In the years I have been brokering I have never had a Branch Manager call me to question me on a rate I offered to one of her clients. This is a renewal that is coming due in 45 days and the homeowner called me to get a quote on the renewal. After finding out what her needs and goals are I offered her best terms and rate for her situation.
Needless to say the next day her bank manager calls me questioning me on the rate! The bank manager went as far as calling First National (the lender I quoted her) to inquire about the rate and term. This is quite shocking to me. For years I had to compete with Banks for mortgage renewals and it was always unfair as they always would cross sell the clients with other products.
It's nice to know that once in awhile a bank manager is helpless in what they can do and they can't compete with brokers.
I really have to thank our lenders who come up with creative products that give us the ability to compete. At the end of the day the client wins.
What you should take away from this is never believe you are getting the best rate from your bank at renewal. Always ask for a second opinion it could save you thousands!
To discuss your mortgage options call me at 403-971-2997. Looking forward to saving you thousands on your renewal.
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