Vent: I got a rate quote from a local bank that was a full point lower than the big national lenders for a small retail strip I'm buying.

I mean, I almost went with a big name broker out of habit, but my attorney in Grand Rapids said to check with a couple regional banks, and one came back at 6.25% for a 5-year term on a $1.2M note, which saved me a ton, so maybe it's just me but has anyone else had better luck with smaller lenders lately?

3 comments

3 Comments

emmag403mo ago

My experience was the total opposite.

violafox3mo ago

Honestly, that regional bank rate sounds like a unicorn, lol. We just tried three local places for a refi and they were all higher on rate and had way worse terms, like a 20-year amortization instead of 25. The big lender we went with was way more competitive.

thea1431mo ago

Ugh YES, this is EXACTLY what I've been reading about lately. I saw this breakdown from the Mortgage Bankers Association that said regional banks are REALLY pulling back on refis and only competing for purchase money. Makes sense they'd give you worse amortization terms too, they probably just don't want the paperwork.