Seeking a mortgage loan from my bank

Guest 0.10 Dollars($)

I am dealing with my bank for several years now. I didn't have any problems with them at any point of time. Now I am thinking of applying for a mortgage loan with them. Is it ok to deal with them or should I check others before this?

jameshogg · Posted: Fri Jun 23, 2006 12:37 pm Post subject:

IMO, you must check with plenty of other lending institutions both online and offline. It will benefit you as you check with as many of them as possible.

A mortgage loan involves lot of money and even a slight difference can have a huge effect in the long run.

Best of Luck!

Samantha · Posted: Fri Jun 23, 2006 1:18 pm Post subject: loan shopping

Hi,

I can understand why you are planning to take the mortgage loan from your bank. It's not only you; many of us think to apply for a loan with the same bank that we are dealing with for years. As we are more acquainted with them we feel much more comfortable to deal with them.

But personally if you ask me I won't encourage you to limit your loan shopping by directly approaching your bank first and take a mortgage loan there. I don't mean that they are not going to give you a convenient offer but don't restrict your chances of getting a better option.

Your bank will give you a reasonable margin and will try to help you with your payment plans as you are their good old customer but still it's wise to check outside also.

You may first check with other major banks in your area and the renowned mortgage institutions and see what they have for you. Then there are several smaller lending institutions also. It is quite possible that you might get a better rate and terms for your loan with someone out there.

But when you decide on some institution check their previous reputation too and don't just get allured by a low rate offered.

After you are satisfied with your shopping then only apply with the one you think suits you best for the loan. That can be your bank too.

God bless you.

For MortgageFit,
Samantha

creditandmortgageindex · Joined: 01 Feb 2006 Posts: 10 0.57 Dollars($)

It always pays to research!
A common mistake home buyers make is not searching for the best mortgage rates, the best loan options, and lenders.

blue · Posted: Fri Jun 23, 2006 3:53 pm Post subject:

Guest 0.10 Dollars($)

Thanks for all the replies. I understand the importance and certainly I'll keep your advices in mind while I look for it.

kdrennen · Joined: 26 Jul 2006 Posts: 4 Location: Ny 2.05 Dollars($)

The key thing to remember is to work with someone that has your best interest in mind. Any lender can "offer' you the world, then you get to closing and the numbers are different. Work with someone you trust.

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