Nothing proprietary about the Banks' mortgages

March 6, 2013 | Posted by: Mike Garganis

BMO is at again... 2.99% for a 5 year term.  No doubt, that is a good rate, but is it a good product? 


If you recall, this mortgage came with a number of restrictions last year.  I'm not wasting my time looking into it again or sitting here bashing it because I can offer a much better product and a lower rate.  Spring is a few weeks away, and that means the start of "Money Out" Campaigns from the banks.  Mortgages are the banks Bread and Butter, which means they might be promoting ‘low rates’.

Now if you have been visiting my site every now and then or have been receiving my email newsletters, you will know I have been offering a 5 year 2.99% for the past 6 months and currently offering 2.89% for 5 years.  My other terms are very competitive, if not better than what’s being offered in the market.  See more rate terms here.

I don’t believe in products that are limited.  The banks spend millions marketing and advertising their mortgage line-up with catchy names.

I’m not here to sell catchy mortgage names or to tell you I can make your mortgage disappear.

I offer my clients more than one brand of mortgages with one credit check.  Each client's situation is unique and having access to over 20 Financial Institutions, Trust Companies and Private Lenders means we can customize the right mortgage for your current and future needs.  


If you're looking to make a move for the upcoming market, I do recommend the following:

  • Get Pre-Approved – Know what you are qualified to buy before you go out wasting time. 
  • Secure Today’s Low Rates – Lock in a rate for up to 6 months.  If rates go down, you will get the lower rate, and you are protected from rising rates.
  • Understand Your Options – There are many programs out there they may help with your decision when buying.  Take a look.


Contact me today, I will help you be financially prepared for your new home.


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