25
I switched from a big bank to a local credit union for my mortgage and saved thousands
I was looking for a mortgage last fall and got quotes from my usual big national bank and a local credit union here in Tacoma. The big bank offered a 7.2% rate with $4,500 in closing costs. The credit union came in at 6.8% with only $2,800 in fees. I went with the credit union, and the lower rate will save me over $30,000 across the loan. The person I worked with there actually called me to explain every document. Has anyone else found a better deal by switching from a big bank to a smaller one for a major loan?
2 comments
Log in to join the discussion
Log In2 Comments
tessa_kelly3d ago
That's awesome it worked out for you, but my experience was the total opposite lol. I tried a local place and their process was so slow I almost lost the house. Sometimes the big bank's system is just more reliable, even if it costs a bit more.
5
grant7283d ago
Yeah that's rough, almost losing a deal is the worst feeling. I got lucky with my local lender because my realtor had worked with them before and gave them a heads up on our tight timeline. They put a specific processor on my file who gave me daily updates, which kept things moving. What kind of timeline were you up against with your house?
1