Bank of Montreal lowerd 5 year fixed to 3.59%! BUT Wait, my firm has a 5 year fixed for only 3.50%!!!!

I just found this bit of information good to know. 

Bank of Montreal has lowered their 5 year to 3.59%. But wait my firm hasan even better 5 5 year mortgage refinance to 3.50%. And even better if you are thinking of buying a home and you buy through one of our firms Approved Realtors you can get a 5 year fixed at 3.40%. Now this is a great deal. So contact me if you have any questions. 

This is the article that you all will find good. 

BMO dropped its five-year fixed “low frills” rate yet again from 3.79 per cent to 3.59 per cent.

The bank says this deal “saves homeowners over $60,000 in interest costs compared to leading competitors’ five-year special fixed rate at 3.89 per cent and 35-year amortization.”

CanadianMortgageTrends.com notes the following to keep the rate in perspective:

– Most people break their five-year terms early, and you can’t break BMO’s mortgage to go somewhere else. Plus, pre-payments are limited to 10 per cent a year.- Various competitors can match or beat 3.59 per cent on a five-year term.- A five-year term at 3.59 per cent may not be the lowest cost option. A mortgage broker can present clients with other alternatives.

As you can see. Dealing the banks is not as competitive and to your advantage as you may think.

My other rates are as follows:

1 Year fixed 2.44%

2 Year fixed 3.09%

3 Year fixed 2.69%

4 Year fixed 3.79%

5 Year fixed refinance 3.50%

5 Year fixed purchase 3.40%

Best Adjustable / Variable Mortgage 2.00% (Prime – .75) 

Like always contact me with any questions.

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