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
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