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[BMO] BMO 10 year fixed term mortgage at 5 year rate 3.49%

  • Last Updated:
  • Nov 27th, 2017 5:07 pm
[OP]
Newbie
Jan 21, 2009
34 posts
8 upvotes

[BMO] BMO 10 year fixed term mortgage at 5 year rate 3.49%

Last edited by lenamir on Nov 20th, 2017 1:08 pm, edited 1 time in total.
37 replies
[OP]
Newbie
Jan 21, 2009
34 posts
8 upvotes
this is for 10 year mortgage, sounds like a good one?
Member
User avatar
Oct 24, 2011
429 posts
164 upvotes
Kitchener
nobody can predict anything.. rate can go down to 2.09 ish like couple years ago, or it can go up to 5% over.
imo 3.49% fixed for 10 years sound average.
Jr. Member
Aug 9, 2016
103 posts
44 upvotes
ggman8988 wrote:
Nov 20th, 2017 1:28 pm
nobody can predict anything.. rate can go down to 2.09 ish like couple years ago, or it can go up to 5% over.
imo 3.49% fixed for 10 years sound average.
It's very unlikely for rates to go down in the next few years. Govt is increasing rates and can't stop doing it unless the US stop increasing their rates. If anything, rates should keep increasing steadily for the next few years.
Member
User avatar
Oct 24, 2011
429 posts
164 upvotes
Kitchener
SergioAri wrote:
Nov 20th, 2017 1:31 pm
It's very unlikely for rates to go down in the next few years. Govt is increasing rates and can't stop doing it unless the US stop increasing their rates. If anything, rates should keep increasing steadily for the next few years.
You might be right, even if rates goes up for next 4 years and stays there for 1 year... and it may go down for 4 years....
welcome to Mortage rate world... roller coaster.
Deal Addict
Jul 30, 2001
2680 posts
912 upvotes
GTA
lawonga wrote:
Nov 20th, 2017 1:33 pm
Hmmmmmmmmmmmmmm
My thoughts exactly, I have a mortgage up for renewal soon too.
Sr. Member
Jul 30, 2003
885 posts
74 upvotes
SergioAri wrote:
Nov 20th, 2017 1:31 pm
It's very unlikely for rates to go down in the next few years. Govt is increasing rates and can't stop doing it unless the US stop increasing their rates. If anything, rates should keep increasing steadily for the next few years.
All speculative. Don't try to time the market. The same would've held true if you locked into a ten year mortgage 10 years ago and you would've lost thousands.
Deal Fanatic
Dec 11, 2008
5534 posts
1418 upvotes
Montreal
If you can afford it and want peace of mind for the next 10 years, I'd go for a 10year mortgage.
Like SergioAri said, rates are more likely to go up. I really doubt it will go down any time soon.
Deal Addict
Feb 7, 2006
2466 posts
945 upvotes
important info:

1 Available for new BMO owner-occupied mortgages only. Residential owner occupied property with one to four units; rental properties are not eligible. Refinances are not eligible. At least one borrower (or guarantor) must have a minimum credit score of 600. Your Gross Debt Service Ratio must be less than 39% and your Total Debt Service Ratio cannot be higher than 44% based on the higher of the Bank of Canada qualifying rate or the customer`s mortgage rate.
Edit:

Talked with BMO and at first they stated you could port/blend an existing BMO mortgage. Supervisor stepped in and said no way. New mortgages only.
Last edited by MMMM on Nov 20th, 2017 1:38 pm, edited 1 time in total.
Deal Fanatic
Oct 6, 2007
6169 posts
2279 upvotes
Kootenays
There's something to be said about the certainty of a 10 year term. If you're on the edge of affording your payments and something a bit higher than 3.5% is going to be a big hardship, 10 years gives good piece of mind. I guess it depends on your risk tolerance and whether you think you'll be in your current home for 10 years.
Jr. Member
Aug 9, 2016
103 posts
44 upvotes
Miguel wrote:
Nov 20th, 2017 1:34 pm
All speculative. Don't try to time the market. The same would've held true if you locked into a ten year mortgage 10 years ago and you would've lost thousands.
All speculative, but you still have clues to help you see what's the tendency. With the weak loonie and housing market all over the place, gov't can't keep the super low rates that were in place. US is steadily increasing rates too and strengthening the US dollar. Canada can't let the CAD go to crap either. It's all about keeping the right balance. I'm no expert, I must say that, but still with the clues that we have it's possible to say that rates going down is very unlikely at least for the next 2 or 3 years. A crash in the housing market would certainly change that, but then again, who knows when or if that's going to happen.
Deal Addict
Jul 30, 2001
2680 posts
912 upvotes
GTA
MMMM wrote:
Nov 20th, 2017 1:38 pm
important info:
Does refinance = renewal?
Deal Addict
User avatar
Oct 15, 2008
1165 posts
225 upvotes
Montreal
Cold to lock one self to 10y term.
I'm at 2.53 for 3y id rather absorb a slight increase upon renewal than lock myself willingly at 3,5

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