Some choose to pay more for a mortgage at a bank because of trust. They know a big name, assume they can’t do much better and feel protected. In my opinion those who do are enabling banks that took TARP money due to poor management and then paid themselves huge bonuses.
15 minutes could save you 15% on your mortgage fees. A loan from a large bank could cost $30,000 or more over 30 years compared to a brokerage or small to mid sized lender. 100 million dollars was spent to place a name on the side of a sports stadium. Not including poor judgement like million dollar bonuses to their poor performing management, private jets and other lavish luxuries.
Let’s talk about service. You might get through quickly on the initial call to a large bank. Once you become a “file” you are asked to call their customer “no – service” number for updates. Most brokerages and small lenders I know of automatically contact their clients with updates.
I have had a checking account with them for years. They don’t care and it doesn’t matter. Being a loyal bank customer won’t derive you any special treatment. Their mortgage division is separate from your banking and they still have to pay that 100 million dollar sport stadium advertising bill along with print, internet, television and radio ads. Well…actually, you pay for it.
Pay off your home loan faster. Checking terms and fees with a broker or smaller lender could save you enough money to allow you to pay off your home earlier. The monthly savings from a lower rate loan could be applied to principal thereby reducing your loan term by years.
Small business keeps America working and helps create jobs. When you or someone you know is in the market for a mortgage, give them a try and compare them to the highly advertised, mismanaged and too big to fail banks you bail out know so well.
Since 1977
First Priority Financial is licensed by the California Department of Real Estate #00654852 Nevin#01366552
3110 Camino Del Rio #311 San Diego CA 92108
Also licensed in Oregon, Washington & North Carolina
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