A Cookie and a Mortgage: What They Have in Common

Now, you know I always say “It’s like David vs. Goliath” (See Brenda Borrower Gets Buffed by Big Bank) when comparing us little guys to the Big Banks of America, Banks Far from Wells, and Banks Found in the City.

Today I say it’s more like comparing a cookie. Think of it as “Little Debbie vs. Local Baker”, when it comes to comparing your mortgage bank. Little Debbie being Big Bank and the Local Baker being the Little Guy.

I know that every American is familiar with their local branch of Big Bank because they do your checking, savings, and other financial services. Don’t get me wrong, they usually have good checking and savings products, however nothing to write home about because most credit unions (small banks) offer the same products.

People associate, or rather associated, Big Bank with stability and security. If the last few years have taught us ANYTHING it is that the bigger you are, the faster your cookie crumbles.

Realistically, you’d think that they uphold the economy and keep our nation strong. Oh wait…we’ve had to divert our tax dollars to uphold them and keep their doors open. That’s an expensive cookie!

Well at least they help us with affordable housing and help keep people in their homes. Oh wait…they’ve withheld inventory, creating bidding wars on properties. Not to mention the high amount of foreclosures that more and more Americans are facing (See “Not Politics, Statistics“).

So, why exactly do we use Big Bank? I can’ t answer that. I’ve always used a credit union and support the small businesses in my community. I’m sure Big Bank can give you reasons why you should use them, but that’s their deal not mine. They pump billions and billions of their…oh wait…our dollars into marketing. All I have is this blog!

Let me tell you why you should use a small bank for just about everything, including your mortgage.

Think of small banks as you would a bakery. Everybody knows that one bakery that is owned by somebody who wakes up at the crack of dawn every day to prep the ingredients and make a darn good cookie.

That baker knows his recipe front and back, never willing to compromise on the quality of his ingredients. If you have a problem or special request, you can simply call and ask for him or come in one day to speak with him directly.

Usually, he’s more than happy to speak to you because YOU are helping to keep a roof over his desk. YOU make sure he continues to run an honest business and he works hard to keep your business.

Then you have Little Debbie. They do make great snacks and distribute them worldwide. The owner of Little Debbie wakes up, puts on a suit, and sits behind a desk all day. YOU have NO say in how the recipes are made, the ingredients that go into the cookie, or how their company is run.

Nothing against Little Debbie, they create thousands of jobs and do make a pretty good cookie. What lacks though is a personal touch and that special “made just for you” attention to detail (See “Bad Credit…Is It Really That Bad?”).

Big Bank cares about a bottom line. They’ll do anything to maintain it, including taking YOUR tax dollars. Big Bank does not care if you’re losing your home, so long as they can foreclose and turn it for a profit. Big Bank measures your worth and dignity using dollar signs. Doesn’t matter what you think of the cookie, we’re gonna shove it down your throat and make you eat it (See “Ray Homebuyer Had to Change His Last Name“) .

Small Bank (i.e. Me) knows the community, knows the local resources, and has a vested interest in seeing you purchase a home. Small Bank answers to you, not shareholders. Small Bank is usually run by someone like YOU, who has a kid that goes to school with yours and votes at the same poll.

Like the Baker, you can come in and just ask to speak to the person in charge of your loan, trusting that you’re going to get great service. They want you to be satisfied with your decision to do business with them so they will make it a point to give you their contact information. We want you to buy the cookie because it’s the best cookie, if it isn’t the best we want YOU to tell us why.

When was the last time your Big Bank teller or manager gave you their cell number? Here’s mine (714)244-7368 (See my Professional Biography) .

The Bottom Line is this: Goliath was big, powerful, and intimidated everyone in the land because of his perceived strength. David, the little guy who everyone was betting against, sliced Goliath’s head off. Think about it as I sharpen my sword.