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mortgage-bargaining Banks invite haggling by “only revealing the lowest mortgage rate they will give you when you absolutely force them to by coming up with a better competing rate from across the street.”

That’s according to Manulife Financial Advisor, Greg MacPherson.  MacPherson’s point equates getting a mortgage at the bank with buying a car or bargaining at a garage sale.

But why should it be like this?  What do you say?

Should fiduciaries put their best foot forward from the outset?  What if your financial advisor marked up his management fee, only to lower it after you revealed a competitors offer?  What would that say about this advisor’s integrity, concern for your time, or belief in the value of his/her services?

Look at the rates on these pages:

“Special” or not, if you’re well qualified, these are not the best rates you can get at these banks.

So why the games?  Cmon. Let’s see the real rates on “special offers” pages.

The same goes for brokers.  If you’re a broker quoting a 4.09% 5-year fixed, and then lowering it to 3.89% when a competitor outguns you, that’s kind of sad.  If your service and advice are truly valuable, you don’t need to play that game.

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