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Should You Use Your Current Bank for Your Mortgage?

Today I want to talk about if you should use your current bank that you have your savings or checking with for your mortgage.

When looking to purchase a home, one of the most important decisions is how to finance it. One option is to use your current bank for a mortgage. But is it the best option for you?  There are 3 reasons to shop for the best lender for you.

The first is Interest Rates & Closing costs.  Interest rates and closing costs vary greatly depending on the lender, mortgage broker, or bank. Remember you will have this mortgage for years, so it is important to get the best deal for you. You should not assume you will get the best deal from your current bank. You need to not only compare interest rates but also need to compare closing costs and any other fees the lender may charge you. 

The second reason to consider other lenders is their availability. Buyers are usually looking at homes and making offers in the evenings and weekends when they are off work themselves.  Does your bank have banking hours of M-F 9-5, or are they available evening and weekends to provide approval letters and to answer questions as you are going through the home buying process after bankers hours?  This is why it is important to ask your real estate professional who works in this industry every day, who should you talk to about a mortgage?

And last, when buying a home, you want to make sure you are choosing a lender who is known for closing loans on time. If you are working with an experienced full time real estate professional, we know which lenders close on time and those that don’t.  Having your loan close on time so you can manage the moving process of leaving your current home and going to the new home is critical. Even if you are renting and your rental is up and going to someone else to move in and your home purchase gets delayed because your lender delays, you could find yourself homeless for some time with all of your stuff and family in limbo.  This could be a terrible situation to find yourself in.

If you need guidance in buying or selling your home, give me a call. My team and I are on standby 7 days a week 9am to 8pm ready to help you take the smoother road to sold.

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