Why do people trust the banks but have a hard time trusting mortgage brokers? Is it because banks project an image of trust? Is it the multi-millions of dollars that they spend on advertising? Is it because you are inundated with them in commercials on TV where they pretend to be looking out for your best interest? Or maybe it is because of their fancy pristine buildings with lots of window and beautiful lighting and marble tile? They evoke an air of professionalism that maybe the average mortgage broker doesn’t have?
I did a mortgage for a client recently. She was refinancing her home to improve it and to do some minor renovations. When we were very close to reaching the final step of this process, the bank tried to surprise her with a $6000 penalty. Thankfully I was there in her corner to advocate and fight for her otherwise she may have been stuck with this penalty.
Be careful. Find a mortgage broker you trust or find a banker you can trust. As I always say – there are no good banks, only good people.