Upstart lender Radius has moved to flesh out its product offering, adding aggressively priced 1-, 2- and 4-year terms – meant to help brokers better compete in the fixed-rate wars.
“We are trying to be competitive because we know our brokers have to be competitive every day,” Ron Swift, CEO of Radius’s parent company, Pacific Mortgage Group. “We have had calls for awhile now from brokers asking if we could broaden our product line.”
Effective Jan. 17, the lender added 1-, 2 and 4-year fixed-rate terms to its existing 3- and 5-year offerings. The rates and conditions are industry competitive, among them, 2.99 for a CMHC-insured four-year fixed with a maximum amortization of 30 years.
That's quite different from the stripped-down mortgage BMO won headlines with last week – a 2.99 per cent five-year fixed without limited prepayment and 25-year amortization.
Radius’s offerings better position it as a competitor to other monolines serving the broker channel, moving it beyond the niche player it once was an exclusive lender to Pacific’s MortgageBrokers.com and Mortgage Architects networks.
Last year, Pacific announced that the lender would, in fact, open itself to deals arranged outside the Mortgage Architects/MortgageBrokers.com family. The reception was a flood of broker queries and a tripling of mortgage applications.