Wow, a 2.99% interest rate five year mortgage. It's about time. Hold on, before you sign on that dotted line make sure you understand what you are signing. There might be a couple of stipulations you are not willing to accept with this mortgage. If you don't read the fine print, you might be signing up for something you didn't ask for. Ask your mortgage consultant to fully explain the mortgage and what you can and cannot do with it. I understand that the maximum amortization for this  BMO mortgage is a 25 year period. That's okay, but some lenders do offer a 30 year amortization. The mortgage my husband I have allows us to skip a payment once a year if someone becomes sick or the finances are a bit tight. Another thing you might not like is, most mortgages allow you to prepay up to 20 percent of your principal once a year. With this mortgage I believe the max you are allowed to prepay is 10 percent. 

Theres a lot to consider when signing mortgage papers. Taking this mortgage also means that you are locked in for a 5 year period. Thats okay, if you are sure your situation won't change. Its good to know exactly what your mortgage payments will be for the next 5 years. TD Bank has followed suit to some extent. They are now offering a 4 year rate at 2.99 percent. Don't forget to shop around for the best mortgage rate.