BMO Bank of Montreal Adjusts Its Mortgage Offering



    TORONTO, July 11 /CNW/ - BMO Bank of Montreal announced effective
immediately it is adjusting its mortgage offering. The changes include the
following:

    
    -   The maximum amortization period for mortgages will be set at
        35 years;

    -   A minimum down payment of five per cent is required for new
        mortgages;

    -   BMO will continue to process applications from customers who have
        already applied for a longer amortization or lower down payment.
    

    "BMO fully supports the action Minister Flaherty has taken to protect and
strengthen Canada's housing market," said Frank Techar, President and CEO,
Personal and Commercial Banking Canada, BMO Financial Group. "BMO offers
Canadians the most flexible mortgage products plus the unique feature of
earning AIR MILES. Our message to Canadians is 'come into one of our branches
or call us and we will help you choose the mortgage that is best for you'."





For further information:

For further information: For News Media Enquiries: Paul Gammal, Toronto,
paul.gammal@bmo.com, (416) 867-3996; Ronald Monet, Montreal,
ronald.monet@bmo.com, (514) 877-1873, Internet: www.bmo.com


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