ARE BANKS BECOMING MORE LIKE CASINOS?
While this is a simple question, the answer is much more complicated especially when it
comes to a mortgage.
Let’s start with the graphic of Mr. Potter (a former movie actor) which reads “THE
HOUSE ALWAYS WINS!” Well that is definitely true of both casinos and our banks as
well isn’t it?
If you think about it, the casino always tells you the rules. When you gamble at a casino,
you are informed and aware of what you are doing, right?. You also know what your
odds of success are.
When it comes to dealing with our banks you are at an even greater disadvantage
because you DON’T KNOW THE RULES (the Terms) OF THE GAME nor does the bank
fully inform or fully disclose important features you should be aware of. These features
can only be found in the fine print which you do not see until after the mortgage closes.
This is the lawyer’s closing package which comes months later.
Does this seem fair to you? For those of you frequent the casino, would you ever risk
your hard earned money if you didn’t know the rules? Highly unlikely right? Because it
would mean the equivalent of financial suicide wouldn’t it?
So why do 7 out of 10 Canadians still deal with and trust their banks when so much
more money (in the $100’s of thousands of dollars) is involved with a mortgage? The
reason probably lies with history more than anything else. ‘Old habits die hard’ as the
saying goes.
At least with a casino, it’s a level playing field because you know the rules and you take
your chances accordingly. With the banks it is not a level playing field. In fact the playing
field is full of potential, invisible pot holes. So how can you navigate around them when
you can’t even see them? You simply can’t can you?
If more Canadians realized that the risks involved when getting a bank mortgage can
actually be compared to gambling at the casino, would they take that chance? The
‘game of chance’ should only apply to gambling don’t you think?
For your next mortgage, if you want an honest, trustworthy, transparent and ‘feel good’
experience that gives you all the facts/information you require, please call us first and
have our team of caring professionals provide you with the best financial solution you
have ever had.