REPEAT: BMO: Go Fixed, Go Five and Become Mortgage-Free Faster
BMO brings back 2.99 per cent rate on popular 5-year fixed mortgage
with maximum 25-year amortization
TORONTO, ONTARIO -- (Marketwire) -- 03/04/13 -- BMO is lowering the
rate on its 5-year fixed low-rate mortgage to 2.99 per cent from 3.09
per cent, effective immediately.
"In 2010, BMO introduced Canadians to a five-year fixed rate mortgage
with a maximum amortization of 25 years and a very attractive
interest rate," said Ernie Johannson, Senior Vice President, Personal
Banking Canada, BMO Financial Group. "Since the launch of BMO's fixed
low-rate mortgage, Canadians will have saved more than $200 million
collectively by the time their mortgages are paid off.
"Today, we are once again making this mortgage, which is perfect for
Canadians who want certainty of payment and protection against the
risk of rising rates, available at 2.99 per cent. Our message to
Canadians is simple: go fixed, go five, lock-in now at a terrific
rate and become mortgage-free faster with a shorter 25-year
"Given that the most likely trend in interest rates is upward and
that longer-term interest rates are likely to move first, we believe
that locking in for five years is the superior choice," said Doug
Porter, Chief Economist, BMO Capital Markets. "Longer-term rates,
such as five-year mortgages, can start moving higher well in advance
of any action by the Bank of Canada. Current five-year interest rates
remain exceptionally low. A five-year term gives borrowers ample
protection against the possibility of rates returning to more typical
levels in the next few years."
Ms. Johannson added, "BMO's efforts to encourage Canadians to pay
down debt and build equity in their homes have been aligned with
Minister Flaherty's timely and prudent actions to encourage
moderation in the housing market."
"Canadians have 90 days to get pre-approved while they search for the
right house that fits within their budget," concluded Ms. Johannson.
For more information on the BMO 5-year fixed low-rate mortgage,
please visit http://www.bmo.com/home/personal/banking/mortgages-loans
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group i
highly diversified North American financial services organization.
With total assets of $542 billion as at January 31, 2013, and more
than 46,000 employees, BMO Financial Group provides a broad range of
retail banking, wealth management and investment banking products and
Jessica Park, Toronto
Paul Gammal, Toronto
Valerie Doucet, Montreal
Laurie Grant, Vancouver
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