Mortgage Rate - Never this low - 2.99 % 5 year Fix..

Recently Bank Of Montreal offered 2.99 % interest rate on 5 year fixed mortgage.

 

In my view it's a very good deal for those home buyers who can afford 25 years amortiazation.

 

Here are some comparision between traditional 30 years mortgage and 25 years with @ 2.99 %

 

           Traditional Mortgage                                2.99 % Mortgage

 

1)     30 years amortization                                                                  25 years amortization

 

2)     20 % Once a year lump sum payment                                       10 % once a year lump sum payment

 

3)    You can double up a payment                                                     You can't skip or double up a payment.

 

4)    You can refinance or switch your lander                                     You can't refinance or switch your lander

 

 

Best regards,

 

Ritesh Joshi
Your Next Door Realtor

www.riteshtherealtor.com

647-281-3424