Hello Blind, I’m planning on doing 200K worth of renovations on my home in the Bay. Looking at my options, I could go with my local banks (Wells and BofA) or get a loan from a boutique brokerage. It seems like the boutique brokerages do wholesale loans and said they can give me a rate a bit lower than what the banks have quoted by half a percent! Does anyone have experience with boutique brokerages and know why they’re able to beat quotes from major banks? I’m new to this and it just seems sketchy. Thanks!
Yes. That is, assumed. Hire a lawyer to protect you.
TILA has standardized APR disclosures. I use that as a generic comparator. Also, see what a local CU offers.
Go with the lowest rate. In this case you are receiving money and not giving. So the risk is all on the other party who lends you the money. Minimize your loan interest rate!
That’s very true. I’ll definitely need to review the contract though for hidden “gotchas”.