Canada: BMO offers up to $1,000 cash back on mortgages

By Kallia Manika, RFi Group

In an attempt to assist first home buyers enter into the property ladder and to increase mortgage market share, Bank of Montreal (BMO) has launched a new cash back promotion to first time homebuyers who take out a closed term mortgage of 4 years or more. Customers will receive cash back of $500 with a mortgage valued between $100,000 to $249,999, or $1,000 when the mortgage is valued above $250,000. The cash back money will be transferred to the clients’ BMO chequing account, meaning new clients to BMO will need to open a chequing account with the bank to access the money. According to RFi Group data, as at the end of 2016, BMO ranked 5th in market share of largest home loan providers, with 8% share, with TD Canada Trust and RBC Royal Bank the top 2 providers. 

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