The Difference between a Broker and your Bank.

I really couldn't have scripted a recent discussion I had with a gentleman any better. I was getting into my van which was parked in the parking lot at the mall. My van has lettering on the window that says "Save thousands of dollars by having your mortgage professionally managed, at no cost to you!"

The gentleman came up to me and asked "Is that really true? How does that work?" I explained that we can help him find the best mortgage to meet his needs at teh lowest possible rate. Then we monitor that mortgage for interest saving opportunities during teh term of teh mortgage.

He then said he wished he had met me a few weeks earlier. He explained that he had gone to his bank to ask about refinaning the mortgage he had with them at today's lower interest rates. The loan officer said to him "You should have come in to see us a few weeks ago when the interest rates were lower". He then asked the loan officer "Why didn't you call me?" and she said that the bank doesn't do that. He then asked who she worked for, her clients or the bank. She said she worked for the bank. He said "exactly!"

I thought that clearly demonstrated the difference between using a broker and just going to your bank