Had a similar experience when refinancing last year—traditional banks just didn't get the nuances of my income streams. Eventually went with a local lender who actually listened and considered my full financial picture. Definitely pays to shop around beyond the big names.
"Eventually went with a local lender who actually listened and considered my full financial picture."
Definitely agree local lenders can be great, but I wouldn't completely rule out traditional banks. I've had clients with unique income situations who found success by connecting with specific loan officers at bigger institutions—ones who took the extra time to understand their cases. It really comes down to finding the right person, not necessarily just the right place... sometimes it pays to dig deeper rather than dismissing the big guys outright.
"It really comes down to finding the right person, not necessarily just the right place..."
Couldn't agree more with this. I've seen situations where a big bank initially said "no way," but after connecting with a different loan officer—someone who actually took the time to dig into the details—the same application sailed through. On the flip side, I've also had local lenders who were great at first glance but ended up being pretty rigid once we got into specifics.
Honestly, it's less about local vs. big banks and more about finding someone who's willing to look beyond the standard checklist. If your financial situation doesn't neatly fit into their boxes (and let's face it, whose does these days?), you need someone who's comfortable thinking outside those lines. Sometimes that means shopping around a bit more or even asking for recommendations from others who've been in similar situations... it can be a hassle, but it's usually worth it in the end.
I think you're spot-on about needing someone who can think beyond the standard checklist. I've had similar experiences, actually. A couple years back, I was trying to refinance an investment property, and the first lender I approached basically shut me down because my income was complicated (multiple streams, some self-employed). They didn't even want to touch it.
But then I connected with another lender through a friend, and this person was willing to really dig into the specifics. It took some extra documentation and a few more phone calls, but they made it work. Same numbers, same property, totally different outcome.
The key seems to be finding someone who's willing to put in that extra effort. Big or small, bank or credit union—doesn't matter as much as how flexible and creative the loan officer is willing to be. It's definitely frustrating, but once you find that person, it makes future deals a lot smoother too...
That's a great point about flexibility. I've noticed the same thing—some lenders just aren't willing to step outside their comfort zone, even if the numbers clearly work. Makes me wonder if it's more about the lender's internal policies or just the individual loan officer's willingness to advocate for you. Did you find that smaller institutions were generally more open-minded, or was it really just down to the person handling your case?
