I currently have my business bank account with a large mainstream bank. My personal bank account is with a credit union I've been with for many years. I'd like to start greeting relationships with more local banks as it's been advised to me they are better about financing local projects. I'm investing in the Houston area right now but my bank is out of Dallas. Is this local enough? Or should I try for a lender who is based out of Houston? I'm just wondering how local I actually need to get. Any and all comments greatly appreciated.
Not necessary, I have buyers purchasing in WA with lenders TX and MI. Just go for the best deals.
If you like what your lender is offering you, that is great. It does not have to be in the same area. For instance, one of my client's lender, which gave them the best deal is out of town too. However, finding and starting a relationship with a small local bank can be very beneficial. Good Luck!
I have done the same thing. Got my refi with credit union after having an account for several years there, while our corporate & personal accounts with a big national bank. I was pretty disgusted at how unprofessional the credit union behaved. But you feel really ripped off by the no-budge fees of the big boys. I have since been going with a local lender that’s not a bank at all. A good loan originator can find the loan that fits your criteria and doesn’t charge points or fees to lock your rate. I’m in Houston. Let me know if you’d like her info.