Broker Loyalty?

I have noticed an interesting phenomenon since joining this industry.

Clients who have spoken with a financial institution about their mortgage needs and have been quoted a given rate and terms. Then our mortgage shoppers go to the internet or broker market and find out they could get a much cheaper rate elsewhere.

After working with a broker to secure the better rate in a comparative product, the bank follows up with the clients (hopefully, although not all banks are very diligent on this process) to find out that they are working with a broker and have secured a better rate.

At this point the banks representative says "oh, I can get you that rate" or my personal used car salesman's favourite " let me check with my manager and see what I can do". Miraculously they come back with a slightly lower rate.

My question is this? What do you do? Take the lower rate from the bank, who obviuosly didn't give you their best rate the first time around, OR do you stick with your broker who was truly looking after your best interest from the start?

Luckily in my experience most people take the second option, but there's always a few that cause me to shake my head!

Rate update 3.75% 5 year fixed, 2.35% Variable 5 year

4 year Special variable at prime!! 2.25%! til Oct 30th.

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