Are large local banks less likely to give great mortgage rates to borrows with great credit scores?
October 29th, 2009
Brian B asked:
I’ve been shopping for a low interest rate (30 year fixed). I have excellent credit but it doesn’t seem to help me much when I go into large local banks. It seems like they just run the basic numbers to make sure I qualify for a conforming loan. They then tell me their printed rate on their website. My experience with smaller mortgage companies is that they collect more information and they have quoted lower rates.
I’ve been shopping for a low interest rate (30 year fixed). I have excellent credit but it doesn’t seem to help me much when I go into large local banks. It seems like they just run the basic numbers to make sure I qualify for a conforming loan. They then tell me their printed rate on their website. My experience with smaller mortgage companies is that they collect more information and they have quoted lower rates.
Is this typical?
Mathew
Filed under: Renting & Real Estate | Tags: Mortgage Companies, Mortgage Rates
October 29th, 2009 19:34:39
idea2005
November 1, 2009
You are best off securing a great mortgage from a Credit Union or a Community Bank.