(April 18 – 10:35 ET) – Bank of Montreal is introducing a new six- year term Flexible Below Prime Mortgage.
“Our new Flexible Below Prime Mortgage offers the perfect solution for consumers who want a great rate on their mortgage plus a variety of flexible prepayment and convertibility options,” Jane Weatherbie, vice-president, Residential Mortgages, Bank of Montreal says in a press release. “We recognize that a mortgage should have the flexibility to adapt as our customers’ lives change.”
The new Flexible Below Prime Mortgage offers the following features: bank prime rate less 0.375%, special introductory rate of prime less 2.25% during the first three months, convertibility to a fixed term product at any time with no penalty, flexible prepayment options.
All Bank of Montreal mortgages, including the Flexible Below Prime Mortgage, offer the following benefits without penalty: the Family Care option, allowing the customer to skip up to four months of mortgage payments in a calendar year in the event of a family illness or a new baby, the Take a Break option, allowing the customer to skip up to one month of mortgage payments once in a calendar year, the Mortgage Cash Account, allowing the customer to re-borrow $2,500 or more of prepaid principal quickly – without legal or appraisal costs, or a credit review.
-IE Staff