I have been maintaining my bank account with bank “A” from past 8 years and having been maintaining it with great stand.
I have a excellent fico and 20% down payment and wante to buy a residence.
I wanted to shop for the finest mortgage banks which can lend me loan for my property with the lowest interest rate such as fees and everything.
So does the bank “A” where I have been holding account would give me much better rate compared to other banks considering that they have my info and other issues ? or does not matter ?
Answer by Gem
If in your shoes, I would definitely give my normal bank a shot at the loan. Who knows what will happen, I do know that Bank of America is either not lending, or charging massive interest rates, for any person in fairly a few fields (construction, realty, manufacturing, automotive, banking/finance, retail).
Anytime you are shopping for such a large, lengthy term, loan, you should get two or 3 quotes just before committing.
As a 1st time homeowner, you can locate tons of fantastic info on loans and buying a residence at government housing sites.
http://www.hud.gov
http://www.fha.gov
Good luck
Most banks won’t care if you have been with them since the day they opened their doors. They have policies set by corporate headquarters and you have to meet those policies or have your loan denied.
Getting a mortgage is similar to buying a car. Call everyone in your area and ask what their rates, fees and point charges are. Then pick the one that will give you the best deal. If they don’t approve your application, go to the next best deal.
I’d like to think it would work that way, but it doesn’t. In most banks they are completely unrelated departments and they don’t talk to each other. You would be better served by shopping around for the best deal for you and if happens to be from your bank, so be it, but it likely won’t be with the same bank.
good luck!