TORONTO, ONTARIO — (Marketwire) — 01/12/12 — BMO Bank of Montreal announced today that Canadian Mortgage Trends has awarded its 2011 Mortgage of the Year to the low-rate mortgage from BMO. The award, granted annually since January 2007, recognizes the mortgage product that has provided the greatest innovation, flexibility and/or cost savings to homeowners.
“The low-rate mortgage from BMO has altered the industry landscape by being the only major bank mortgage to offer transparent low rates to consumers. For that reason, it is our 2011 Mortgage of the Year,” said Robert McLister, Editor, Canadian Mortgage Trends.
“BMO is proud to receive this kind of industry recognition for what we believe is an outstanding mortgage product,” said Frank Techar, President and Chief Executive Officer, Personal and Commercial Banking Canada, BMO Bank of Montreal. “We developed the low-rate mortgage because customers were telling us that they wanted to become mortgage-free faster, pay less in total interest and have the comfort of a fixed interest rate but, above all, they wanted an easy-to-understand, straightforward product. This mortgage delivers on all counts and differentiates BMO in the eyes of Canadian homeowners and home buyers.”
In celebration of the award, BMO Bank of Montreal announced today that it is lowering the rate for its 5 year low-rate 25 year amortization mortgage by 50 basis points to 2.99 per cent effective immediately and available for a limited time until January 25th, 2012.
BMO offers the following tips for Canadians to help them reduce mortgage debt and become mortgage free faster:
Consider a shorter amortization:
Make sure you can afford your home, both now and in the future:
Think about the future:
Make a larger down payment:
Make pre-payments when you can:
Think carefully about fixed vs. variable:
Contacts:
Media Contacts:
Matthew Duffin, Toronto
(416) 867-3996
Sarah Bensadoun, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596