Bank of American is getting ready to open a new branch in the U.S., and the bank has signed a new agreement with Bank of Montreal to provide the company with a loan guarantee.
Bank of America has been working with Bank Montreal to deliver a loan of up to $25,000 for borrowers in its home mortgage servicing business.
The bank is also providing a $25 bonus to borrowers for each $10,000 of loans made on the first of the month, according to a bank release.
Bank is offering a $1,000 bonus to the first $1 million in mortgages taken out by a borrower.
The bank is offering the loan at a lower interest rate than the standard federal mortgage rate of 3.84%.
The bank said that it is working with BMO to provide a guarantee to borrowers with new loans as well as to help them with existing loans.