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Which bank to choose?

If the 2 banks on my shortlist have almost same rates, am I right in assuming it is best to go with the local bank? The problem is that the other bank has a much bigger name and my wife says it is best to go with a bank with good reputation. Please give me feedback. by georgio.sanchez488 from Boulder, Colorado. Dec 23rd 2013 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,807 contributions

Your best bank to choose is not a bank... Banks typically have three faults. 1) Higher priced than non bank lender, 2) unlicensed application clerks versus real loan officers, 3) Crappy service. Check non-bank lenders and brokers... You'll be glad you did.

Dec 23rd 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

In a perfect world, your wife would be correct, however there are ZERO large lenders out there with a "Good Reputation".. BofA, Wells, Citi Bank, Chase, were all having borrowers documents signed by the "Robo Signer".. and all have been sued by the federal government for their neglect in the mortgage meltdown crisis.. I'm a big fan of using a LOCAL broker, mainly because they have lower overhead, so they will most always beat the national or local "Big Banks" rates and fees, he has access to numerous lenders with varying lending programs, which usually means lower rates and fees, and because he's local, he will be familiar with local customs and intricacies which most nationwide lenders wont understand... I would get one more quote.. but not from the big box bank.. call a local broker and get a quote from them.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 23rd 2013
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Corey Seitz (Corey_Seitz)
#36 ranked lender in Colorado - 24 contributions

Hi Georgio, A local mortgage broker will work for you. The employees at the banks are working for the bank and the bank only. If you want the most competitive rates, the most possible loan options, and someone that is working for you please call a local broker. We are located in Fort Collins and do a lot of business in Boulder. If you would like a quote please let me know. corey_seitz@excelfg.com Thanks, Corey

Dec 23rd 2013
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Richard Airey (richardairey)
#3 ranked lender in Maine - 662 contributions

In addition to the comments already supplied, I would recommend finding a local Mortgage Banker. These companies underwrite and fund their own loans, unlike mortgage brokers. This usually means better service and often lower fees.

Dec 23rd 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

I disagree with some of the other comments. There are some decent larger banks, but many have had seriouis challenges up until about 6 months ago (or less in some cases, and some still have working through their issues). It is worth checking around but if you don't have a recommendation from someone who recently used them, I'd be careful of any lender. Virtually all will do a good job for you and ultimately it comes down to where you feel the most comfortable. There are both great mortgage brokers and great mortgage bankers, but there are those in both categories that don't provide good service. I'm not a fan of anyone that put's down the competition to promote themselves. Good luck!

Dec 23rd 2013
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Georgio if you can go local that is likely the best choice. Big banks have big bank issues and you can"t always get the support you need. If your local bank is lending their own money and plan to keep your loan in their portfolio that will give you even more options because you are dealing directly with someone you sit and talk with. That"s why I became a Mortgage Broker (Reverse Mortgage Specialist) so I can deal directly with the lender.Good luck. Mark

Dec 23rd 2013
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