Invis/MI brokers are deepening the company’s relationship with rate site Kanetix, announcing the launch of a monthly web chat aimed at promoting their value-add to primarily rate-focused shopper.
Refinancing will be the inaugural topic for the first chat this Thursday, said Brad Compton, a mortgage agent with Invis Mortgages and one of two Invis/MI professionals leading the discussion.
“It gives me one more way for people looking for mortgage advice to reach me,” he told MortgageBrokerNews.ca. “It’s an integral part of doing any business now.”
Compton, who has already alerted his book of clients to the hour-long Mortgage Chat via Twitter, Facebook and Google Plus, is already armed with answers for a hot-button topic among clients, refinancing.
“Penalty fees – that will be the most popular question,” he said Monday. “Especially with refinancing; there are a lot of people who underestimate how much their penalty will be.”
Compton feels that perhaps the client doesn’t fully understand the ramifications of mortgage penalties, suggesting that the brokering community should go to every effort to explain it in greater detail to clients.
“Too many (clients) think it is an automatic three-month penalty,” he says. “Maybe it is not explained to them enough when the deal is being signed. Maybe it is something we could do better.”
Compton also expects questions on the maximum 80 per cent loan to value requirement rule.
“Some people only put 5 per cent down a couple of years ago, and they simply don’t have the equity built up yet,” he points out. “I always get questions on that.”
The partnership forged last fall between Kanetix and Invis/JMortgage Intelligence has apparently paid dividends, as it is bringing some business through the door for brokers within the Invis/MI family. Under the terms of the partnership, the site pre-approves rate shoppers, who are then contacted by an Invis/Mortgage Intelligence
call centre for follow up. The more complex deals are referred to Invis or MI brokers.
The May 2 discussion can be followed on @KanetixLtd and hashtag #MortgageChat. Accompanying Compton will be Durham Region mortgage agent Elfie Hayes of Mortgage Intelligence
. The Kanetix Mortgage Chat is held on the first Thursday of every month, with “Qualifying for a Mortgage” the topic on June 6.
Hayes has been helping Ontario residents buy and finance their homes for over 30 years, and has been published in Homes Magazine, Reno & Decor and CMP. She has also appeared on CTV National News and Rogers TV “Know it All”.