An Unusual Day As A Mortgage Broker

Misunderstanding Or Arrogance?

Now, it raises the question; did they simply misunderstand or not read the article, or do they really feel that people should blindly trust them? The funny thing is their bank is one of the institutions I tend to like more. I just wouldn’t (necessarily) do a mortgage with them!

The moral of the story for those who have read this far (bankers reading this article take note):

Not all bankers are bad people, in fact many are good people but all of them are part of a system where they are salaried and expected to perform to sales targets, are rewarded for doing so and could be potentially penalized for failing to do so. If one needs to do business with a bank, one should not blindly trust what they are being told, should ask lots of questions, and if they are declined they should remember there are other places that may like them and their business.

So for example, the bank declines your mortgage application, and they say to you “you can’t afford it, come back in a year” it doesn’t mean you should take them at their word. It is that kind of situation that happens when they are not acting in their client’s best interests (meaning they tell them to wait a year instead of saying to speak with a mortgage broker who could help them now), and it happens quite often from my experience. As a mortgage broker, I can sometimes go through 6 lenders or more to find an appropriate solution for a client on more difficult files. When a file is straight-forward, I have many great mortgage lenders to choose from and often the rate is market-leading.

For more reasons for comparison of the advantages of the bank vs a mortgage broker, read my article about banks vs mortgage brokers.

For more general information and recent articles, please visit my Vancouver mortgage broker homepage.