Financial Institutions

If you don't already have a strong relationship with a financial institution, start one. Shop around. Interview banks. Ask your friends what banks they use. Talk to lending officers about your plans. See what they say. Then take out a checking or savings account at whatever bank you choose. The best kind of bank for you right now is a small, community bank that didn't invest heavily in real estate. It's sounder and tends to be locally controlled, so you get better service. The last kind of partner you want is some national bank who has a branch in your area, but the leding decisions are made in Chicago, the underwriters are based in Los Angeles, and appraisals are ordered out of Houston. Chances are the person you talk to won't know anyone in these far-off places and lots of weird things can happen. A local bank will more likely be locally controlled, so they'll be more responsive to you overall and a stronger partner for you.

If you're already a customer of a bank, and you're happy with it, develop that relationship. Meet the loan officer. Take him or her to lunch. Discuss your plans with them. They'll be happy to talk with you, and since you're already a customer, they'll bend over backward to make you happy because it costs far less to keep a customer than it does to get a new one. And their bosses are looking at them to see how many good loans they're making. It'll be in their interest to work with you.

Whatever financial partner you choose, treat them as a trusted advisor. Share your plans with them. If you have credit problems, get their opinions. Follow their advice. Ask them to review your credit report and tell them what you're doing to repair your credit. If you have a business, too, talk to them about that. We tend to think of banks as big cash registers. They are, but they are also an excellent source of financial and business advice.

Keep in mind, banks tend to be conservative, though there's nothing wrong with that. If the last few years have shown us anything, it's that we need a healthy dose of conservative financial practice. We paid to much for stuff, bought way more stuff than we needed, borrowed when we should have foregone and done with less. Now we're all paying the price.

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