The Top Ten Reasons You Need To Get Your Mortgage From Your Local Bank Or Credit Union
1. Your local bank only deals with prime loans. They do not take the risk on risky mortgages mainly because they do not have the additional investors that larger financial institutions have.
2. Your local bank or credit union will more than likely hold onto the mortgage note rather than sell it in bundles like large mortgage companies.
3. Since your local bank or credit union holds onto the note and collects the interest off of the mortgage they are able to offer rates lower than a mortgage broker or correspondant lender. The rates are not that much lower but .125% -.25% over 30 years adds up.
4. If times become tough your local bank has a little bit more flexibility to possibly work with you in trying to redo loans. Whatever happens in the local community will affect them so its better to work something out than to have the bank go
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