Community bank experience

[Adam Roberts]

Hey Team -

I wanted to get a general 'take' on my situation now having shopped around for a 30 yr conventional - I secured pre-approval from a few different lenders, one being a community bank in Texas, and the others being random brokers found online with low rates. I have good credit so the specs for each one were not way different, however the community bank was a touch higher rate (3.75% vs. 3.6%). I must say the entire experience thus far with the community bank has been great, helpful people, underwriting decisions made locally, etc. They also like to foster relationships with investors which I plan to become one in the near future.

So has anyone favored a community bank loan for the above reasons, even if there are rates or other financials out there that are marginally better?

[John W.]

Adam Roberts

I think what you will find is what you have already noticed.... better customer service ect. I wish we could always deal with a local community bank. they dont seem to fall back on policies and out of our control excuses ect. if they tell you a closing date and that you are approved, im my experience they tend to do that. Know what is importnant to them and follow through on what you say. they wont make you jump through as many hoops as bigger banks. now if thier rates are a little higher, you may try out another bank, but i believe it will lack in other areas and that has to play a part.
of course, my comments are regarding my experinces and i dont have a ton of experience, but some.