BMO: 25 Year Amortization is the Right Mortgage for Right Now

BMO offers tips on how to become mortgage free faster

(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 09/28/11 -- While the Bank of Canada has been holding the line on interest rates over the last few quarters, the current low interest rate environment is no reason for homeowners to let their guard down when it comes to managing their overall household debt, including their mortgages.

"Regardless of the current low interest rates, it is still 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," said Katie Archdekin, Head of Mortgage Products, BMO Bank of Montreal.

Ms. Archdekin added that Canadians need to be continually examining ways to reduce overall housing costs. "BMO has developed 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. Furthermore, the lower amortization can significantly reduce the amount of interest paid over the life of the mortgage."

BMO Bank of Montreal offers a five-year fixed low rate mortgage to all Canadians at a current posted rate of 3.59 per cent.

BMO offers the following tips for Canadians to help them reduce mortgage debt and become mortgage free faster:





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For media enquiries:
Matt Duffin, Toronto
(416) 867-3996


Sarah Bensadoun, Montreal
(514) 877-8224


Laurie Grant, Vancouver
(604) 665-7596

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Bereitgestellt von Benutzer: MARKET WIRE
Datum: 28.09.2011 - 19:23 Uhr
Sprache: Deutsch
News-ID 70739
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TORONTO, ONTARIO

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Commercial & Investment Banking

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