18 June 2010
It looks like banks aren’t worried by the fact that people can surf internet and find better mortgage rates.
Banks think they can earn more money by catching those who don’t do this.
So if you want to renew with a bank and you get one of these letters, call your bank and ask them why they’re selling you a high rate. And don’t believe their “It’s our usual rate”.
If you do decide to cooperate with the bank, give them just one chance. Tell them to give you their very best terms at once. After that call a mortgage broker and compare the benefits.
In the end, choose the one who protects your interests.