Bank of Montreal launches flex mortgage account
Money Digest, Feb, 2000
The Bank of Montreal has launched the Mortgage Cash Account, which enables customers to create a reserve in their mortgage account that can be withdrawn or re-borrowed at any time without having to refinance.
If mortgagors take advantage of prepayment options (by increasing their monthly payment or prepaying a lump sum once a year) they can use that extra money for a new car, a vacation, renovation etc. Customers can re-borrow that money at the current mortgage rates.
Other options include allowing customers to increase their principal and interest payments once a calendar year to up to 20% without a fee or penalty. Up to 500 Air Miles Reward Miles can also be awarded for new mortgages.
COPYRIGHT 2000 Money Digest
COPYRIGHT 2008 Gale, Cengage Learning
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