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Should you go to your bank for a Mortgage?

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.

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