Re: New (old) concepts in banking!
Those banks kept merging through the 2000's--especially the bigger banks. FirstUnion/Wachovia, JPM/Chase, and the big Citi acquisitions all happened in the last 10 years. As that has happened, some of the remaining local banks basically had to just surrender, as they could no longer compete.One upside (sometimes) to taking that rate that's a little bit higher than the mega-bank is that your loan is probably much less likely to get sold--unless, of course, that local bank decides to sell out to a mega. Local servicing means a lot in these days of decreasing home value.
P
pkjensen
(view)
Those banks kept merging through the 2000's--especially the bigger banks. FirstUnion/Wachovia, JPM/Chase, and the big Citi acquisitions all happened in the last 10 years. As that has happened, some of the remaining local banks basically had to just surrender, as they could no longer compete.One upside (sometimes) to taking that rate that's a little bit higher than the mega-bank is that your loan is probably much less likely to get sold--unless, of course, that local bank decides to sell out to a mega. Local servicing means a lot in these days of decreasing home value.
