Big banks vs small local banks

[Kevin N.]

In general, which bank give you better interest rates?

[Rob Beland]

It's not that easy of a question to ask. Big banks have more resources at their disposal and generally have more money so they can theoretically offer better rates. Local banks know you and your situation and if there is something negative on your credit that would force BofA to deny your loan application, you could likely have a conversation with the underwriter of your local bank and they may give you the loan. A higher interest rate from a local bank is now a better interest rate than a denied loan. 

[Kevin N.]

@Rob Beland

 Thanks for the quick answer. That's what i was expected. 

[Steve Vaughan]

Big bank's underwriting requirements are all the same as far as the borrower's credit &, character and the collateral pledged.  All the same.  If you are just getting a run of the mill residential property, look into them along with your local bank.  If you seek commercial property, (including 5+ unit apts), storage units or something 'outside the box', local regionals are the way to go!  As a matter of principal, I try to give my business to the smaller banks if possible.  They didn't need a bailout, nor did they reward their CEOs with millions as the ship was sinking!  Good luck @Kevin N.!

[Account Closed]

Originally posted by @Kevin N.:

In general, which bank give you better interest rates?

 It really depends on what exactly you are trying to do and the banks level of comfort/familiarity with what it is you want to do.

[Account Closed]

Originally posted by @Steve Vaughan:

Big bank's underwriting requirements are all the same as far as the borrower's credit &, character and the collateral pledged.  All the same.  If you are just getting a run of the mill residential property, look into them along with your local bank.  If you seek commercial property, (including 5+ unit apts), storage units or something 'outside the box', local regionals are the way to go!  As a matter of principal, I try to give my business to the smaller banks if possible.  They didn't need a bailout, nor did they reward their CEOs with millions as the ship was sinking!  Good luck @Kevin N.!

 So you have a problem with BofA, the CEO pay or both?