Advantages of Banks
Here are some benefits of getting a mortgage directly from a bank:
- If you have been working with a particular bank for a long time, you may already trust your bank and be more familiar with it. This can be comforting in a large and important transaction, such as buying a home.
- If you have a pre-existing relationship with your bank, it may be possible to leverage your relationship to get a better rate or terms.
Disadvantages of Banks
Here are the drawbacks of getting a mortgage directly from a bank:
- Banks only offer their own products, so there is a limited selection that you can choose from.
- Some banks have a higher threshold for mortgage approval. This means that you may not be approved at a particular bank, and may have to shop around.