Big Banks

Thinking of using a big bank for your mortgage? Think again.

Most people in recent times have had a conversation or two regarding the economy, the housing market and what caused everything to get where it is today.  The mortgage industry is right at the heart of those conversations. So it’s only natural to think of playing it safe when it comes to purchasing a new home or refinancing your existing one. For some, playing it safe would be to use a big bank that you’ve heard of. Well you may want to reconsider your options. For one reason, remember Countrywide Mortgage, they were the largest mortgage lender at the time of the crash. If you do just a little digging, you will probably find they were as big of a part of the crisis as anybody. However, we're not saying to avoid all big banks because they are all like Countrywide, as we are sure they're not. We just want to mention that just because you have heard of them, don’t assume you are in good hands.

The biggest reasons you might want to avoid the big banks are to save some money and to get better service. Now you may be asking yourself, how can that be? Well, when you contact the big bank to get a rate quote, you are most likely talking to loan consultant who is extremely busy. Usually, they give their attention to the easiest loans and forget about the rest. In many cases, loan consultants at the big banks are less qualified, because they are more of an order taker than a qualified loan consultant. A loan consultant at a smaller firm is more likely to give you their full attention. When it comes to rates, a loan consultant at a big bank offers the rates that are available from the bank they work at. Whereas a smaller firm uses many lenders that specialize in different loan types. For example: if you are a customer with perfect credit, the smaller firm will have several lenders who specialize in this. They will find which one has the best terms for that day that matches your profile. This is one example, the same can be said for other scenarios.

So when it comes to securing your next mortgage, don’t assume the big bank will be the best for you. In most cases it’s not.



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Compare the differences of the loan types available to find the one that is right for you. You will find information on 30 year fixed, conventional loans, jumbo loans, super conforming (conventional jumbo), FHA and VA loans. Of course you can always call and speak to one of our loan consultants.