Bank Of Montreal - Best Mortgage Rates

Bank of Montreal provides a large number of mortgage products that are considered to be some of the most competitive in all of Canada.
RBC Rates

BMO Bank Of Montreal Mortgage Rates

BMO Bank of Montreal (BMO Financial Group) is the oldest bank in Canada and it officially began operating in 1817. Today, it is the nation's fourth-largest bank when rating it by market capitalization. The bank has more than 900 branches across Canada serving more than 7 million customers.
BMO has a $106 + billion mortgage portfolio (as of Q2 2018) and sells its many of its mortgage products through mortgage specialists and various branches. The bank is not involved in the market of mortgage brokers. BMO is especially known for its headline-making rate specials (it was the first bank out of all the big banks to 2.99 percent on a 5-year fixed mortgage in 2012) and low-frills mortgage (the ``Smart Fixed`` mortgage). A lot of the time, its rates aren’t far away from the rest of the banks.
Term Rate APR
1 Year 3.640%
2 Year 3.890%
3 Year 4.290%
4 Year 4.990%
5 Year 5.190%
5 Year Smart Fixed 3.990% 4.01%
6 Year 5.440%
7 Year 5.800%
10 Year 6.500%
10 Year Smart Fixed 4.490% 4.51%

BMO’s Variable Rate Mortgages

The variable mortgage that is offered from banks can be converted to a fixed-rate at any point in time. However, keep in mind that when you convert, you never get much more than the advertised rates.
The variable mortgage rates that BMO offers include fixed payments. This basically means that you're going to pay less principal and more interest if the prime rate goes up, and vice versa. The payment will typically always the same (unless rates rise so much that the interest due is not covered).
Factoid: BMO became the first big 6 banks to prominently advertise a variable prime rate-1.00% in 2018.
Term Rate APR
3 Year (Open) 5.150%
5 Year (Closed) 4.100%

BMO Mortgages Overview

Bank of Montreal provides a large number of mortgage products that are considered to be some of the most competitive in all of Canada. Depending on what exactly you require, BMO can offer you fixed and variable rates with associated open, closed, and convertible rate mortgages.

  • It is possible to pay off open mortgages at any time and you will have the option to make additional payments without penalties. Open mortgage terms vary from 6 months to 5 years and are ideally suited for people that are planning on selling their house in the near future. However, open mortgages do tend to result in higher interest rates.
  • Closed mortgages are known to be a common product due to lower interest rates. BMO closed mortgage terms vary from 6 months to 10 years and you can’t pay them out in full before the term is over without getting a penalty.
  • Convertible mortgages are a great choice for people that are only seeking a short-term commitment with fixed payments. They also have the added benefit of being able to convert to a longer-term mortgage at any point in time without having to worry about a penalty. BMO offers convertible mortgages in terms of 6 months.

When the unexpected happens, BMO mortgage rates offer versatile payment options. BMO provides an opportunity to’ take a break’ if you need some extra cash on hand. It allows you to miss one month of regular mortgage payments per year. In the case where you have to leave your job to look after a new baby or sick family member, BMO provides the’ family care ‘ option that allows you to miss four straight monthly payments a year.

Whether it’s your first mortgage or you’re switching mortgage lenders, a BMO mortgage specialist can direct you through the application process and help you decide on one that will best suit your budget and needs. Depending on if you are a first time home buyer or if its the second time around, comparing mortgage rates on will most definitely help you.