Well almost... last week Investor's Group released a special mortgage promo of 1.99% on a 3 year variable term effectively blowing away the competition in the lowest priced mortgage rate war. Although not the same kind of frenzy BMO created last year when they dropped their rate to 2.99%, this one still caught the attention of many.
A lot of backlash from many people in the industry claiming Investors Group are deceiving the public and the 1.99% interest rate does not tell the whole story - headlines tend to not tell the whole story..that is why it's called a 'headline' - it engages the reader.
IG did just that. A heck of a lot of people now know IG is funding mortgages and they have the lowest promo rate on the market. Mission accomplished.
I won't get into the nitty gritty of the product: pros, cons, etc... I'll leave that to a professional mortgage broker but I do think caution and research should be done when making any decision of this magnitude.
I've been hearing realtors, brokers and bankers amongst others, mention how crap the product is and it's a trap and so on... anyone that is so quick to dismiss this or put down the competition... for me, raises a flag - in ANY business. This product may well be terrible or it may be great but I want to be educated and know why, one way or another.
I can only imagine the cross selling IG will be doing with their new mortgage clients and as long as they do it ethically and professionally - I see nothing wrong with this. All the big banks do it on a continuous basis without us even consciously knowing.
So kudos to Investors Group on a great marketing campaign! Just remember, nothing is ever free :p