Best Community Bank or Credit Union in Denver Area

12 Replies

We moved here from NY a little over a year ago and while I'm back next week I'm closing a checking account with a community bank there. I'd like to move money to somewhere local where people can get to know me for future potential deals. 

We're in Littleton. Thanks in advance for suggestions!

Victoria,

I do a lot a banking and the best community bank in my opinion is FirstBank. They are local so they have fair lending standards, great customer services, and are MUCH easier to work with than some others. 

FirstBank is expensive to bank with. Someone has to pay for all those new buildings... I have my business and personal accounts there.

I've got a HELOC at Elevations and really like them. However their only location is at 120th and Sheridan. Everything else is North of there. I'd move here if they had more locations.

I've been toying with the idea of moving to Bellco. 

I also highly recommend elevations and have everything through them.

I have several friends at First Bank and always reach out to them when I am looking to do something new though. They are good, and super convenient as they have locations everywhere. 

I guess I just stick to elevations cause it's where everything already is. The Boulder locations are just a slight inconvenience.

What are some of the criteria you use to decide on a bank? I am looking to do a HELOC in the next few months and it would be great to have some ideas of what to look for (and look out for).

Originally posted by @Peter S. :

What are some of the criteria you use to decide on a bank? I am looking to do a HELOC in the next few months and it would be great to have some ideas of what to look for (and look out for).

 How much money they will give me;) Elevations went up to 90% and 1stBank was 80%. It made a huge difference.

Additionally, I believe elevations has a 20 year product which consists of the first 10 years being interest only (draw period) followed by a 10 year repayment period. I started looking into 1stBank but decided the 20 year term was what I wanted.

On top of the amount of money they will give, the product they will offer, I would add the time and effort it takes you to close on the product. I was originally quoted a 2 week turnaround if I used their "value estimate" and a 4-6 week if I had an appraisal done.

I have had some issues on the HELOC I am in the process of getting with Elevations. I wanted to have an appraisal done so I could lock a larger chunk of my equity at a lower fixed rate. I have gone back and forth several times saying I wanted this and when could the appraiser come through the home. Finally, after 3 weeks of emails, I decided to just take their "value estimate" (which is fine if I hadn't done any improvements). I am also fairly maxed in my DTI so maybe that has been the real slowdown and push back on the appraisal. Anyways, after agreeing to their "value estimate" they are saying it will be closed in a week.

Even with this difficulty, I would still go with them again.

Originally posted by @Wesley Jeanette :

On top of the amount of money they will give, the product they will offer, I would add the time and effort it takes you to close on the product. I was originally quoted a 2 week turnaround if I used their "value estimate" and a 4-6 week if I had an appraisal done.

Even with this difficulty, I would still go with them again.

For my neighborhood anyway, I found their computer value spot on if not high. It actually was the same value that 1stBank had. I bet they use the same program.

I don't really trust appraisers to give a good price without a contract... too much chance with them.