https://ficoforums.myfico.com/t5/Mortgage-Loans/Pros-and-Cons-of-using-a-Big-Bank-Lender-vs-a-Local-Lender/m-p/6773113#M261760 <P>I'd recommend you speak with a bigger bank, like Chase, a smaller regional/local bank or mortgage lender, and a mortgage broker.</P><P>&nbsp;</P><P>A local lender/loan officer might have a strong reputation where you are buying, which could aid in your offer getting chosen over another buyer who isn't using a lender that the listing agent is familiar with.&nbsp; This is probably truer in smaller markets, such as in rural areas or isolated cities, but if you are buying in a bigger city I've found it to be less important.&nbsp; In either situation it can still be a complete non-factor though, just really depends on who the listing agent is and if they put any weight on who the lender/loan officer is when presenting the offer to the seller.</P> Thu, 11 Jul 2024 17:03:53 GMT ShanetheMortgageMan 2024-07-11T17:03:53Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Pros-and-Cons-of-using-a-Big-Bank-Lender-vs-a-Local-Lender/m-p/6773100#M261758 <P>Just curious for those that are more familiar, is there any benefit of using a smaller, or local lender for your mortgage vs using one of the larger banks?<BR /><BR />The reason I ask is because I get offers from Chase for pre-approval on mortgage and it seems like their process is pretty striaght-forward, I plan to start shopping loans in a few months and want to get an idea of what lenders I should target.<BR /><BR />Thanks in advance!</P> Thu, 11 Jul 2024 15:51:47 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Pros-and-Cons-of-using-a-Big-Bank-Lender-vs-a-Local-Lender/m-p/6773100#M261758 Baha3 2024-07-11T15:51:47Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Pros-and-Cons-of-using-a-Big-Bank-Lender-vs-a-Local-Lender/m-p/6773113#M261760 <P>I'd recommend you speak with a bigger bank, like Chase, a smaller regional/local bank or mortgage lender, and a mortgage broker.</P><P>&nbsp;</P><P>A local lender/loan officer might have a strong reputation where you are buying, which could aid in your offer getting chosen over another buyer who isn't using a lender that the listing agent is familiar with.&nbsp; This is probably truer in smaller markets, such as in rural areas or isolated cities, but if you are buying in a bigger city I've found it to be less important.&nbsp; In either situation it can still be a complete non-factor though, just really depends on who the listing agent is and if they put any weight on who the lender/loan officer is when presenting the offer to the seller.</P> Thu, 11 Jul 2024 17:03:53 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Pros-and-Cons-of-using-a-Big-Bank-Lender-vs-a-Local-Lender/m-p/6773113#M261760 ShanetheMortgageMan 2024-07-11T17:03:53Z