Well everyone has probably heard by now…that BMO has been offering a 5 year mortgage rate at 2.99%…but it was never really stated that the prepayment is lower then normal and that the max ammortization is only 25 years. This ammortization is important because it sets what you pay on a monthly payment. There is also a deadline for this offering. All they are doing is offering it and then taking it away to intice people to come to them and then state it is over to sell you something else. Watch out. And now TDCT and RBC has come into the picture and has been offering a 4 year fixed for 2.99%. These rates should not be offered in a promotion style. Thye should be around in a firm way. Being a mortgage brokerage owner I have been dealing with banks that have been offering these rates and now lower so truly BMO is not doing anything out of the normal and they are actually not helping out a lot of clients by limiting them to a 25 year ammortization meaning the clients that might be able to qualify will be paying a higher mortgage payment then necessary.
Right now I am offering a 5 year fixed mortgage rate as low as 2.94% and a low 4 year fixed of 2.89%. Weather it be for a home purchase, refinance, or renewal give me a call and lets see what we can do together to increase your networth through smart mortgage options.
Contact me either by email at jimamitofski@NetworthMortgage.com or toll free 1-877-431-6662.