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BMO is raising the ante among big banks. Starting October 31 they’ll offer free banking for 5-year mortgage customers. They claim an $800 cost savings–but that depends on how much you bank.
Don’t be surprised if other banks follow suit. The mortgage industry is about to get a whole lot more competitive in the next 12 months.
Keep in mind, however, that in most cases you’re better off finding a lower rate mortgage, or one with more flexible terms. $800 savings is peanuts if your rate is 1/4 point higher on a big mortgage.
