Quarterly Banking Profit Watch
Over the past 3 months, the top 5 Banks in Canada together earned a whopping $9.72 billion in net income, according to public records.
Let’s break down the magnitude of this statement just a little bit. With net income, were talking about profits after everything is paid for – pure cash in hand. We’re also talking about just 3 months, or 92 days.
That’s $105,652,173 in liquid profits every day!
Why does this matter to us?
While the right to earn profit is an important part of a free society, so is the right to be an informed and savvy consumer. You have the right to put more of these Bank profits, bank into your pockets. So when it comes to Banking and mortgages, the message is simple. Do a bit of research, and dig in a little. Banks are using their brand names and considerable resources to attract more profits. But a vast majority of Canadians stand to save tens of thousands of dollars over the life of their mortgage.
Mortgage brokers are perfectly set up to help make this process of mortgage shopping easier by comparing the best lenders. They can also make the process enriching and simple. However different mortgage brokers have different business models, so it pays to look into things a bit more here too.
We hope this helps give some perspective on the world of finance and mortgages.
Contact us at Altrua mortgage more information on the lowest mortgage rates.
brent@altrua.ca or 519-568-3377