to ask to be sure. 

I appreciate your help and time. 

-Richard 

@Richard Naimy   The lender and loan officer would have to be licensed in the state where you want to buy the property.  If you go to a local lender in CA, there's a good chance they won't be licensed in North Carolina.

Originally posted by @Richard Naimy :

Hello BP Community,

When purchasing am residential MF property out of state - Should I use a local lender in California or should I use an out of state lender in the area I am planing to buy in e.g North Carolina? 

Does it even matter? 

- Conventional Lender 20% Down, second property. 

Thanks in advance ;-)

 Local to the real estate in question. Local listing agents in NC will like to see a lender with a physical address in NC, not someone in CA that does not understand the local norms and may screw the transaction up as a result. 

@Richard Naimy Shouldn't matter at all.  The lender should know if they're able give you a loan for whatever property you're trying to buy.  

Personally, I'd find either A) a local NC lender or B) a huge national credit union that can lend (Like PENFED)

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