Steven is looking at banks for checking and savings accounts. Some offer home loans and others do not. Steven may need a home loan sometime in the next few years. But he wonders if he should really ask what kinds of loans the bank makes, because he is getting a checking account, not a home loan. Which statement below gives the best reason for Steven to consider loan availability in choosing a checking account?

Question

a.
The bank offers $100 to customers who get a pre-approval for a home loan.
b.
The bank provides ATMs in all the suburbs where Steve is interested in living.
c.
Banks that provide home loans can usually charge lower fees on checking accounts.
d.
If he needs a home loan in the future, he will have a relationship with the bank.

Answer 1

The best statement for Steven to consider when choosing a checking account, given his potential future need for a home loan, is:

d. If he needs a home loan in the future, he will have a relationship with the bank.

This statement highlights the importance of establishing a relationship with the bank that could benefit him when he decides to apply for a home loan. Having an existing banking relationship can lead to better service and possibly more favorable terms in the future.