At Massachusetts Banks There is Money to Lend
Having money to lend is one reason to visit a local bank but it certainly isn’t the only one. The banking industry has an incredibly rich history in Massachusetts and New England, and many of our banks have been in business for hundreds of years. They manage risk well, but at the same time they are aggressively seeking mortgage customers.
Our local banks believe their success depends on trusted leaders that are knowledgeable and experienced. A local bank has a vested interest in seeing its borrowers succeed. If you as a borrower prosper, the bank prospers. The bank will be profitable only if it creates wealth for its customers and creates a deeper relationship. That’s why many local banks will continue to service your mortgage or will try to garner more of your business with other products and services. None of that is possible if you and your mortgage are not successful.
We encourage you to shop around, compare and contrast, not only the financial deal you’re getting, but the service you will receive. Check the confidence you have in a local bank compared to a mortgage company. A mortgage broker or mortgage company typically makes its money only from the initial transaction. So, it may be no wonder if they don’t care so much about your success. In addition to your loan, a local bank will cultivate a long-term relationship with you through checking and savings accounts, retirement programs, consumer loans, trust relationships and, often, insurance and investment sales.
More often than not Mass banks have said “yes” to qualified borrowers. If you happen to be among the potential borrowers who don’t qualify at first, your local bank will make an effort to help you qualify by working with you to save more or perhaps resolve some credit issues if that’s a problem. Too often, customers regret trying to obtain mortgages from non-banks that can’t help in this way and don’t have a long-term interest in seeing their borrowers succeed.