Bank of Montreal has launched a new 5 Year Variable Rate Closed mortgage product that allows customers to take advantage of record low lending rates with the flexibility to lock into a fixed rate closed mortgage at anytime, the bank said Tuesday.

“Recently we’ve seen an increase in the number of customers choosing a variable rate mortgage”, said Lynne Kilpatrick, senior vp BMO Bank of Montreal. “At 3.8% our new 5 Year Variable Rate Closed mortgage offers a very competitive rate yet gives our customers the peace of mind of knowing they can lock in at anytime should rates rise.”

“We want to make buying a home easier and help you pay off your mortgage faster. Our mortgage experts are here to help you make sense of the home-buying process and choose the right mortgage with confidence”, added Kilpatrick.

IE