Consumers who renew without asking questions are being taken advantage of. Your loyalty to your bank is costing you, huge!
I had a consumer call me regarding current mortgage rates and at that time I told her the 5 yr was at 3.19%, she had 5.49%. She went into her bank on a totally unrelated matter, but the banker saw that she was nearing the end of her term and quickly brought up the mortgage subject. Guess what? The banker talked her into a 5 yr at 5.17%. When the lady called me back I asked why she would have signed that horrible offer knowing I had 3.19%. She replied, my banker told me this was a great rate and I should be lucky. What?!?! Really?!?! Had she of dealt with us, she would have been well on her way to becoming mortgage free faster.
Anyway, I came across an interesting article, Loyalty doesn’t pay when it comes to mortgage renewals.
A Bank of Canada study found that loyal bank customers don’t get best deal when they renew mortgage. People who switch and first-time buyers do.
Everyone you deal with would like you to believe there are rewards for your loyalty.
They may offer a better price, a bundling discount, or less tangible things like superior customer service. Sometimes your loyalty is rewarded and sometimes it isn’t.
Give us a call, 403.242.5547, we can help.
Real Estate Investor Mistakes
Debt Consolidation E-Book
11 Credit Card Secrets