Get Pre-Approved at BMO today and you have 90 days to search for your dream home
TORONTO, April 6 /CNW/ - BMO Bank of Montreal announced today that effective April 7, its five-year low-rate fixed closed mortgage will increase to 3.95 per cent from 3.75 per cent. This new rate remains the lowest in the marketplace, and the gap between BMO's rate compared to the competition has widened following the recent round of rate increases.
"Now is the best time for customers to take advantage of this special rate and lock in as rates may change at anytime. By getting pre-approved, customers have up to 90 days to search for the home of their dreams and take advantage of this offer. The beauty of pre-approval is that it's flexible and there is no obligation for customers should they decide to not use the mortgage" said Jane Yuen, Senior Manager of Mortgages, BMO Bank of Montreal.
Talk to a BMO Mortgage Specialist about getting pre-approved. Benefits include:
- Guaranteed financing which will be helpful when you make an offer on
- Knowing how much you can borrow, and what your monthly payments will
- Guaranteed rate during your 90-day pre-approval period.
"At BMO we are committed to helping Canadians become mortgage-free sooner with our market leading five-year fixed low-rate mortgage with a maximum 25-year amortization. Homeowners can save thousands over time and pay off their mortgage a decade sooner," added Yuen.
BMO's economics department expects that interest rates will rise. "The era of historically low mortgage rates is coming to an end," said Sal Guatieri, Senior Economist, BMO Capital Markets.
The new rates are:
4 year fixed closed 4.29% N/C
5 year low rate fixed closed 3.95% +0.20%
5 year fixed closed 4.55% N/C
7 year fixed closed 5.20% N/C
10 year fixed closed 5.35% N/C
The interest rate for a fixed rate mortgage is calculated half-yearly not in advance.
*These special discounted rates are not the posted rates of BMO Bank of Montreal. Rates are subject to change without notice and offers may be withdrawn or extended without notice. Refer to our website for current residential mortgage posted rates. Mortgage funds must be advanced within 90 days of the application.
SOURCE BMO BANK OF MONTREAL
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