The restrictions don't seem that bad?
Increase payments by 10% (that is a little low)
lump sum payments 10% a year
You can't switch to another bank. Seems reasonable and why would you at that rate
If you sell you pay penalty. Which all 5 year mtgs do?
You can still port the mortgage if you sell your house. And why wouldn't you at that rate.
You can still refinance with BMO if your situations change
Am I missing something? I guess it would be restrictive for all the 110k plus salaries on CP but for average guy wanting a mtg it seems like a good deal.
Last edited by fundmark19; 03-09-2012 at 12:42 PM.
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