WHAT IS THE RISK BORROWING HOME LOAN FROM A SMALL AND NEW BANK?

I am carrying the normal loan focus with the large bank. we only found the tiny bank in Florida, founded in 2004, is charity improved rate as well as price compared to those large important banks. The tiny bank is part of of FDIC. Somebody told me tiny bank might not follow sovereign regulations. How do we discuss it if the bank is the competent home loan lender which follows all lending regulations? What is the risk borrowing home loan from the tiny bank?

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3 Responses to “WHAT IS THE RISK BORROWING HOME LOAN FROM A SMALL AND NEW BANK?”

Rico January 25th, 2010 at 06:09

There is no risk for you, you’re the borrower. As long as you get the money at the rate, terms and fees you understand.

greeter7 January 25th, 2010 at 06:24

Unless you are borrowing on the i net you should know ALL there is to know about the bank. . . All banks a member of the FDIC all one must do if you are not in there city go to FDIC. GOV AND CHECK THEM OUT. . . . . or call the banking commission. . .

wife of marine January 25th, 2010 at 06:46

FDIC is great and all, but it has almost nothing to do with lending. FDIC means that they have a Federal Deposit Insurance Company protecting your deposits (checking, savings, CDs, IRAs, etc) in the case of the bank going belly up. If the bank ends up getting in trouble, they will sell your loan off to another bank or financial institution for the capital. This can happen in large banks as well as small banks, especially the way the economy is right now.

To test this small bank for their federal guidelines, when you walk in next time ask them where they have posted their Community Reinvestment Act public notice. If they look at you like they have to no idea what you are talking about, walk back out the door and don’t look back. If they have one, take a seat!!

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