(March 27 – 09:30 ET) – Laurentian Bank of Canada is offering a 5% cash rebate on all new mortgage loans with terms of five years or longer.

The limited-time offer applies only to first mortgages for residential properties with between one and five units and to mortgages transferred from other institutions. The owner is not required to live on the property. Laurentian says the cash rebate is the largest in the Canadian mortgage industry.

According to the bank, a client may receive up to $25,000 under the program. They receive the cash rebate when the mortgage loan is paid out in full. The payment deadline is July 31, 2001. The cash rebate program is being offered for a limited time only at all Laurentian Bank branches and through banking agents, mortgage brokers and LBC-accredited builders.