VANCOUVER (NEWS1130) – Lenders say they aren’t worried about overheating the housing market. This comes on the same day Prime Minister Stephen Harper warns about mortgage debt levels.

Limited-time mortgages at 2.99 per cent interest are back at some big banks. Laurie Parsons with BMO doesn’t feel this is an irresponsible move because clients have to jump through more hoops as ever to be approved these days.

“You have to have good credit, live within a certain debt-servicing level,” she explains.

Parsons adds the criteria hasn’t changed. “Clients still have to qualify; we still always want to do the right thing and give the proper advice to our clients. This just helps them along and gets them mortgage-free faster.”

A similar promotion in January resulted in a lot of competition among the big banks. Parsons says BMO’s five-year rate is only available until March 28th.