It still astounds me, in regards to renewing a mortgage, to see how oftentimes banks will try and saddle their existent customers with a high interest rate, hoping people will receive their higher than market rate cite without ever comparing rates to other lenders. Apparently, there are more of these type of clients out there than i would have ever suspected.
Perchance you have seen this bank tactic first-hand. The bank sends a renewal letter providing you a five year limited rate mortgage at 5. 49% and then you go to their website and find out that they are providing 4. 39% on the very same type of mortgage loan as a teaser rate to attract new customers. What a crock!
Apparently banks don’t appear to be engaged with providing their current customers the choice that is best for the client. And apparently they feel no compulsion to reward their customer’s honesty with a reasonable offer. One would think that the banks would acknowledge that it is fewer high-priced to keep an existent client than it is to go out and find a new one and that this cognition would compel them to be concerned about their existent client base.
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