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May 11 Another Satisfied Customer – May 11, 2009

Posted by: AdminS

THE FOLLOWING TESTIMONIAL HAS NOT BEEN EDITED.

Mike,

I wanted to thank you for all the “real” mortgage advice you provided our family and assistance you offered which in essence saved me $100s of thousands of dollars; which had I continued to be dealing with my current bank would have never been realized.

My family is in what would be considered the highest earning income bracket in Canada and would consider ourselves ones to “trust” advice from our “trusted” banks/advisors. We purchased our home in December of 2007 and arranged our mortgage through our “trusted” bank. After you and I met in a social setting, I decided to call you out of curiosity in May; it was the smartest financial decision I have made in my life. What you were able to articulate in a non-emotional, fact based way is how the mortgage I was “sold” benefits the bank and not me. I felt like a bit of a heel because I was taking the advice on the merit of my bank relationship which I am sure 99% of Canadians do. What became clear is that the relationship is not mutually fair and equitable, it is geared towards favoring the bank, not the consumer. I canceled my mortgage after 6 months with the bank and that cancellation cost me over $8,000.00 out of my own pocket. What eased this pain is that with monster mortgage in the 12 months I will save over $80,000.00 in the first couple years. Given my circumstances you advised to go on a variable rate and were able to secure a competitive rate through a Tier 1 financial institution. This is the independent advice and insight I should have had in the first place from my “trusted” bank but I now understand why they are not forthcoming with this information…..they make less profit!!

The bank wanted to match the business and this added fuel to the fire on how disgusting their antics are and proof that they only look out for themselves. I have nothing against our banks in Canada but I write this as warning to everybody looking at a mortgage with a bank; don’t do it on the “relationship” at all and it costs nothing to get a second opinion from a trusted advisor such as monster mortgage. Wherever I can I am happy to refer your services Mike and I am glad we met.

Regards,

Peter

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