BMO’S 2.99% How does it stack up?

Their 2.99% for a 5 yr, fixed, closed offer is a limited Time Offer runs till Jan 25.
To reduce the rate they introduced some restrictions on the mortgage as you can
see below.

Just to clarify, you can sell the house before the 5 year term expires
subject to a prepayment penalty.

The main terms of BMO’s special are as follows:

  • Maximum Amortization: 25
    years (30 year option not available on this mortgage)
  • Rate Hold: Up to 90 days
    (most holds are valid for 120 days)
  • Term: Fully closed
    unless you sell the property, refinance (with BMO only), or early renew
    into another BMO mortgage.
  • Pre-Approvals: Allowed
  • Lump-sum Pre-payments: 10% maximum per year
    (1/2 of the 20% that BMO normally allows)
  • Optional Payment
    increase:

    10% maximum per year (again, 1/2 of the 20% that BMO normally allows)
  • BMO Mortgage Cash Account:
    Not available with the Low-Rate
  • BMO Skip-a-Payment: Not
    available with the Low-Rate
  • BMO ReadiLine: Not available with the Low-Rate

~ Courtesy of our mortgage specialist~