BMO Celebrates New Year with its Low Rate, 25-Year Amortization Mortgage
The Right Mortgage for Right Now
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 01/03/12 -- BMO Bank of Montreal is encouraging potential homebuyers to celebrate the New Year by choosing a mortgage with a 25-year amortization as a way to save thousands of dollars on interest costs and help manage debt levels. BMO offers a 5-year, low-rate, 25-year amortization mortgage at 3.49 per cent.
Canadians have set a record for household debt. According to the Bank of Canada, the debt burden has exceeded levels in the United States and the United Kingdom. The ratio of debt to personal disposable income is now more than 150 per cent. Bank of Canada Governor Mark Carney has issued a warning to Canadians to be cautious with their spending.
"Canadians need to continually examine ways to reduce overall housing costs," said Katie Archdekin, Head of Mortgage Products, BMO Bank of Montreal. "BMO has been a leader developing products, such as the low-rate mortgage with a maximum 25-year amortization, that we believe are directly relevant to today's environment and specifically designed to help Canadian consumers manage their debt. In September, BMO urged Canadians to choose a 25-year amortization as a way to significantly reduce the amount of interest paid over the life of the mortgage."
Ms. Archdekin added, "It is important for homeowners or potential buyers to be prudent and stress-test their mortgage against a higher interest rate to ensure they can afford what they signed up for. Total housing expenses should not consume more than one-third of total household income."
BMO Bank of Montreal's popular five-year fixed low rate mortgage is available to all Canadian residents at a posted rate of 3.49 per cent.
BMO offers the following tips for Canadians to help them reduce mortgage debt and become mortgage free faster:
Contacts:
Media contacts:
Matthew Duffin, Toronto
(416) 867-3996
Sarah Bensadoun, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 03.01.2012 - 16:15 Uhr
Sprache: Deutsch
News-ID 100655
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Commercial & Investment Banking
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"BMO Celebrates New Year with its Low Rate, 25-Year Amortization Mortgage"
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BMO Bank of Montreal and BMO Financial Group (Nachricht senden)
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