what is the risk borrowing home loan from a small and new bank?
I am having a traditional loan application with a big bank. I just found a small bank in Florida, founded in 2004, is offering better rate and cost compared to those big famous banks. The small bank is member of FDIC. Somebody told me small bank may not follow federal regulations. How do I tell if a bank is a qualified home loan lender that follows all lending regulations? What is the risk borrowing home loan from a small bank?- There is no risk for you, you're the borrower. As long as you get the money at the rate, terms and fees you understand
- Unless you are borrowing on the i net you should know ALL there is to know about the bank. All banks a member of the FDIC all one must do if you are not in there city go to FDIC. GOV AND CHECK THEM OUT. or call the banking commission
- FDIC is great and all, but it has almost nothing to do with lending. FDIC means that they have a Federal Deposit Insurance Company protecting your deposits checking, savings, CDs, IRAs, etc in the case of the bank going belly up. If the bank ends up getting in trouble, they will sell your loan off to another bank or financial ins ution for the capital. This can happen in large banks as well as small banks, especially the way the economy is right now. To test this small bank for their federal guidelines, when you walk in next time ask them where they have posted their Community Reinvestment Act public notice. If they look at you like they have to no idea what you are talking about, walk back out the door and do not look back. If they have one, take a seat!
Knowledge Base
How many appraisals do I need to shop for a mortgage refinance?
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home loan?
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Knowledge Base: Home Loan
How many appraisals do I need to shop for a mortgage refinance?
if i want to get 2 or 3 offers for a mortgage refinance, do i have to get 2 or 3 appraisals? or can i get just one, and use that for all 3 banks?. appraisals are not done until you actually apply for the loan. if you're just shopping (home loan)
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What is the maximum limit of home loan credit score rating could help avail?
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Knowledge Base: Home Loan
home loan?
my house is worth about $550k. my credit score is 559 right now, due to my excessive credit card and student loan debt. nothing has ever been late, it's just that i have excessive amounts of these debts. i make about $2, 600 dollars a month, and i am wondering (home loan)
what is the risk borrowing home loan from a small and new bank?
i am having a traditional loan application with a big bank. i just found a small bank in florida, founded in 2004, is offering better rate and cost compared to those big famous banks. the small bank is member of fdic. somebody told me small bank may not follow federal (home loan)
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Home loan?
my boyfriend is applying for a fha home loan today, he has great credit, 700's and has had a job for awhile. the only thing is that he has cut back hours lately because of going to school and work and they asked for his last month of pay stubs. (home loan)
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- Home Loan
- Home Equity Loan [6]
- Mortgage Refinance [11]
- Home Loan [8]
