Talk mortgages with almost any seasoned Realtor® in Steamboat and you will undoubtedly hear a cautionary tale of a deal that blew up because of an out-of-town lender. If it were only a few Realtors with a few stories, one could chalk it up to bad luck. With such a unanimous chorus, however, it warrants a deeper dive into how and why local lenders make a positive difference.
Steamboat is not a cookie cutter real estate market. There are many features not seen in suburban markets such as condos with nightly rentals, homes with acreage, deed restrictions, and off the grid homes to name a few. Local lenders know as soon as they look up an address, what unique factors a property may have and how to proactively resolve any potential issues with lending guidelines. Out-of-town lenders often will not be aware of unique features that can cause a deal to blow up until they receive an appraisal three weeks into the process. By that time, it is often too late to switch to another lender.
Steamboat is a small market. Since local lenders depend on continued referrals to succeed in our small market, they must continually perform at a high level. Therefore, local lenders are much more accountable than an out-of-town lender doing a one-off deal. If a borrower or Realtor® has a time sensitive question on a weekend, they can know they can reach their local lender for an answer.
With superior knowledge of the intricacies of Steamboat properties and compulsory accountability, a local lender can provide a level of confidence for borrowers and Realtors not available with an out-of-town lender.
For more information please contact Josh Kagan at Group Mortgage. Call 970-879-0996 or visit: