One major lender has taken to the radio to spread the word about its Equityline Visa product, a value-add for brokers looking to diversify their product offerings.
recently announced to its brokers the 1% cashback loyalty component of its Equityline visa card, which offers homeowners the ability use their home equity to secure up to $100,000 in revolving credit.
“Brokers are now offering the ELV to customers who want to refinance their mortgage to access some of the equity in their home and are finding the ELV to be the ideal solution.” Rose Butera, Senior Manager, Equityline Visa told MortgageBrokerNews.ca. “Since the ELV is a fully open product that can be paid off at any time, most customers are taking advantage of the ELV solution until their mortgage matures to avoid the penalties associated with refinancing.”
Many brokers are adding products to their repertoires in a bid to better compete with the suite of packages offered by the big banks and players are already commenting on the radio presence Home Trust has committed to.
“I want to commend and thank Home Trust Company as the only lender today that is actively and publicly promoting the mortgage broker channel to consumers,” Scott Lindsey, principal mortgage broker for Axiom Alpha House Mortgage said. “This shows the real partnership between brokers and lenders.”