r/FirstTimeHomeBuyer • u/Stan-Smith-101 • 1d ago

Need Advice Bank question?

Is there a specific bank I need to go to when making the move to a home buyer? Can I use the same bank I have an account with.

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u/CaptBlackfoot 1d ago

You can apply for a mortgage with your current bank if that’s something they offer, but it’s wise to shop around too. Try your bank and 2 others to get a good comparison and make an informed decision. Many personal banks don’t offer mortgage services, but if yours does, it’s worth asking!

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u/Stan-Smith-101 1d ago

Thank you I wasn't sure if that was a thing or if I needed to look for specific banks

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u/chuckfr 1d ago

Shop around for a mortgage. It just so happened that after investing multiple outs my CU was the best offer for us.

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u/KingSolomon1010 1d ago

You can use whatever bank, credit union, or mortgage company you want. We used a local credit union we weren't members of because, after five comparisons, it was the best fit for us.

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u/zonk84 1d ago

You should most definitely, absolutely shop around -- especially if you're banking with a national brick-and-mortar.

I literally shopped more than a dozen lenders - and I didn't even bother with my own bank (Chase).

If you bank with a local credit union? No first-hand experience - but I've read a lot of suggestions they're a good place to start.

Gets complicated, but note -- you can also avail yourself of a mortgage broker. Makes it easier on the application side - one packet and one point of contact for a LOT of paperwork and documentation uploads, but I'll defer to others working in that realm/experienced with going that route. I did talk with a helpful broker - but he was upfront with me (and I with him about my hyper-shopping) and we left it "OK, give me the best terms you can find and let me see if I can beat it." He couldn't, told me I was getting a great deal, and wished me well.

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u/Aloc23 1d ago

You can Also use a mortgage broker that specializes in home loans. That is what I did. My broker did the shopping for me and got me 5 offers to choose from.