NATIONAL BANK RELEASES NEW MORTGAGE
By Adnews Staff
Montreal-based National Bank unveiled a new mortgage yesterday that gives the bank's clients a rate of 35 basis points lower than the posted rate for a three-month term. Called the Money-Saver Mortgage, the bank says the new product is ideal for clients seeking interest savings while dealing with possible variations in their monthly payments. To qualify for the loan, clients must agree to keep their mortgage with the National Bank for at least five years. However, if they become dissatisfied with the Money-Saver Mortgage, they can switch to one of the bank's other mortgages with no penalty. Clients can also diversify their mortgage plan with the Money-Saver Mortgage, choosing to use the Money-Saver for a specified amount of time and then switching to another mortgage to take advantage of a locked-in rate for the balance of the loan. The Money-Saver Mortgage is available at National Bank branches across Canada. A print campaign running in Quebec and the Atlantic provinces is supporting the mortgage's launch. LG2 of Montreal handled the ads.