Banks, credit unions, brokers and nonbank lenders, mapped side by side
Banks
On the map
Banks take deposits and make loans, including mortgages. Their loan officers are federally registered rather than state-licensed. Some banks keep certain mortgages on their books and may offer relationship pricing to existing customers. You can confirm a bank's charter and deposit insurance on FDIC BankFind.
Last reviewed against the primary sources listed below.
What tends to stand out
- Branch access and existing relationships.
- Some keep loans in portfolio, which can help unusual files.
- Product range can be narrower than a broker's.
Who oversees them
National banks are supervised by the OCC; deposit insurance is through the FDIC; state banks also answer to state regulators.
Ask a bank
- Do you keep or sell this loan?
- Is there a relationship discount, and what must I keep to get it?
- Who services the loan?
Common questions about where to apply
Is it better to go through a bank or a credit union for a mortgage?
Neither is always better. Compare Loan Estimates from each for the same loan and weigh service, fees and whether the loan will be kept or sold.
Do banks sell mortgages?
Many do. Your loan terms stay the same if it is sold, but the company you pay may change.