One of the bits of fallout from the mortgage crash and the credit crisis is that many banks have tightened lending standards. Many of the big banks have lending standards that are much tighter than they used to be, and more onerous requirements if you want the best mortgage rates. One way you can get better service — and possibly better rates — is to turn to local banks.

Many local banks did not go through the same problems experienced by the big guys. Local banks, by and large, had reasonable lending standards and did not have the same level of exposure to risky investments as the “big guys”. This meant that they have largely been able to continue “business as usual” throughout.

Consider a credit union

Another thing to consider is the local credit union. While you still have to have reasonably decent credit to get a home mortgage loan, it is often easier to qualify for a better mortgage when you go through a credit union. Additionally, many credit unions have special programs aimed at encouraging you to borrow from them.

There are still options when it comes to getting a home mortgage loan. You are still going to have to show that you can afford it, and you will still have to have fair to good credit. But there is a chance that you can find approval at a local bank — approval that you may not get from the big banks burned by the recent crisis.