This content of this list was learned the hard way by many loyal bank clients who have come to our office to try getting mortgage at the last minute. Unfortunately, these clients learned that there are many things that the bank won’t necessarily share with its clients. It’s important to remember that the banker sitting in front of you represents, first and foremost, the interests of their employer, the bank – and one of the bank’s primary interests is profit. Your interests as a client are, at best, second place. So what won’t your bank tell you at this crucial time?
When thinking about your mortgage, you need to think over its 25 to 30 year life and not just the next five years. The Mortgage Broker’s job is to enable you to quickly, cheaply, and efficiently transition from one mortgage to another, allowing you to take advantage of deals and promotions from various institutions. Your bank, on the other hand, will try to lock you into a mortgage that uses high penalties to limit your flexibility, trapping you with them. Another way to save with your mortgage will be through adjustment of your payments based on inflation. Adjusting your payments according to inflation will increase your equity and enable you to pay the mortgage off much faster, while also preparing you should rates resume their historical levels.