“I’ve had seven people email or call me about the offering and asking if I can get it,” Jake Abramowicz of Mortgage Edge told MortgageBrokerNews.ca following news
of IG’s ultra-low offering. “When I showed my one client the limitations it was enough to scare him away, though.”
Abramowicz outlined the drawbacks of the product and was able to advise his clients against opting to go with the restrictive rate.
The good news
for this particular broker – and, presumably, his peers – is that the buzz created by this recent rate has been the catalyst for potential business today and in the future.
“The positive is that I spoke with seven clients who I otherwise would not have,” he said. “I’m just hoping this will wake up the monolines to be more aggressive with variable rates.”
So it begs the question: How many brokers experienced a surge in inquiries and, more importantly, how many were able to turn these leads into actual business?
Click here and let us know
Our latest poll aims to find out just how many brokers were able to turn client inquiries about Investors Group’s 1.99 per cent three-year variable rate into business of their own.