Home Buying in 11040>Question Details

Nycguy1327, Home Buyer in New York, NY

Wife and I searching for our first mortgage. Have had some credit issues in the past. Is it better to work with a small bank or a giant bank?

Asked by Nycguy1327, New York, NY Fri Feb 17, 2012

My wife and I are starting to look for a mortgage for our first home on Long Islan. We both have had some issues with credit in the past. My in laws are trying to really help us with as much as they can as far as securing the house. A number of people have told me that it is better to work with a small local bank rather than one of the Giant banks like Bank of America and HSBC. Is this true? What are some good banks to work with on LI?

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Trevor Curran’s answer
When you are buying your home, get a referral to a Local Mortgage Banker.

Mortgage Bankers in your community will provide you with a much higher quality of service and financing options than any "Big Bank." Local Mortgage Bankers have long been the source of excellent financing options for homebuyers. Further, Loan Originators who work at Mortgage Banks are LICENSED whereas Loan Originators who work for the "Big Banks" are only REGISTERED. There's a BIG difference.

Sit down face to face with your Mortgage Banker to be thoroughly prequalified. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Consumers have been led to believe---thanks to huge advertising budgets with the BIG BANKS---that they should go to their bank for a mortgage loan. This is the WORST place to get assistance with the BIGGEST PURCHASE of your life! These BIG BANKS are basically BIG CORPORATIONS. You're a number, at best. With a Local Mortgage Banker you will be treated like a friend and a client for life. You can't imagine the high quality of personalized service you will receive from a Mortgage Banker until you try.

As to price---rate and fees---competitive if not better than the BIG BANKS.

You can verify the License of any Licensed Mortgage Loan Originator at nmls.consumeraccess.org

Trevor Curran
NMLS #40140
1 vote Thank Flag Link Sat Apr 21, 2012
I highly recommend you work with a local mortgage bank, rather than one of the big banks. Mortgage banks specialize in writing mortgages. They will help you identify and address any credit issues then work with you to help you purchase a home. If you don't know one, call a local real estate agent or broker and ask to be referred. Realtors tend to know which ones offer the best rates, lowest fees, exceptional customer service and who can get the job done. We should, we work with them every day!
1 vote Thank Flag Link Fri Feb 17, 2012
I work with many bank and lenders, both big and small. I will tell you that the minimum credit score needed is a 620. This would allow for both FHA and Conventional financing. Without knowing the specifics of your scenario it can be difficult to properly advise you. Please contact me at your earliest convenience so we may further discuss your goals and determine all of your options. I look forward to speaking with you.

Kindest regards,

Paul Marzolla
Loan Officer
(201) 957-6768
0 votes Thank Flag Link Sat Mar 2, 2013
I couldn't agree more, Trevor!
0 votes Thank Flag Link Fri Mar 1, 2013
It's best to work with someone you feel most comfortable with; someone who is receptive to all your questions and concerns and is knowledgeable in the field. This is a very crucial step in the home buying process so do take your time and make sure you are comfortable with whoever you select.
0 votes Thank Flag Link Fri Mar 1, 2013
First off, the banks WANT your business. I would shop around to several banks. I prefer to use local banks, because you can utilize an in-house loan depending on your relationship with the banks and/or personnel. Since I am not an agent in LI, I googled local banks in the area and the most common one so far was the State Bank of Long Island. Below is the link for that bank. Typically you can ask for an in-house loan depending on credit scores. Some banks will offer to execute your loan but expect slightly higher interest rates and possibly more in down payment as well.
0 votes Thank Flag Link Fri Feb 17, 2012
If you need loan officer recommendations feel free to contact me directly.
0 votes Thank Flag Link Fri Feb 17, 2012
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