Bank of Montreal Mortgage RatesRates updated:
Below you will find current Bank of Montreal's posted 5-year fixed and variable mortgage rates. Use Ratehub.ca's comparison chart to evaluate other banks, brokerages and lenders against Bank of Montreal and ensure you get the best mortgage rate!
|5-YR Variable||3-YR Fixed||5-YR Fixed||10-YR Fixed|
|Bank of Montreal|
|Best Bank Mortgage Rates|
BMO mortgage rates overview
The Bank of Montreal (BMO) 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 mortgage rates come with an option of open, closed, or convertible terms, all three of which are defined in detail below.
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.
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.
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.
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||
Now that you are familiar with BMO mortgage rates, compare them with those of other lenders and brokers to ensure you have best mortgage interest rate
Accessing BMO mortgage rates
BMO mortgage rates are updated every day on its website. You can access these rates conveniently by either filling out an online mortgage application or simply speaking with a BMO mortgage agent over the phone at 1-877-225-5266. To get started, connect with an authorized BMO mortgage broker.
BMO mortgage pre-approval
It takes approximately 20 minutes to complete BMO's online mortgage application. Upon submitting the application, you will be given a unique Loan Application Number and Personal Identification Number that you can use to check the status of your mortgage pre-approval.
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
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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.