BMO Introduces New Program For First-time Buyers

Based on a new program that was introduced by BMO as a motivational means of helping first-time buyers, an amount of $1,000 will be given to first-time buyers to assist them with the money needed for purchasing their new home. However, not everyone will be eligible, only qualified mortgage customers in Canada, (with $500 for debts, ranging from $100,000 to $249,000 and a $1,000 for loans more than $250,000) will be offered the cash by the lender.

Senior Vice President and Regional Head. B.C. & Yukon Division of BMO Financial Group, Michael Bonner said; “The introduction of this offer is timely considering the program the B.C. government has put into effect to assist with the costs associated with home ownership. We are committed to helping our customers meet their home ownership dreams. While the provincial government’s offer is exclusive to B.C., our hope is to support all Canadians who come to us for this important milestone and investment.”

Borrowers who will be qualified will need to have default insurance for their mortgage, a four-year loan period at least and a chequing account with BMO.