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Mortgage Cash Account @ BMO

When you use your prepayment option with a Bank of Montreal mortgage, your principal prepayments can build a borrowing reserve. This reserve is called a Mortgage Cash Account. You can withdraw prepaid funds by re-borrowing at any time. The is no charge and you don't have to make a new mortgage application. Re-borrowed funds are simply added to your mortgage principal at the current posted interest rate for the remaining term and blended with your existing rate. The minimum amount you can withdraw is $2500. Contact you BMO branch for more info.


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