Savings and Loans or Commercial Banks?

How To Decide Between Savings and Loans and Commercial Banks

When trying to decide rather or not to gain a mortgage from a savings and loans or a commercial bank, you need to know what your needs are. Do you prefer a small or big name lender, would you favor many product choices over personal service or would you fill more comfortable with a national bank over a local bank?

While a commercial bank can propose several product option and competitive interest rates, commercial banks loan offices are outside your local branch. This means you may have to deal with a mortgage department that is out of your local area. So as long as you are not bothered by contacting your lender from an 800 number and being transferred from department to department, then the commercial bank is a good fit for you.

Savings and loans are similar to a commercial bank in that they can offer you great rates and while they have a smaller selection of mortgage options, you can pick and choose what mortgage products fits your needs. With savings and loans normally being a small regional bank, you can go to your local savings and loan office to fill out your loan application. This gives you a more personalized service during your loan application process.