I have a friend who has a mortgage business in another state and he tells me he can handle our mortgage here in Pittsburgh. Thoughts?
It is incredibly tempting to take friends up on offers like this one because we hope when working with a friend we might get a better deal. However, when it comes to mortgages, this is not a good idea! My best advice is to ask your Realtor for several recommendations of local lenders and shop rates and fees. Chances are you will find an equally competitive rate here. Why do I recommend local lenders so enthusiastically?
There are many facets of our real estate contracts that non-local lenders may not be aware of and that may cause a snag in your deal. For example, our contracts declare time is of the essence, so your deadlines are exactly as written in the agreement – there are no automatic extensions as there are in many states. If your lender misses your mortgage commitment date because he doesn’t realize this, the seller could terminate your deal and you could lose your dream house.
Non-local lenders also often do not understand the transfer costs of our area and may mis-quote your loan fees. For example, our transfer taxes vary from borough to borough and are reasonably significant. If an unaware non-local lender does not include the right figures up-front, he might qualify you for more than you can afford, which could cause problems later when your home gets to underwriting and you suddenly find out that you actually don’t qualify!
Local lenders are also far more likely to be vested in the success of your transaction. They probably do a fair amount of business with your Realtor and will go the extra mile because they want to keep referrals from your agent coming. Take advantage of this fact – you are most likely to get the best rates and service from lenders right here in Pittsburgh who are vying for your Realtor’s future referrals and want to make you happy every step of the way!
The contractors have just left this newly remodeled gem. Less than a block from the Sewickley business district and two blocks from the hospital, you can’t get any more convenient than this! 4 bedrooms and 2 new baths, new kitchen, open floorplan. Wonderful covered front porch. $389,900
Impeccable, neutral Sewickley Village colonial on charming tree-lined street is close to all Village amenities. Three finished levels of living space includes 4 bedrooms, 2.55 baths in the main house PLUS a 4 car garage with one bedroom apartment above. Large fenced back yard w/ patio. $10,000 decorating allowance offered to the buyer. $735,000.
As an Associate Broker at HOWARD HANNA REAL ESTATE SERVICES, Kathe Barge, CRS, ABR, CNE, is ready to answer any questions you may have regarding your real estate needs. Feel free to contact her at the office (412) 741-2200 x238, or on her mobile phone (412) 779-6060.