Special offer

BMO Will Pay Your Toronto The Land Transfer Tax...Sing With Me!

By
Home Stager with 2 Hounds Design + Home Staging

BMO so kindly offers to pay the new Toronto Land Transfer Tax. For this promotion you get the 'incentive' rate of 6.38% (fixed for 5+ years) while those opting to pay the tax themselves are getting rates below 6%.

The Toronto Land Transfer Tax takes effect for properties closing beginning February 1, 2008.

BMO is quick to point out if you get a 5+ year fixed mortgage on a Toronto property, and close by February 29, 2008, BMO will pay your land transfer tax (up to a maximum of 1.5% of your mortgage amount).

So as an example on a $400,000 house, BMO tells you they would save you $3,725.

If this is an incentive which interests you, talk to your current bank as most will match the BMO offer, but keep in mind what BMO isn't telling you....

  • At the rate of 6.38% a client will pay $7548 more during 5 years than if they went with the current rate under 6% (on $400K mortgage).

When financing a home make sure your Mortgage specialist is looking out for your interests. I know mine is. He was quick to let our Realtor know the BMO promotion was only making money for the bank...out of your back pocket while you're not watching.

Hands in my pocket, hands in my pocket, hands in my pocket.

Everybody sing!

Comments (1)

Toronto's 2 Hounds Design: Decorating + Staging
2 Hounds Design + Home Staging - Toronto, ON

Joe, you said it! Thanks for stopping in and commenting!

 

Jan 04, 2008 04:06 AM