Bank of Montreal Mortgage Rates Last Updated: May 22, 2012 09:30:45
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Summary of BMO Bank of Montreal Mortgage Rates
Bank of Montreal offers a variety of mortgage rate products with some of the most competitive rates in Canada. Depending on your needs, BMO Bank of Montreal mortgage rates include fixed and variable rate offers with associated open, closed and convertible rate mortgages.
Open mortgages can be paid off at any time and give you the option of making additional payments without any penalties. Open mortgage terms range from 6 months to 5 years and are best suited for those who plan on selling there home in the near future. However, open mortgages tend to come with higher interest rates.
Closed mortgages are considered a more popular product because of the lower interest rates associated with them. BMO closed mortgage terms range from 6 months to 10 years and cannot be paid out in-full early without penalty.
Convertible mortgages are a great solution for those looking for a short-term commitment with fixed payments and the additional benefit of converting to a longer-term mortgage at any time without penalty. BMO mortgage rates offer convertible mortgages at terms of 6 months.
Other Important BMO Bank of Montreal Mortgage Rates Details
- Bank of Montreal encourages homeowners to make eco-friendly choices and has introduced the BMO Eco Smart Mortgage. This is a 5-year fixed closed mortgage, which offers rewards to customers that make smart choices for the environment. The BMO Eco Smart mortgage is the mortgage of choice if you are looking for a home with energy saving features, low rates and pre-payment options.
- BMO Bank of Montreal mortgage rates offer flexible payment options when the unexpected happens. In case of an unexpected event and you need some extra cash on hand, BMO offers a 'take a break' option. This allows you to skip one month of mortgage payments per year. In the situation where you must leave your job to take care of a new baby or sick family member, BMO offers the 'Family care' option which allows you to skip four consecutive monthly payments per year.