I believe my grandfather once told me to buy local and finance local. Hesitant to deal with lenders over the internet, and disappointed in our national banks, I turned to the local banks. Small local banks, the theory goes, know the area they are lending in. Local banks tend to only write loans in their geographic area. They may have more favorable terms since they lack the resources to compete on location and convenience against bigger banks. In my case, this adage turned out to be correct. After doing due diligence by stopping by various bank branches and getting rate quotes, I was up to 15 different offers.
Saturday, July 28, 2007
Grandfather's Advice: Buy Local and Finance Local
I found this article today with what I think is a spot-on take of the consumer's perspective when shopping for home loans on the internet. It is worth reading. The borrower starts by using LendingTree and BankRate to shop for loans via the internet, but ultimately fulfills locally.
Posted by Admin at Saturday, July 28, 2007