Could a bank ever become one of the best rated mortgage companies?
Here is an important question for you to consider: “Is a big bank a trustworthy place to get a mortgage?” Why this question is important is because it is so seldom asked, and (sadly) too many people go straight to a big bank, when they should be staying far away from them.
What makes a bank less suitable than a dedicated mortgage broker? It’s how they earn their money. Banks have discovered that the worse their customer service, the more money they can make from you.
Nothing wrong with making money; that is the American dream. But making more money by making life tougher for you?? That doesn’t make sense, does it?
The New York Time covered this paradox. Here is how it works. Hundreds of employees dedicated to serving your needs costs the banks money. Hundreds of employees selling you extra products (some of which you might actually need?) makes them money. Oh, and it costs you money, of course.
To quote bestselling financial author Ramit Sethi, “…banks continue treating us like shit. We let them get away with it. They keep on doing it and making billions of dollars.”
If you stopped using the big banks because of their poor customer service, they might smarten up. But most people don’t. Most people are lazy, especially when trying to figure out their finances. The big banks know this, and they make suckers out of plenty of reasonably smart people.
The best rated mortgage company will never be a big bank.
But you don’t have to be a sucker. The best rated mortgage company will never be a big bank.
It will be a mortgage company. What’s the difference? The mortgage company is not trying to sell you dozens of other products. The mortgage company is actually there to serve you.
We came up with a “slogan”: Banks Say No! We Say Yes!™ But this is more than a slogan; this is how we run our business.
- We say yes to customer service!
- We say yes to treating you like a real human being!
- We say yes to you!
One example of how we treat you differently is that we pre-approve your mortgage application before making you pay for an appraisal, fill out all the extra forms and go through the full stress of the application process. If there is an issue that might hold up your mortgage approval, you will know about it right way. With any luck, you can deal with it quickly and apply for the mortgage.
You would think the big banks would figure this out, but as long as they can find enough suckers to keep buying more and more financial products, they don’t need to serve you. They don’t need to treat you like a human being. They don’t need you. Do you still need them?