SHOULD I USE A LARGE BANK OR A SMALL MORTGAGE COMPANY

One of the most common questions when it comes time to looking for a loan is where should i go. Should i go to a large nationwide bank or a small mortgage company.

There is no right or wrong answer however there is pros and cons depending on your credit score.
Bigger isnt always better, just bigger. You need to assess what you are looking  for, what your needs are and how good or bad your credit is.

With excellent credit you can go anywhere. You need to just compare rates, points and what they provide for service. In this case your best bet is to go to a bank or credit union you already bank with. They may have programs with discounts in rate or closing costs for existing customers. If you are buying a bank owned property you will want to ask them if they can assist you with a loan for that specific property before you make application. Some bank owned homes may not quailify for all loans.


If you have marginal or average credit than a mortgage broker will have access to more programs to be able to asisst you. A bank may have loans a,b,c and d. This is what you need as a down payment , this is the interest rate and this is the points we charge.

A mortgage broker will assess your credit score and financial needs and shop your loan around from a few to several  different companies who can offer what you may need to get into a mortgage.

A few things to note, stay away from internet lenders, nothing is better than a local and trusted loan officer you can actually sit down with for answers. It doesnt cost anything to get prequailified. if it sounds too good to be true it probabily is. Avoid scams... if you choose a company you have never heard of, please check with the banking department and better business bureau for references. if you have a buyer broker, they can often refer you to a great loan officer.

Good luck with your mortgage hunting now that you have the infomration to make you stronger.

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