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It must be Spring time, the mortgage wars are back.  It seems like a repeat of last year with Bank of Montreal (BMO) reducing the rate on their 5 year “no frills” mortgage to 2.99%.  There’s something about a rate below 3% that kicks off a flurry of responses from the competition.  Along with the usual warnings about the added costs of going with a “no frills” option, the banks promote their best offer.  Without a “no frills” offer in their back pocket most lenders decide to lead with the 4 year special at 2.97% – almost as long as the 5 year and just a little bit lower.  But best of all, it maintains all of the features you’d expect from your mortgage and your mortgage company.

The Royal Bank (RBC) had an interesting response this year with their employee pricing 5 year fixed mortgage.  They stopped short of advertising the terms, leaving the actual rate flexible depending on response.  The problem with this campaign is that RBC doesn’t offer employee mortgage rates that are any better than what they offer the public.  The biggest hiccup in this campaign, I’m sure, are all the RBC employees left scratching their heads and looking for their “special” mortgage rate.

Although BMO has ended it’s now famous 2.99% mortgage rate, the 4 year specials abound in the market.  The reality is that there’s no magic in a 5 year mortgage term and there’s no rationale to defend it as better than say a 4 or 6 year term.  The usual argument in favor of a 5 year fixed mortgage term is a good balance between long term security, mortgage rate and flexibility.  In fact depending on one’s circumstances a 4 year mortgage term could be a much better offer than it’s 5 year counterpart, but only time will tell.

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Dan Wowk has been an incredible resource and help for my family's search for our mortgage renewal. His professionalism and timeliness has helped reduce stress and save us a lot of money in the process. I highly recommend Dan and Zoom Mortgage to anyone wanting someone they can trust with their mortgage needs.
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Dr. Freddie So

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Dan thanks again for all your help in renewing our mortgage and setting up the line of credit. I appreciate how you made the process fast, simple and hassle free. Great rate too.
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Mike E. of Oakville

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I just wanted to thank you Dan for your continued professional service over the years on my mortgage with ZoomMortgage. I got the best rate on the market and even with today’s recent low interest rates, I still have a better rate than what is being offered – in fact, my friends can’t believe what you got for me!! That’s why I referred them to you and now they are so happy with your Fast service and the great experience that you have. A BIG thank you from a single mom that was struggling in getting the right mortgage.. YOU ARE THE BEST
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Lorette S of Burlington

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Just wanted to say that Dan is the best! He gets the job done! He is quick, efficient and professional… For any mortgage concerns, call him now!!!!
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Corinne F. of Oakville

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Thanks for getting back to me so quickly. Very impressed.
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Chris of St. Thomas

F.S.C.O. Brokerage License # 11931 - Broker Owner: Dan Wowk: Mortgage Agent #M09000576
Head Office: 2386 Lionstone Drive, Oakville, Ontario L6M 4S9 | Phone: 905-847-0100

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