Bank Myths

Since I work in mortgages I sometimes forget there are still lots of people who do not realized there are choices when it comes to home financing. Here are a few myths I would like to clear up.

1. Banks are doing you a favour by offering you a mortgage.

It is the banks business to lend money, this is what they do. If you qualify for a mortgage that means you earned the right to borrow money.

2. Banks will automatically offer you the best mortgage rate.

Banks have 2 rates, one posted and one special rate. If the client does not ask for the special rate they will get the posted rate.

3. When you mortgage is up for renewal you have to take the offer from the bank.

When your mortgage is up for renewal you can look at your choices just like you did when you first got the mortgage.

4. Banks are looking after your best interest.

Banks are a business and they are doing what they need to, to make money.

I really want people to know they have choices when it comes to their mortgage and don’t be afraid to ask questions and look at your options.