It’s likely that you’ve been hearing a lot about low mortgage rates lately, and the trend seems to be continuing. Last week, The Bank of Montreal introduced its Smart Fixed Mortgage and dropped its promotional five-year fixed mortgage rate to 2.79%, down from 2.99%. Consider it a spring treat from the real estate Gods, designed to make your life easier when it comes to buying a home.
This rate is combined with a shorter, 25-year amortization period, and the option to accelerate the payment by 10% each month, or make a 10% lump sum payment at the end of each year. This is a huge advantage, especially when it comes to buyers who are on the fence about investing in real estate. Essentially, homebuyers can lock into a historically low rate, and pay off their mortgage sooner, talk about a win-win!
Check out the full article from BNN.