Important News on the 5 Year Fixed Rate at 2.99
As was announced last week BMO cuts 5-year mortgage rate to 2.99%.
Here is what some of the terms of the 5 year fixed rate at 2.99 mortgages are:
- Applicable to residential mortgages only
- 10/10 pre-payment options or NONE at all
- Mortgage cannot be broken unless property is sold or unless it is refinanced with the financial institution (Bona Fide Sale Clause)
- Appraisal cost are applicable if required
- Works for Transfer/Switch mortgages
- Maximum 25 year amortization
- You may not be able to Port (transfer the new mortgage to a new property) the mortgage and full penalty breaks will apply
Don’t get lured into something you will regret and remember 7.5 out of 10 people break their mortgages BEFORE their mortgage term ends.