Is it normal for banks to require borrowers to open checking accounts at their bank? They prefer buyers to get their payments automatically instead of having a customer send a check every month. When a buyer refuses the bank charges a higher rate on the loan. Will I encounter the same thing when I shop around? by cityslicker791 from New York, New York. Apr 26th 2022
I've heard of lenders offering a slightly better rate on a car loan for setting up auto payment but I've never heard of a lender doing that on a mortgage.| John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |
Never heard of that with a bank, but it is pretty common with credit unions, as you need to "be a member"
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