While conducting my morning reading of the Toronto Star, I came across an article, which revealed that BMO Bank of Montreal (BMO) would be bringing back its 5 year mortgage at 2.99%.
Like I sure many of you are feeling, this is some big news, considering the fact that recently a lot of financial institutions already launched low mortgage rates recently. In all seriousness, it has been what, barely 2 months after we saw a similar promotion on low mortgage rates from a lot of big banks.
If you can recall, banks prematurely withdrew their low mortgage rates about a month ago.
That said, I am impressed to say the least with BMO, not only were they the first bank to launch the ultra low mortgage rate in January, but the 5 year mortgage rate is not the only promotion they will have running.
What is the other promotion BMO’s running?
Beginning March 11th, 2012 BMO will be offering a 10 year fixed low rate mortgage at 3.99%. That is not a bad promotion from on the Big Six, right?
What makes both of these mortgage rates so great is that they each come with a shorter amortization, which will ultimately help you become mortgage free faster, pay less interest and last but not least, protect yourself from the possibility of increasing interest rates.
Realistically, there is only 20 days left for the 5 year mortgage rate, and when the 10 year mortgage rate comes out, there will be 17 days left.
If you are serious about purchasing a home, then you may want to consider getting pre-approved. This way you are given some extra time to search for a home, not to mention flexibility as you do so.
Both of these rates have been made available till March 28th, 2012. If you are interested in these rates do not waste anymore time, because before you know it, they are gone.
What do you think of BMO’s new mortgage rates?
image source: Sweet One