Three Reasons Why Small Banks Are a Big Hit

Community banks offer an attractive alternative

2) Lower interest rates. Community banks offer attractive loan rates, especially on so-called “jumbo” mortgages, according to McBride. Such loans usually are larger than $417,000, and the national average for a 30-year, fixed-rate jumbo loan is now around 6.7%.

A recent look at Bankrate.com found lenders willing to make jumbo loans at rates around 5.4% to creditworthy borrowers. Community banks often hold onto the mortgage loans they make so they’ve avoided the problems of the mortgage-backed securities market, which enables them to quote lower rates on jumbo loans. “Considering the size of the loans and the difference in yields,” says McBride, “consumers may enjoy notable savings by going to community banks for jumbo mortgages.”

Pages: 1 2 3 4
ACROSS THE WEB
  • http://www.sunsetmortgageco.com Calvin Kyles

    It is very important that you find out whether or not your bank large or small is carrying the new FDIC deposit limits before making any rash decision regarding large or small(Hometown)banks. Credit Unions and a Smaller servicer seem to have a better grip on personalized business relations with depositors within there community… Mainly, being that the relationships are upfront and personal in bank and community oriented. Someone that they can have walk in.
    When it comes to Home Loans you need to research with both the banking side and the brokerage sides to see who will be more applicable. The bank on has one set of guidelines and program; while the broker has several lending institution and banking realtionships to give you several option(s) that will never be offered through principal lending. The advice is well recommended and worth the work… Your bank may deny you; but the brokerage may find a suitable lender fit for your personalize needs…

    Follow my blog: http://mortgagesnow.wordpress.com

    Calvin Kyles, Origination/Broker
    Sunset Mortgage Co
    Oregon, Washington, & Idaho
    ckyles@mtglender.com

    Helping one family at a time…

  • http://www.truelendingonline.com kylee fleischer

    great points on home financing. I Look forward to reading more here in the future.

  • http://www.whatisfml.com What Is FML

    Very nice information I am going to make a link area on my site and add you.

  • usb

    Hi, Neat post. There is a problem along with your web site in internet explorer, may test this? IE still is the market chief and a big part of folks will miss your magnificent writing due to this problem.