Getting a Mortgage When Buying a Lehigh Valley Home - Use a Local Lender

It is essential when purchasing a Lehigh Valley Home that you get a good mortgage company. As a real estate agent, I typically give out a few names of mortgage reps. Why do I do that? What's in it for me?

Financially, not a thing is in it for me. Knowing my Home buyers will be working with a good mortgage rep, familiar with Pennsylvania real estate (beware out-of-state lenders) is extremely important to me and to them!

Two months ago, a Lehigh Valley Home Buyer used a mortgage company from Tennessee. They had been told that they would need about $400.00 on closing day to settle on the home. The day of the closing they all of a sudden found out they would need $3,000. Oops, the lender wasn't aware that there were taxes that need to be included (municipal, county, school). Thankfully, the home buyer had the extra money and closed on the home. What if they didn't?

When the offer on the home was presented, I had given the buyer an estimate of closing costs and it included these taxes. The out-of-state lender, although licensed to do mortgages in PA, really didn't understand our process and didn't include them.

A recent experience with a NJ lender led to the appraisal taking weeks to get done, no mortgage commitment on the agreed upon date (which was in the agreement of sale), and a delayed closing.

Pennsylvania is a Time is of the Essence State. Everything in our agreement of sale is on timelines and in writing. A lot of out-of-state lenders don't get it. 

I recently heard from a mortgage company: Who set that closing date? We, the mortgage company, set the closing date. Not true in PA.

If there is an issue with a date in a PA agreement of sale, we do an addendum that must be agreed upon by the buyer and seller. A mortgage company can't just blatantly ignore these dates. If they do, they put the complete transaction at risk and cause all parties a lot of stress.

To be fair, some out-of-state lenders do a great job. The problem, how do you, the home buyer know which ones.

Lehigh Valley Real Estate Agents usually refer mortgage reps because we expect a level of service from these companies and have a relationship. If the mortgage rep doesn't do a good job they may not get anymore potential clients from home buyers we know. Buying a home is stressful no matter what. We want to make the process as smooth as possible and recommend professionals to help make it easier.

Visit www.lehighvalleyhomesonline.com for all of your Lehigh Valley Real Estate information.