There are many advantages to choosing a local bank as your mortgage provider over a national bank or online mortgage lender. Choosing the right lender for your needs is a serious undertaking, with long-term impact on your financial outlook. Here are a few of the advantages to consider when choosing a local bank for your mortgage.
A local bank offers increased and direct access to your lender. When you choose a local bank to provide your mortgage, you’ll be able to have in-person conversations and even make payments in person if you prefer. Mortgages can be complicated, so the ability to walk into your local bank to discuss options and resolve problems in person is a major advantage.
Your local bank is also more likely to have a greater degree of flexibility in granting loans compared to a larger bank or online lender. Online lenders handle thousands of applications a day and approve or deny mortgage requests based on a firm criteria. At Piscataqua Savings Bank, we never have to check with “corporate” or third party underwriters in another state because most of our loans are true portfolio loans. That means your loan originates with us, is retained by us, and all your payments are made here. If you choose a nationwide bank or online lender, your mortgage may be sold multiple times over the lifetime of your payments, which can result in confusion and the greater possibility of missed payments due to misunderstanding.
With a local bank, you can meet with a loan officer who has the time and attention available to learn about your specific needs and your financial situation. A loan officer at your local bank will have local expertise and connections, and may even be able to connect you with a trusted real estate agent.
Lastly, a local bank has a vested interest in improving the community and its serving neighbors. When you choose Piscataqua Savings Bank as your mortgage provider, your money stays within the community: through donations to community schools, charitable causes, and local events, and in offering future depositors lower rates on loans and higher rates on deposits.
Choosing A Mutual Savings Bank For Your Mortgage
Unlike corporate banks, mutual savings banks do not have outside shareholders. A stock bank always has shareholder interest, and therefore profit, at the center of its decision-making. Corporate banks favor growth for the sake of growth in the interest of growing a profit for their shareholders. At Piscataqua Savings Bank, we grow based on customer and community needs, so your loan officer will always put your interests first.
Piscataqua Savings Bank Mortgage Options
At Piscataqua Savings Bank, we take pride in being one of the Seacoast’s leading home mortgage lenders. We’re a family bank first—where our customers matter most and communication is essential. Our loan officers realize a mortgage is right only when individually tailored for each customer. We specialize in offering solid advice that is carefully composed around your particular circumstances. Learn more about our home mortgage lending program here, call (603) 436-5250 to speak with a loan officer, or visit us in person at 15 Pleasant St in Portsmouth, NH.
Piscataqua Savings Bank also offers unique home equity loans and lines of credit, including offering a special discounted rate for environmentally friendly updates to your home. If you plan to renovate your home, you can ask our loan officers about obtaining a line at the same time as applying for a mortgage.
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