Quote:
Originally Posted by fotze
Always found the bank is hypocritical in this. They do all these 'tests' for financial readiness, employment letter, banking records, assets, liabilities, then turn right around and offer up things that indicate financial foolishness.
They will offer an absolutely terrible rate assuming you haven't shopped around. Right there it indicates you are a naïve jackass.
They will offer a 'cash-back' mortgage that indicates being terrible at math.
They offer 'mortgage insurance' readily known as one of the most terrible insurance products around.
They offer crippling mortgages.
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As a mortgage broker, this is something I deal with literally every day. People think that their bank has their best interests in mind. It's almost a comfort blanket to them.
They offer, as you say, these astronomical rates hoping you don't do your research...yet they have no problem doing a rate match when you do find something better elsewhere. Why didn't they offer that reduced rate in the first place?
Where's that gear grinder thread anyways?