Skip navigation
Navigation skipped
About BMO

News Releases

BMO Bank of Montreal Adjusts Its Mortgage Offering

TORONTO, July 11, 2008 – BMO Bank of Montreal announced effective immediately it is adjusting its mortgage offering. The changes include the following:

  • The maximum amortization period for mortgages will be set at 35 years;
  • A minimum down payment of five per cent is required for new mortgages;
  • BMO will continue to process applications from customers who have already applied for a longer amortization or lower down payment.

“BMO fully supports the action Minister Flaherty has taken to protect and strengthen Canada's housing market,” said Frank Techar, President and CEO, Personal and Commercial Banking Canada, BMO Financial Group. “BMO offers Canadians the most flexible mortgage products plus the unique feature of earning AIR MILES. Our message to Canadians is ‘come into one of our branches or call us and we will help you choose the mortgage that is best for you'.”

- 30 -