You’re ready to buy a home, yay so exciting!!! Is it all that important to have a physical bank or lender anyway? Since I have been going through this a lot lately, I figured it would be a great topic to discuss. So today, we are going to dive into the importance of working with a local lender or bank for your home mortgage. Let’s first start with a story. You find a lender that you like and start the mortgage process. The lender you picked lives in Florida, but everything will be fine, right?! A few days before your loan objection deadline (the point where you can no longer terminate the contract without losing your earnest money), you find out you lose the down payment assistance that you needed to purchase the home. You now have to come up with the additional funds on your own, or you lose your dream home. Having a local mortgage professional who understands the local market is vital to the home buying process. When you work with someone who lives in the same area that you are purchasing your home, they not only know the local rules but can have one on one conversations throughout the lending process. Should a problem arise, it is MUCH easier to deal with that obstacle with an in-house team, rather than a third-party lender. In the story above, one of the most critical points is that a local lender knows their local products. When you plan to utilitize CHFA’s (Colorado Housing Finance Authority) amazing programs, it is so vital to work with a lender who is well versed in Colorado’s rules and regulations. When you’re looking for a mortgage lender recommendation, take to heart the contacts that your Realtor provides to you. In my case, I have a select few that I refer to all my clients. These lenders know their stuff, and I can guarantee my buyers will have the best lending experience possible. Being a Realtor, we do not get kickbacks for giving recommendations, so these contacts are the best of the best! The lesson is, work with a local lender who you know, like, and trust. It can be the difference between a closed deal and a failed deal.