Mortgage wars; it’s probably the best soap opera going.
It wasn’t long ago that we had the big banks undercutting each other to the point that former Finance Minister Jim Flaherty stepped inand told them to quit it. That was two years ago, and with rates now even lower, the drama has spread down to the smaller brokers jostling for space at the table.
In the latest installment, mortgage website RateHub.ca has kicked broker Spin Mortgage off of its platform, accusing the Vancouver operation of dangling a 2.44 per cent loan that was just bait to get customers to its own site.
What both sides agree is that RateHub indeed booted Spin Mortgage. The why is a point of dispute.
“We believe in financial transparency and not allowing teaser rates or bait-and-switch rates being posted that gets someone on the phone and then … transitioned into another products,” says Kerri-Lynn McAllister, chief marketing officer at RateHub.
She says the 2.44 five-year fixed mortgage – which is certainly low, butRead More »from Broker booted from RateHub as gloves come off in mortgage wars