With Pre-Approval, you have 90 days to search for your dream home with a guaranteed low rate
TORONTO, March 31 /CNW/ - As mortgage rates start to climb, BMO Bank of Montreal's 3.75 per cent five-year fixed rate mortgage is the perfect option for Canadians looking to lock in at a great low rate.
"Now is the best time to get pre-approved and take advantage of this special rate that won't be around for long," said Jane Yuen, Senior Manager of Mortgages, Bank of Montreal. "By getting pre-approved now, you have up to 90 days to search for the home of your dreams and take advantage of this great offer. "At BMO we are committed to helping Canadians become mortgage-free sooner by offering 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."
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.
BMO recently released results from a new Harris/Decima survey which found that:
- Nearly 70 per cent of current homeowners signed up for a fixed rate
mortgage when they purchased their current home.
- More than one third of future first time home owners said they plan to
sign up for a fixed rate mortgage.
"Only at BMO can you get the right mortgage for right now. Come in or call us to talk to one of our mortgage specialists and stress test your financial budget now so you are not stressed out later."
The Harris/Decima online poll was conducted from February 16th to 22nd, 2010 and is based on a sample of 1,000 Canadians between the ages of 25-45 years, who are either current home owners (who currently have a mortgage on their home and needed one when they purchased their home) or are planning on purchasing their first home in the next 12 months, and at least share in their household's financial decisions.
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SOURCE BMO Financial Group
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