Absolutely, use an Arizona loan officer!
In my experience, out-of-state loan officers can really screw up a sale fast and they occasionally put the buyer in jeopardy of losing their earnest money!
In Arizona we do things differently than is other states. For example, we use the “Loan Status Report” (LSR) which isn’t used in any other state.
“We Don’t Do That Form”
I’ve had out-of-state lenders refuse to provide the Loan Status Report because it doesn’t fit into their bureaucracy. The Loan Status Report is required in the most popular Arizona contract form.
After a lot of unnecessary phone calls, we may get the out-of-state lender to provide the Loan Status Report… and it’s only one simple page, for goodness sakes!
If we don’t get the Loan Status Report from the out-of-state lender, we may have to change the dang contract! That will really tick off the seller and unnecessarily use up some of the buyer’s goodwill with the seller, goodwill the buyer may need later on in the purchase process.
Getting a Loan Status Report (LSR) is nearly effortless when you use an Arizona lender.
TIP: A lender who is not familiar with Arizona paperwork and business customs can make your home purchase a nightmare. To minimize your potential hassles, use an Arizona loan officer.
I would be happy to send you names of loan officers who have done a good job for my clients in the past. And since they know me, they are more likely to go the extra mile for you if a problem does pop up.
I want to be your Realtor!
{ 1 comment… read it below or add one }
Justin McHood 05.20.09 at 9:13 am
John,
Great post. I have friends who work out of state as loan officers and I have gotten two calls in the last two months asking me this question:
“Hey, what is a Loan Status Report and where do I find one?”
It really comes down to personal preference of the client I think - but one advantage of using a local loan officer is that if something goes wrong, you can always show up in his office and see the whites of his (or her) eyes.
I also find that most of my local clients just “fell better” when I am at the closing table with them in case they have any questions.
But whatever you do - if you are going to go local, make sure that you get competitive rates/fees from the local guys — they should be able to compete with anyone who can do your loan nationally.
Justin