More Than Just A Low Rate
Beware of BMO's 2.99% Mortgage Offer
Know The Facts
Take the time to read the terms and conditions of your mortgage. There is much more to a mortgage than just a low rate. Bank of Montreal has made the news several times over the past year as they advertise their rate of 2.99%. On the surface this seems like a great rate, but when you read the fine print you will see it is lacking many of the features a standard mortgage contains. You know what they say..."You Get What You Pay For".
Q: I want to pay down my mortgage as quickly as possible, is this the right mortgage for me?
A: NO! BMO only allows a 10% prepayment on this mortgage and you can only increase your payments by 10%. Most lenders will allow between 15% and 25%
Q: Will I be able to get out of my mortgage before the end of the term?
A: NO! You would need to sell your house in order to break this mortgage. Most lenders will allow you to pay a penalty to get out of the mortgage without having to sell the house. The majority of Canadians make a change to their mortgage every 3.8 years...flexibility is key.
Q: Can I skip a payment with this mortgage?
A: NO! BMO does not allow for any payment flexibility with this mortgage
Q: Can I stretch my amortization to 30 years to keep my payments as low as possible?
A: NO! BMO will only allow a max amortization of 25 years.
I CAN HELP!!
If you are looking for a 5 year fixed rate below 3% I Can Help! I am currently offering 5 year mortgages with all of the bells and whistles you deserve. Get the low rate and the flexibility you need! Contact me to discuss your situation