BMO Mortgages
All the major banks offer open and closed mortgages of different length terms. You'll find 1 year closed variable, 2 year closed variable, 3 year closed variable, 5 year closed fixed rate, 10 year fixed rate and 20 year open mortgages, along with6 month and 1 year open mortgages at your local BMO branch.
The BMO mortgage rates change frequently, so it is wise to compare the rates and terms our private lenders might also be able to provide you. If you're banking at BMO and have your mortgage their also, transfering your mortgage transfer from BMO to one of our lenders may be easy. Some private lenders may offer to pay some of transfer cost or penalties that Bank of Montreal may charge you.
Please call us and get our advice and opinion on BMO home mortgages or open/closed variable/fixed rate mortgages offered by the other major banks, and how our lenders may be a much better fit for you.
About BMO
BMO is one of Canada's most profitable bank. In the first quarter of 2011, total revenue increased by 24 per cent or $583 million from a year earlier to $3.02 billion. It had 12.2 Billion in revenue in 2010.
Whether it is a home or commercial mortgage, we believe we can find a superior to a BMO mortgage, TD Canada Trust Mortgage, Scotiabank Mortgage, Royal Bank Mortgage, HSBC Mortgage, ING Direct Mortgage, or a CIBC Mortgage. If you're currently a BMO customer, please don't be resigned to a less optimal home mortgage. In the age of Internet, a better home mortgage with lower mortgage rates might be waiting. You may be happy with your BMO mortgage rate, but we'll do all we can to find a superior product to your current mortgage offer.
Mortgages
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BMO Mortgage Alternatives
If you're curious about whether there some better alternatives to BMO mortgages, why not get a quote from us or discuss competing mortgage products with us.
Finding the Best Mortgage
A mortgage broker is trained to help homebuyers find the best mortgage for that buyers situation and needs. A bank will only sell the specific mortgage products offered by their mortgage department. With one bank, selection is limited. Further, some banks will not work with a mortgage broker which you probably know is not a good approach to business in this day and age. We source mortgages from many lenders and out of that huge pool of mortgage products, we are sure we'll find the right offer for you.
Types of Mortgage Products
Your new broker's role is determine the best mortgage product for you and then communicate the advantages and disadvantages of each. Only by understanding the strengths and limitations of each mortgage will you be able to make the right purchase decision. The variety of products available is vast. Here are the most common types of mortgage products:
- Partially amortized, blended constant payment mortgage - fixed rate
- partially amortized, blended constant payment mortgage - variable rate
- partially amortized, blended variable payment mortgage - variable rate
- Interest only mortgage
- Home Equity Line of Credit
- Interest accruing mortgage
- Reverse mortgage
- Straight line Principal reduction mortgage
- Graduated payment mortgage
BMO Mortgage Rates (note: these are rates posted for June 13, 2011 and may not be current)
| Type | Term | Posted Rate | Special Rate |
| Fixed Rate | 1 year Open | 6.30 % | |
| Fixed Rate | 2 year Closed | 3.850 % | |
| Fixed Rate | 3 year Closed | 4.25 % | |
| Fixed Rate | 5 year closed | 5.39 % | |
| Fixed Rate | 10 year closed | 6.65 % | |
| Variable Rate | 3 year open | 3.7 % | |
| Variable Rate | 5 year closed | 2.85 % |
Contact us for the latest BMO rates and a quote on the best rates available.
Open or Closed Mortgages
You will have to decide on whether to purchase an open or closed mortgage. An open mortgage allows you to pay off the mortgage anytime without penalty. A closed mortgage is not the same as a variable rate mortgage. And closed is not the same as a fixed rate. "Closed" refers to the fact that you can't pay off the loan early, unless your property is sold "at arms length."
We can educate you on the types and varieties of mortgage interest rates available. Contact us now or apply online so we can get started.
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