Refinancing with an out-of-town lender

[Campy1]

Hello,

I would like to take advantage of the low finance rates by refinancing by house. Looks like I could save over $100/mo and over $12000 over the life of the loan if I act now.

I found a lender that is based over 700 miles away from where I live and I am a bit hesitant about making such a transaction through the mail or internet. What is the best way to confirm that a lender is legit and what are the risks of doing business with a company that I can't meet in person? Note: the lenders in my area do no offer a comparable deal.

Thanks!

[greenskeeper]

is the lender a well know bank or fly-by-nite internet bank?

The two mortgages I've purchased have been through banks that were out-of-state, but well known.

[disneysteve]

We've refinanced twice with Quicken loans. Everything was handled by e-mail and fax except the actual closing which was done by a local title company, the first time at their office, the second time at our kitchen table.

There is no need to limit yourself to local lenders. Go where the best deal is.