At Massachusetts Banks There is Money to Lend
Having money to lend is one reason to visit a Massachusetts bank but it certainly isn’t the only one. In this recessionary period, there has been, no doubt, a crisis of confidence in the marketplace. Consumers have expressed nervousness about financial transactions. However, those doubts can be put to rest when it comes to dealing with a local bank. 
Many Massachusetts banks have been in business for hundreds of years. They are conservative and manage risk well. None were involved in the risky subprime lending you’ve seen in the national headlines. (More on this later.)
In the Bay State, a local bank has a vested interest in seeing its borrowers succeed. If you as a borrower prosper, the bank prospers. The bank will be profitable only if it creates wealth for its customers and creates a deeper relationship. That is why many local banks will continue to service your mortgage or will try to garner more of your business with other products and services. None of that is possible if you and your mortgage are not successful.
We encourage you to shop around, compare and contrast, not only the financial deal you’re getting, but the service you will receive. Check the confidence you have in a local bank compared to a mortgage company. A mortgage broker or mortgage company typically makes its money only from the initial transaction. In addition to your loan, a local bank will cultivate a long-term relationship with you through checking and savings accounts, retirement programs, consumer loans, trust relationships, and, often, insurance and investment sales.
Massachusetts banks avoided the recent real estate crisis largely because their leaders are knowledgeable lenders who, based on experience, are conservative in their approach to loan approvals. Delinquent loans in Massachusetts banks are less than half the national average. That means that more often than not Mass banks have said “yes” to qualified borrowers and “no” to some borrowers who are not quite ready for a mortgage.
If you happen to be among the potential borrowers who don’t qualify at first, your local bank will make an effort to help you qualify by working with you to save more or perhaps clear up some credit issues if that’s a problem. Thousands of people across the U.S. now regret taking mortgages from some of the aforementioned non-banks who didn’t have a long-term interest in seeing their borrowers succeed.
