Refinancing tempting at these rates

Rob Carrick

Published on Tuesday, Mar. 09, 2010 12:00AM EST
Last updated on Tuesday, Mar. 09, 2010 6:30PM EST

The big banks are in a particularly feisty mood as we head into what promises to be an eventful spring season for home sales.

Bank of Montreal is advertising a highly competitive 3.75-per-cent rate on a five-year fixed-rate mortgage for customers willing to pay off their debt in no more than 25 years. Canadian Imperial Bank of Commerce is offering a combination of 3.99 per cent for five years plus 2 per cent cash back in an attractive offer that's all about prying customers away from its competitors.

Both offers signal the banks are aggressively trying to build market share at a time when home sales are strong and there are signs the usual spring surge is already building. Mortgage broker John Cocomile said the offers also signal a departure from the usual bank practice of making customers negotiate for a good deal. See the entire article at the following link:
http://www.theglobeandmail.com/globe-investor/personal-finance/refinancing-tempting-at-these-rates/article1494451/