Betty Buyer was thrilled to be closing on the sale of her large home and moving into something smaller and more manageable. Despite the advice of her Realtor, she used the large, National bank where she holds her checking account to secure the mortgage loan.
She was scheduled to close on both houses on the same day, a Friday, so she rented a truck, packed all of her belongings and closed on the sale of her larger home. She then got a last minute call that the close on her purchase was going to be delayed until the following Monday.
She scrambled to pay for additional days with the moving truck and find a place to stay for the weekend. She was unable to reach anyone at her National bank for definitive updates until the following week.
MORAL OF THE STORY:
Always try to to use a local lender. They are much more communicative and responsive because their client base is limited to those buyers in the area, not the entire country. In addition, they know the area in which you are purchasing and can partner with your Realtor to help you troubleshoot should issues arise.
