The Benefit to Banking Locally... especially when looking for a mortgage loan
April 2022
Does local matter? Should you even care? In a world of big business and banking that continues to grow, it’s easy for the smaller fish to get lost in the big pond. Larger banks can seem alluring with offered services like online banking, mobile apps, and easy accessibility. However, most of their smaller, local counterparts provide these same services and much more. While we at First Federal are undoubtedly biased, here are four good reasons that a small, community bank may be precisely the thing you need to help you with all your financial needs, especially when shopping for a mortgage.
Comparable Products and Services
According to Money-Rates.com, 43 percent of small banks’ checking accounts have no monthly maintenance fee, compared to a mere 25 percent at larger banks. Nearly all smaller banks also offer free checking accounts. Some offer free checking as a standard, while others will provide it if you agree to receive electronic statements. Smaller banks can also be incredibly competitive with attractive rates on savings accounts and mortgage loans. You might find higher savings rates at bigger banks, but many community banks will offer comparable relationship pricing. Plus, nothing is keeping you from opening multiple accounts (online and local). On our website, you can compare and browse First Federal Bank’s current mortgage rates anytime.
Beyond just a Smile
While a smaller bank is undoubtedly working with a smaller staff than your large national banks, a small, dedicated team can work to your benefit. Working with fewer people helps to put a human face on the organization that handles your finances. Instead of having your needs buried in the bureaucracy of a larger institution, you can take comfort in knowing that your financial needs are met by capable individuals you know and can call by name.
You can feel confident in the First Federal Team when shopping for a mortgage loan. We’ll support you from the education process to the closing table and ensure you have everything you need. That’s the convenience of working with a local team. We are just down the street or a phone call away if you have questions.
For many loans, a larger bank may deny your request outright. Working with a community bank and their insight on local comings and goings, you are working with people who have a more accurate picture of the market, which might make the difference in being approved or not. At First Federal Bank, we know our greatest asset is our people, and we extend them the flexibility to give you the service and support you deserve and expect at your local community bank.
Investing in the Community
Working with an institution within your community can be a rewarding experience in itself. Many people feel satisfied working within their own city or town. Keeping your money with a trustworthy community-based bank can give you peace of mind, especially when you see that institution make intelligent investments that benefit the community. At First Federal Bank, we pride ourselves on our deep community roots and our First Federal Charity Foundation. Our Foundation actively seeks community development opportunities to support educational, civic, health, human services, social, and cultural organizations that address these objectives.
Trustworthy and Committed
Working and banking with a local institution can assure you that larger banks simply cannot. It seems all too often that you read about a large institution facing scrutiny over questionable business practices. When decision-makers are removed from the customers and communities they serve, it’s easy to lose sight of what is most important.
With a community bank like First Federal, its management team lives and works right in the communities they serve. Therefore, every decision is personal and vested. You can rest easy knowing that your mortgage and personal finances are in the capable hands of people you know, trust, and may even bump into on the street.
