The biggest reasons you might want to avoid the big banks are to save some money and to get better service. Now you may be asking yourself, how can that be? Well, when you contact the big bank to get a rate quote, you are most likely talking to loan consultant who is extremely busy. Usually, they give their attention to the easiest loans and forget about the rest. In many cases, loan consultants at the big banks are less qualified, because they are more of an order taker than a qualified loan consultant. A loan consultant at a smaller firm is more likely to give you their full attention. When it comes to rates, a loan consultant at a big bank offers the rates that are available from the bank they work at. Whereas a smaller firm uses many lenders that specialize in different loan types. For example: if you are a customer with perfect credit, the smaller firm will have several lenders who specialize in this. They will find which one has the available terms for that day that matches your profile. This is one example, the same can be said for other scenarios.
So when it comes to securing your next mortgage, don’t assume the big bank is good for you. In most cases it’s not.