If Banks Were Actually Honest… | The Kwak Brothers

If Banks Were Actually Honest…

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If Banks Were Actually Honest…

What if Banks and Bankers were ACTUALLY Honest about all the hidden fees and their “secret” schemes to make money off of you… You’re getting a mortgage and you’re thinking ‘What can ever go wrong?’. Well, in this comedy sketch, we want to show you what it might look like if bankers were actually honest about all the mortgage closing costs, fees, how the banks make their money, how they want you to refinance every 5-7 years, and what they really think about mortgage rates and refinance rates. Enjoy! 📉 Learn How to Pay Off Your Mortgage in 5-7 Years (On Average): https://www.youtube.com/watch?v=3f-ebCjeH8o Honest Banker – Played by Sam Kwak Mr. Enslavedski – Played by Sam Kwak In this comedy sketch, we wanted to highlight and exaggerate some situations that every borrower and banker go through when it comes to shopping for a mortgage or for a refinance loan. Typically, banks want you to play the game of “shopping for rates”. The banks REALLY love 30-year mortgages because in the first 5-7 years, you’re really not paying much principal but you are paying a ton of interest. This is often known as the “front-loaded interest” zone. The banks know that majority of the borrowers will come back to refinance or get a new mortgage in 5-7 years. But hardly any borrowers make real progress in building equity in only 5-7 years with a 30-year mortgage. Typically on a 30-year mortgage, banks can make up to twice as much as the original mortgage balance. This is why it’s so profitable for banks to lend on a 30-year amortization. Plus, the Mortgage-Backed Security industry loves these 30-year mortgages because they’re often backed by the Federal Government and thus, are highly regulated. While this is just a comedy sketch, we wanted to highlight some of the REAL situations and what the banks are REALLY thinking when lending these mortgages to you, the consumer. Don’t fall for these traps by playing their game! Learn the rules and how banking works! 📉 Learn How to Pay Off Your Mortgage in 5-7 Years (On Average): https://www.youtube.com/watch?v=3f-ebCjeH8o

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