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Mortgage Broker News | 18 Sep 2014, 07:06 AM Agree 0
With our busy lives we strive for things to be easy and that will often apply to mortgage renewals too.
  • welbanks | 18 Sep 2014, 08:40 AM Agree 0
    These articles make me laugh. I'd like to see an official statistic that demonstrates how many people actually sign that renewal notice back at the posted rates... before brokering, I spent 10 years at a bank and in all my years there, I only processed ONE renewal at the posted rate. Not to take away from the idea of shopping that rate, as you certainly should, but there's really no credibility in these statements about renewing at posted rates. Scare tactics and nothing more. I don't know about you, but I don't want to win my business with scare tactics... that's a banker's trick and I think we're all better than that.
  • Jake Abramowicz | 18 Sep 2014, 10:49 AM Agree 0
    Well said Lee. What I don't get is how the broker has helped Ted in this case - when Ted himself called his existing lender and got a better deal. Renewals are a fool's game - the retention teams are so incredibly strong and the 'switch' process takes very long, I don't get involved unless I know what the best BEST offer is from the existing lender, or there's a change in covenant and suddenly it's a refinance or "B" deal. Otherwise I'm not being honest with my client by pretending their existing lender is a bad scary monster.

    By the way, Welbanks must be the best name in the brokerage industry!!
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