THE DAVISVILLE & LEASIDE INSIDER

THE DAVISVILLE & LEASIDE INSIDER

Thursday, September 29, 2011

BMO: 25 Year Amortization is the Right Mortgage for Right Now

BMO offers tips on how to become mortgage free faster BMO offers tips on how to become mortgage free faster

TORONTO, ONTARIO, Sep 28, 2011 (MARKETWIRE via COMTEX) -- While the Bank of Canada has been holding the line on interest rates over the last few quarters, the current low interest rate environment is no reason for homeowners to let their guard down when it comes to managing their overall household debt, including their mortgages.

"Regardless of the current low interest rates, it is still important for homeowners or potential buyers to be prudent and stress-test their mortgage against a higher interest rate to ensure they can afford what they signed up for. Total housing expenses should not consume more than one-third of total household income," said Katie Archdekin, Head of Mortgage Products, BMO Bank of Montreal.

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