Why brokers are better than banks

Recently, my wife was reminiscing about our first house. We had been married for about a year and decided it was time to buy a home. This was in 1986 but she has vivid memories of the experience. What she remembered about the home buying process was going to the bank to arrange the mortgage. She said that she felt like a criminal. The way they asked questions and would not assure her. The thing I remember was the computer screen. If a question came up and you tried to look at the bank employee's computer screen they would turn it away from you. Why? this is my information, what's the big secret? Years later when we had equity in our home, we applied for a home equity line of credit (HELOC) Although we had had a mortgage for over 20 years , and my wife had banked for longer with this bank, we were once again encouraged to apply but then treated like criminals. Were we worthy enough to get a line of credit? After making faces and without saying anything about what she was doing, the bank employee announced that we had qualified for the line of credit. Little did I know at the time, the rate she quoted me of 1 1/2% over prime, was high. If we were such good clients why were we being hosed? It was only after I did some homework that i was about to find out that we were paying more than if we had our line of credit with another financial institution. I called and asked for the lower rate and was told that I did not qualify because I did not have enough business with the bank. This is tied selling or relationship pricing and is illegal in Canada under section 459.1 of the Bank Act. As you can see, getting a mortgage and a line of credit took a lot of work, research and I had to put up with being treated like a kid. My revenge has been to become a mortgage broker. When I fill out an application with a client I tell them exactly what questions I will be asking and why. I then allow them to view the screen with me. Some people are so surprised. I 'm sure that they have had similar experiences at the bank. I also shop over 50 lenders to find the best rate for a product. I will offer the client a choice and explain the pros and cons of each product and let them make the decision. Most consumers ahve never had this experience before. They are used to a bank employee telling them what they need and sign here. Finally, financial documents can be difficult to read. I go over the documents line by line to help people understand what they are signing. Does this take a long time? Yes, but my clients are empowered and know what they are making a decision on. This is how I get my revenge on the banks for years of bad service. If you are tired of being treated like this contact me and I will assist you to gain control of your finances. My website