How to go about contacting other banks to check out mortgage options? and NYC - Brooklyn - Williamsburg: Williamsburgh Savings Bank

How to go about contacting other banks to check out mortgage options?

We went and asked two banks their policies, closing cost information and such. This one bank has a rate of 4.1% for a 30 year fixed while another bank is 3.8% for the same mortgage amount and years. Should we try to get pre approval with all nearby banks? Will this hurt our credit? How can I be sure we are getting the best rate?


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Answer by Glenn S
Generally speaking going directly to most banks for a mortgage is not a good idea. It is better to check out a few "direct lenders" that are not banks. They tend to give better rates for lower costs. Large banks tend to give poorer service and take longer to get the loan completed. Example would be BofA, Chase, and Wells Fargo.

I would first contact Quicken Loans on the phone. They can tell you the interest rate and closing costs within a few minutes. Then shop that rate with a few other lenders.

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NYC - Brooklyn - Williamsburg: Williamsburgh Savings Bank


Image by wallyg
Williamsburgh Savings Bank, at 175 Broadway, was built by George B. Post from 1870-75. Additions were built by Helmle, Hubert & Hudswell in 1905 and Helmle & Huberty in 1925.

With its monumental arched entrance portico and towering dome, this early work by George B. Post is one of the first conscious expressions of the Italian Renaissance style in America. Post's design anticipates the explosion of interest in Reniassance and classical architecture that culminated in the World's Columbian Exposition of 1893. The Williamsburgh Savings Bank was founded in 1851 to serve the rapidly growing independent city of Williamsburgh. This building was the bank's third home and served as its headquarters until its new tower was completed in 1929. The vast interior, with its open plan, marble pilasters, and decorative iron grilles, contains one of the rare surviving examples of a post-Civil War ornamental scheme. This was designed by Peter B. Wight, with extraordinary neo-Grec and neo-Renaissance polychromatic stencil decoration in the cast-iron dome.

Williamsburgh Savings Bank was designated a landmark by the New York City Landmarks Preservation Commission in 1966. The interior was designated separately in 1996.

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