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Because a lot of people don't understand how the products work or what they need. Trying to understand a complex product, with multiple options that come with a
by close04 2y ago
Because a lot of people don't understand how the products work or what they need. Trying to understand a complex product, with multiple options that come with advantages and disadvantages, and having adding on top that it's a very consequential decision is much easier if any misunderstanding can be corrected and explained real-time. The alternative is to do it async with some lead time for every back and forth.
Your pizza order needs no clarifications and if you get it wrong, it's just a pizza. If you misunderstand your mortgage you're looking at far more costly consequences.
- bennyelv 2y agoYou should never be taking the advice on such a thing from the person who has a vested interest in you buying it. Although you could well be right about the nature of the transaction, it's definitely a bad idea to be doing that with the bank!
- close04 2y agoThis applies to everything, a mechanic, a lawyer, a dentist. You can't have all the prerequisite knowledge on every field where you may need to make big choices so eventually you'll need to talk to someone. If it's not the bank, and it's not you, it has to be someone else. You can ask over email for all the information available on the products from the bank and take it to an independent advisor. Eventually you'll run into the need to have a live chat with that trusted advisor or risk moving one mail per day in each direction trying to explain what you want and what you could get.
- philipwhiuk 2y agoThat's why there's independent financial advisors.