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RIP First Republic

In my life, I've had many banks, from small neighborhood banks to regional players to the big international powerhouses. All had their issues and at best, I was okay with their service and offerings. Until I found First Republic.

I originally *met* the bank through real estate, as they had great rates and service, and offered some interesting options for mortgages that other banks did not (e.g., the ability to refinance a cash purchase immediately after closing, as opposed to the usual required waiting period). My clients who financed with FR truly benefitted and I heard nothing but rave reviews.

When my husband and I refinanced our own home with First Republic a few years back -- taking advantage of an almost inconceivably low rate of 2.15% -- we were required to move at least one account over to the bank so that they could direct debit our monthly payments. No problem, we thought, and worth any inconvenience of shuffling bill payments and direct deposits for that rate.

I was so pleased with the service during the transition -- having a dedicated human to help me reset up all my bill pays, answer any questions, I had, etc. -- that I very quickly moved over my other personal accounts as well as my business account. I thought I had found my bank for life. Alas...

But more than the loss of my own banking, I am really feeling the loss of what had been a reliable go-to lender for my clients. Beyond their great rates and flexible terms, I knew they would deliver a level of personal service in line with my own business model, so I felt confident my clients would be in great hands.

For those of you who DID finance with FR, I am told that while some of their mortgages may remain with Chase, some will certainly be sold off, so be prepared for some shuffling of service. The good news is that your existing rates and terms will remain the same, so no worries there.

And for any of you I'd recommended First Republic to in the past who are still out there searching and need a new preapproval, please reach out and I'm happy to connect you with one of my other go-to lenders. Thankfully I've got a few other great people/lenders to recommend!


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