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Question by hmmmmm: How do I choose who to get my mortgage through? Major banks or smaller mortgage companies?
I have an established relationship with Bank of America however there are several other smaller banks and lenders out there with better rates. What happens if you get a mortgage through a smaller bank or lender and they go bankrupt or get bought out by another company? Does it affect your mortgage rate? Is that the chance you take or is the rate locked in no matter what?
Best answer:
Answer by V(^_^’)V
definitely go with the smaller banks or credit unions. they usually offer lower rates. if they do go bankrupt, other banks and lenders will take over your loan. the rate will usually stay the same.
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