A mortgage agreement binds you for a long term relationship. In order to have a healthy relationship between a customer and a service provider it is essential to ensure a good understanding between the concerned parties. A customer generally tends to visit a service provider that is known to him as a reputed name of the industry. A bank is a type of financial institution that usually has a wide area of presence and offers a variety of services and is usually preferred by the customers for most transactions. Mortgage being a crucial transaction, many customers choose to go to the banks, which is what makes a bank mortgage the number one choice of so many.
Every individual normally has a savings account in one or the other bank, be it a private bank or a public sector bank. Through years of transactions through this bank account, a sense of mutual understanding and a bond of trust tend to develop between them. As a result, the customer is quite likely to approach the same institution for a bank mortgage as well. Each financial institution has a different policy that is governed by a set of rules and regulations to be followed as stated by law. As such the scheme details of all these institutions are much the same. In most cases, it is the quality of service and the facilities provided that becomes the basis of your choice. For instance, if you have maintained an account in a particular bank for a certain time period, you would be aware of the type and quality of service offered. You are, therefore, well informed and thus, can take the right decision in this regard. Likewise, the bank is also aware of your financial health and conduct and the management too can take a better decision while considering and sanctioning a bank mortgage application. Before signing any papers, make sure to read the bank mortgage contract very well.
As far as additional services for the client are concerned, it depends from bank to bank and may even vary from branch to branch. The electronic clearance service is one facility, which most individuals would like to avail of for the bank mortgage installment payments. Other institutions might offer this, but it may not be all that convenient and also you would usually be charged an extra amount for it. Further, movement of funds within the same institution from the client’s account to the lender’s account namely the bank is naturally much faster. E payment and online transactions through the bank’s trusted and secure website is a great alternative. It not only saves on precious time and energy but also provides you the convenience of accessing and controlling your finances even on the move. Thus, bank mortgage is an excellent option if you want to enjoy hassle free mortgage payments. Banks even offer their existing customer a bank mortgage at a lower rate than that offered to a new client.
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