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BMO extends 2.99 offer

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Mortgage Broker News | 30 Mar 2012, 11:00 AM Agree 0
The rate wars are over. Oops. Better hold that thought.
  • Jim A. | 31 Mar 2012, 05:46 AM Agree 0
    That's is fine with me. This gives me and firm more leverage by pointing out the cons compared to the single pro dealing with BMO. I like the fact I can explain to my clients ghow a 4 year fixed for 2.98% is much better with the better ammortization and pre payment prvilidge then what BMO is offering. Thank you BMO.
  • Murray Savage | 31 Mar 2012, 06:13 AM Agree 0
    the 5 year term is not the way to go. 10 years at 3.89% is the winner hands down.
  • Elfie Hayes | 31 Mar 2012, 06:14 AM Agree 0
    We didn't lose anyone who called us before when BMO slashed their own wrists to get business. I'm not concerned about it now. There is no profit to their investors and they will soon rethink a relationship with a bank that keeps them tied to such poor investment rates for 5 years. I'm going back to what I do and that's educating my clients about how to get the "right' mortgage to meet their financial goals and I'm not going to public one single thing about BMO. It's all the news reports and blogs that help them promote this self defeating activity. In the end those of us who have the client's best interest in mind will still be standing.
  • Kenzie MacDermid | 31 Mar 2012, 06:42 AM Agree 0
    This move will only serve to hurt their customers in the future by trapping them into a bad product. Buyer beware i guess. In my mind its not different than the collateral mortgage's clients are being tricked into these day. These banks that practice this way only serve themselves and will eventually soil their reputation. Where is Jim Flaherty now....
  • Angela Wong-Liao, Invis Inc | 31 Mar 2012, 09:33 AM Agree 0
    I agree with Elfie Hayes, a prudent mortgage professional should be focusing on mortgage products which can meet our clients' needs and expectations. Frankly, I do not understand why BMO keeps on taking this "Dumping" business practice, it is a short term gain but long term pain business approach because they are buying market share by cutting their profit margin, if I am a BMO shareholder, I may consider of selling BMO stocks.
  • Bruce Flanagan, Premiere Mortgage Centre | 31 Mar 2012, 11:48 AM Agree 0
    A self serving desperation move by the weakest of the big five. No accident they have lost 50% of their market share in the last 5 years when they rely on grandstanding efforts that simply cheapen the work of the mortgage professionals in the industry to satisfy client needs and provide financial advice. They have managed to disrupt the spring real estate market with the continuous jigging of the rate lure and bringing the ire of the federal authorities and fueling the anti-real estate sentiment of the media. In BMO's greedy pursuit of mortgage renewal business they have set in motion a pandemonium of mortgage rate fluctuations, fears of rate increases, house price slides and general anxiety in the market. nice work BMO!
  • Elfie Hayes | 03 Apr 2012, 06:14 AM Agree 0
    Great comments!! Is anyone at BMO reading what we say? Maybe we should send the CEO the link to this blog. My dad always said,"give some guys enough rope and they'll hang themselves". Seems appropriate now.
  • Angela Wong-Liao, Invis Inc | 06 Apr 2012, 06:44 AM Agree 0
    Enough is enough, that is why no other FI are matching BMO's current extension and BMO is becoming a loner in the banking community.
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