Definition of Bait and Switch
What is a bait and switch? What is the definition of the term bait and switch?
A "bait and switch" is an underhanded sales tactic that involves trying to entice a customer with an unrealistic deal (rock bottom interest rates, super low cost) and then switching the deal and trying to get them to purchase something that will cost them more money.

The mortgage broker instead offers a much higher rate, hoping that the customer will go for it.
This is a classic "bait and switch".
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