When was the last time you checked if your home loan is still the best deal out there? If it’s been a while, there’s a good chance you’re paying the “bank loyalty tax” — that hidden cost of sticking with your lender without questioning if they’re still giving you the best rate. Let’s break down why this happens and how Axton Finance helps you avoid this costly mistake.
What is the Bank Loyalty Tax?
The “bank loyalty tax” refers to the higher interest rates that loyal customers often end up paying simply because they haven’t refinanced or challenged their lender for a better rate. Banks and lenders often reserve their most competitive deals for new customers, enticing them with lower rates while you, as an existing customer, are left paying more. It’s frustrating but true: loyalty doesn’t always pay in the world of home loans.
New Deals for New Customers
Many lenders offer their best rates and incentives to attract new customers. As a result, you, who have been faithfully paying your mortgage, may be left on higher rates that were competitive at the time of signing but no longer reflect the best value available today. Staying with your current lender without regularly reviewing your rate could mean you’re missing out on significant savings.
Axton Finance: Keeping Your Deal Great
At Axton Finance, we believe you deserve the best deals — not just when your loan settles, but for the entire life of the loan. That’s why we conduct yearly loan reviews for you, proactively working with lenders to secure rate reductions and better terms. We use cutting-edge fintech software to automatically monitor your loan rate, ensuring it remains competitive. Imagine getting a call or SMS from us letting you know that we’ve successfully negotiated a better rate for you, without you lifting a finger. That’s the kind of service we provide.
Time for a Change? We’re Ready to Help
If your lender won’t play ball and refuses to adjust your rate, despite your loyalty, we won’t leave you hanging. We’ll use our industry expertise and powerful technology to explore the best options available across the market. If refinancing makes financial sense, we’ll make the process seamless, ensuring you benefit from the best possible deal. The days of being “too busy” to act on your mortgage rate are over — with Axton Finance, we do the work for you.
Let’s Make Sure You’re Not Paying the Loyalty Tax
Don’t let inaction or loyalty cost you thousands of dollars over the years. Book a time with us today for a no-obligation review of your home loan. We’ll help you determine if your lender is still giving you the best deal or if it’s time for a change.
Call us at our office, contact us here or schedule a free consultation to start the conversation. We’re here to make sure your mortgage stays in top shape, so you can stay focused on your goals, not your rate.
