“A lot of Black Friday shopping is indulgent, but our promotion is a way for Canadians to be more responsible,” Elan Weintraub, director of Mortgage Outlet, told MortgageBrokerNews.ca. “Instead of lining up at a store to save $100 for a TV, they could save thousands on a mortgage from home.”
The company announced the promotion last week offering various rate deals, including a 1.95% five-year variable rate with $1,000 cash back and a 2.44% five-year fixed with $500 cash.
The rates were bought down specials only offered on Black Friday and Cyber Monday.
“I think they’re extremely attractive rates, the kind you can’t get every day,” Weintraub said. “I have a marketing background and we’re always thinking of ways to disrupt the industry.”
Weintraub says they have received some inquiries and the brokerage is currently working through the files.
It remains to be seen how many mortgages are originated as a result of the promotion; but it’s certainly a unique way to drum up interest for the company.
The company reached potential clients through a press release.
"This might be the most boring Black Friday special of all time, but we have some amazing mortgage rates, and the extra cash back could be used to reduce the mortgage size, or pay for some new furniture or renovations", Elan said in the release. "In contrast to the typical 'shop-til-you-drop' mentality of Black Friday, getting a deal on a mortgage is a financially responsible way for Canadians to participate in Black Friday deals.
“Like any door crasher, these deals could disappear at any time (eg. if lenders increase rates), so we encourage people to contact us as soon as possible about their Black Friday (Low Rate / Cashback) offer."
A unique marketing effort has cashed in on the pre-Christmas shopping craze and garnered interest from clients looking to save money on their mortgages.