January 23rd 2023

Banks don’t want you to do your homework, and here’s why

They will ask you to renew up to 6 months before you need to, hoping you will be too lazy to shop and compare. 

While your bank will continually tell you that they value you greatly as a customer and that they’re dedicated to helping you become mortgage-free as fast as possible, the truth is that they want to keep you as deeply in debt as possible  (A bank doesn’t care of you ever take a vacation again, as long as you keep paying them interest, banks call it PROFITS)

Here are some Pros and Cons to think about. 

Big Bank Cons

  • The big con is that you have to be able to negotiate (unless you get a joy ride out of it as I do), or else you won’t get a good deal.
  • You have to do the shopping around (go to different banks etc.), which can be time-consuming
  • Their rates often aren’t as reasonable as mortgage broker rates
  • If your credit score isn’t up to snuff, they might not take you on
  • You might need to get “supervisor approval” for requests or whatnot

Mortgage Broker Pros:

  • They can meet you at your time 
  • You often get a very competitive rate
  • They can get you approved for more (which can be a bad thing, too, though)
  • If your credit score isn’t good, they can find a lender who will take you on
  • You don’t have to negotiate; they will negotiate for you.

Reach out to me anytime to get assistance with mortgage financing. You can Text or phone (519-217-3484).

– Geoff