|Provider||5 Year fixed||5 Year variable||3 Year fixed|
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Jamie David, Sr. Director of Marketing and Mortgages
The Bank of Montreal (BMO) is one of the largest banks in Canada, and is one of the Big 5 Banks. Below you'll find everything you need to start thinking about getting a mortgage from BMO.
How do BMO mortgage rates compare?
The Bank of Montreal (BMO) is competitive with Canada's other big banks. However, mortgage rates in Canada don't vary as much between banks as they do between individuals. The best way to understand what mortgage rates you will be eligible for is to compare mortgage rates between multiple lenders to see what's available.
BMO mortgage products
The Bank of Montreal offers an extensive range of mortgage options that allow combinations of variable and fixed rates, with open, closed and convertible terms. Mortgages come in a variety of shapes and sizes. So whether you want to make a large down payment or a small one, pay off your mortgage at any time or make additional payments without penalty or try out a short-term mortgage before committing to a long-term fixed-rate, there are many BMO mortgage rates available to suit your needs.
BMO mortgages: Open vs. closed terms
BMO mortgage rates come with an option of open, closed or convertible terms, all three of which are defined in detail below.
BMO open mortgages
An open mortgage gives you the freedom to make extra payments any time without penalties. You can pay off your mortgage faster as a result and save money on interest payments. If you expect your income to increase over the mortgage term, an open mortgage allows you to pay off your debt faster. However, you can expect higher interest rates than with a closed mortgage because of the inherent flexibility.
BMO closed mortgages
A closed mortgage has lower interest rates but does not generally allow additional payments without penalties. Closed mortgages are more popular, however, because they are generally accompanied by lower interest rates.
BMO convertible mortgages
A convertible mortgage is a short-term closed mortgage that allows you to convert to a longer fixed-rate term without penalty, possibly to take advantage of low-interest rates.
Open vs. closed mortgages: Feature comparison
BMO outlines the features and suitability of their open, closed and convertible mortgage options, which are summarized below:
|Open 6-month, 1-year and 18-year||
|Closed 1 to 7 years, and 10-year||
Accessing BMO mortgage rates
The tables above show the most up to date rate BMO has published. To apply for a mortgage with BMO, you can either contact the bank directly or use a BMO-authorized mortgage broker. Using a mortgage broker gives you the added benefit of being able to compare mortgage rates and products between different lenders, as well as the chance to speak to an independent mortgage expert.
BMO mortgage pre-approval
Getting a pre-approval is fast, easy and free, and lets you know how much you're likely to be able to borrow and at what rate. A pre-approval will hold the rate you qualify for today for up to four months, so it's worth getting one before you start house hunting. You can begin the pre-approval process by contacting BMO or a mortgage broker.
BMO mortgage application checklist
The following outlines the sort of information you should have on hand to fill out the BMO mortgage application and obtain your BMO mortgage rate:
- Your monthly income (before taxes)
- Your monthly housing expenses or rent
- The value of any vehicles, properties, investments, or savings you may have
- The balances and monthly payments of your mortgage (including property taxes), credit cards/lines of credit or loans
- Financial information for your joint applicant, if applicable
Compare other BMO products
More on the Bank of Montreal
Established in 1817 and based in Canada, BMO Financial Group serves more than 10 million personal, commercial, corporate and institutional North American and international customers. Its operating groups share one vision: to be the bank that defines great customer experience.
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio
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