Picking the right bank is like picking out a restaurant...

Mortgage and Lending with ClearPath Mortgage Solutions, Inc. NMLS #1394615 NMLS # 423279

        Picking the right bank is like picking out a restaurant.


If every time you decided where to eat you had one objective- the cheapest meal possible, then you would always end up at McDonald's Dollar Menu.  Which we all agree is not the case for anyone.

Yet, when deciding a bank, many are tunnel visioned and only think about the interest rate. Yes, this is one of the most crucial aspects to deciding your Mortgage Lender. But, you need beware of the trap of neglecting other aspects.

When you go out to eat you consider the following:
1. What are you in the mood for?
2. Location/distance
3. Price range
4. Quality of the food
5. Quality of the service
6. Cleanliness
7. Atmosphere of the restaurant
8. How much time do you have to spend

When looking for the right bank considering the following as well:
1. What is the rate?
2. What are the closing costs?
3. How is the communication?
4. Do you trust your advisor?
5. What reviews do they have?
6. How efficient is their mortgage process?
7. How fast do you have to close?
8. Are there other banks with better loan products or or efficient in your specific need?
9. Is there a credit being offered to you for the rate?

That is what I love about being a Mortgage Broker! I have no obligation to any of the banks I work with. I am an advocate for my clients. What is best for them, matters most to me.  If you go to your local bank, they will sell you their banks product without regard to there being a better product elsewhere.  When you sit down with us, you get an unbiased solution that is best for you. Even if that means me referring you to another bank that I don't work with, I am glad to always keep my clients best interest at the top of the priority list.  Don't make the mistake of being tunnel visioned and short changing yourself.

Posted by

    -Mortgage Consultant for Life


Mike Rankin, NMLS #423279
ClearPath Mortgage Solutions, Inc. NMLS #1394615
950 New Loudon Rd. Suite 231

Latham, NY 12110
Cell:  518-380-4726
Email: mike@clearpathmortgages.com


Mike Rankin does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comments (4)

Beth and Richard Witt
Long Island Cash Home Buyer - Center Moriches, NY
Long Island Cash Home Buyer 516-330-6940

We always advice our buyers to seek a Mortgage Broker and walk past the Banks... Folks would certainly be well served by seeking you when it comes time for them to get a mortgage..

Jun 09, 2014 12:37 AM
Rob Marken
Bend River Realty - Bend, OR
25+ years experience in Bend

What a great comparison when looking for a bank. Thanks for sharing. 

Jun 09, 2014 01:50 AM
Mike Rankin
ClearPath Mortgage Solutions, Inc. NMLS #1394615 - Albany, NY
Mortgage Consultant

Richard & Beth - Thanks for the compliment!

Rob - My pleasure!

Jun 09, 2014 05:47 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Mike. Your analogy is great. All of the reasons you speak about are important, but number one should always be the loan officer. Without someone like yourself to represent the best interest of the client, all the other stuff just doesn't matter.

Jun 09, 2014 07:49 PM

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?