If your goal for 2020 is to purchase a home in San Francisco, make sure you seek the services of a local lender.
The San Francisco market and its housing stock are not cookie-cutter by any stretch. Out-of-area lenders and their underwriting teams—the folks who ultimately give the green light on financing—are sometimes not familiar with certain building attributes or what our competitive market requires in order to “win” a property.
We have in-law units done without permits and brick foundations. Condo associations with unique CC&R items, HOA litigation, or below-market-rate units. Lenders who don’t often deal with these sorts of common-in-San Francisco issues may run into road blocks when it comes to approving your loan.
And when it comes to appraisal/loan approval and closing timeframes, out-of-area lenders may not be used to the, uh, faster pace of the San Francisco market. Local lenders are typically on the ball when it comes to having loans approved in ten days and escrow closed in 21 days or less. Those tight timeframes are what have become the norm in San Francisco in competitive situations. A lender who can’t offer competitive terms won’t be able to help you compete when you’re putting your best feet forward on your dream single-family home.
If you already have accounts with a particular bank, it’s a good idea to check with that bank to see what perks might be offered to account holders. On that note, here is my short list for lenders and mortgage brokers in case you want to get started. Just let them know I referred you, and they will do a great job for you:
Wells Fargo Private Home Mortgage
Bank of the West
Chase Private Client
Bank of America
Primary Residential Mortgage