BMO has grown fond of quickly hopping in and out of the market with its 2.99% rate promotions.
Ever since Finance Minister Flaherty criticized banks for overly competitive rates, it has eschewed flashy rate campaigns. Instead, BMO has chosen to run 2.99% offers via mailouts and short-term rate promotions that don’t attract too much attention.
Its latest carrot is a two-day Internet affair (Oct. 13 and 14). The unique thing about this promo is that it is “ONLY” (BMO’s capitals) for people who submit a comprehensive application online.
It would be interesting to know how many are willing to spend 20 minutes (BMO’s estimate) to complete the Internet application for its restrictive Low-rate mortgage.
As we’ve said before, BMO deserves props for promoting exceptional rates while its Big 6 competitors post silly “special offers” that are 70-100+ basis points above the market.
At the same time, folks should remember that numerous brokers and lender reps offer this same rate with better prepayment privileges, penalty calculations, features and refinance flexibility.
Rob McLister, CMT
BMO is a little late to the party. 2.99% has been available for weeks.
Hmm…interesting. I also personally think there are better products out there, but this is an interesting way to do it.
Way to go BMO, and let’s all hope broker channel will stay strong to offer better products than the other BIG Banks.
hmmmm…revisionist history perhaps? Actually BMO STARTED the party back in January of this year. Almost 10 MONTHS AGO…not the “weeks” that Muskoka Girl is alluding too!
Actually the first lender who offered 2.99% was AGF through Verico mortgage brokers and that was back in December 2011. So BMO was not the first one
Well at the present time as a broker we can offer 2.94% through radius
http://www.mortgagebrokernews.ca/news/breaking-news/do-i-hear-2-94-per-cent/124600/