News Releases

TORONTO, ONTARIO--(Marketwired - July 31, 2013) - As part of BMO Financial Group's ongoing commitment to financial literacy and 'Making Money Make Sense', BMO is releasing financial tips throughout the summer to help Canadians make the 'BMOst of summer' in 2013.

Financial Tip of the Day: Stress-test your mortgage to ensure your housing costs will remain affordable throughout the summer and down the road.

Choosing the right mortgage to fit your specific needs and particular situation is a critical part of the home buying process. However, it's important to stress-test your mortgage regularly to ensure that your housing costs will remain affordable both in the near and long-term future.

"Regardless of the current low interest rate environment, it's a good idea to be prudent and regularly stress-test your mortgage against a higher rate to ensure you can manage a rise in costs as a result of any potential interest rate increases down the road," said Frances Hinojosa, Mortgage Expert, BMO Bank of Montreal. "This is one way to help Canadian homeowners prepare for any potential rise in interest rates."

Ms. Hinojosa added that choosing a shorter amortization allows Canadians to save thousands on interest costs over the life of their mortgage and begin building equity sooner.

BMO offers a number of products and services that can help Canadians get more out of every dollar they spend this summer. For more details on how to make the 'BMOst of Summer,' drop by a BMO branch or visit bmo.com.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $555 billion as at April 30, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.