Wednesday, January 23, 2008

I don't get it

I don't understand banks. Our mortgage was about to expire and we knew we had to renew soon. A quick phone call to our current mortgagor ee (is that a word?) got a more than decent renewal offer from them and acceptance from us. We got a rate offer I never expected. The rate was a full 1.25% less than the rate posted on their web site.

So I guess my question is - why do they bother posting rates if they aren't even the rates they use?

1 comment:

Anonymous said...

Re: "Is that a word?" Yes, it is... but -you- are the mortagor, not your bank. The lender is called mortgagee.

I'll see stuff go through with rates all over the place, 2% spread between two deals the same day, I agree with you it's hard to know why they even bother posting rates, and how they decide which rate to give you.

While I'm here... Congratulations Grand-Papa!