BMO Low Rate Mortgage (Buyer Beware!)

Did you know?

At Bank of Montreal, they offer a "Low Rate Mortgage".  Wow, the rate looks good, but here's problem Number 1.  They don't tell you all the information untill after its signed, and done!  Heres the scoop.  This mortgage is a 5year closed term product.  Most mortgages are closed these days, however, with this mortgage, you can't break it for refinance purposes as you can with any other mortgage lender.  This product has a clause that entitles you to break the mortgage (with penalty) but only if you sell the home.  Oh, and the penalty is quite hefty, especially if you are only into a few years.

Problem Number 2.  When you call into speak to a "Mortgage Specialist" you're really speaking to someone who wears a variety of hats.  Today they "sell you" the BMO bank account, tomorrow they are an expert in investments.  The next day they are apparently a mortgage specialist.