It remains to be seen if BMO’s interest rates will be competitive during this offer. The Toronto Sun quotes the interest rate as a “special promotion” rate of 6.38%. (Rates are currently under 6% at most non-bank lenders.)
Since Toronto’s land transfer tax doesn’t take effect until February 1, 2008, this deal mainly applies to people who close in the month of February.
BMO will pay a maximum of $15,000 in tax.
One more thing to remember: If you’re a first-time buyer you’ll pay no land transfer tax on the first $400,000 of home value. BMO will reportedly pay your tax anyway in this case, and let you keep the rebate.
Ed.: Read the comments below for further opinions.
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