Bank of Montreal Mortgage Rates

Rates updated: January 21, 2020 12:21 AM

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	3.30^% Prime - 0.65 Inquire _{Compare all rates}	2.89^% Inquire _{Compare all rates}	2.87^% Inquire _{Compare all rates}	4.48^% Inquire _{Compare all rates}

Best Bank Mortgage Rates	2.89^% Prime - 1.06 HSBC Inquire _{Compare all rates}	2.89^% Bank of Montreal Inquire _{Compare all rates}	2.49^% HSBC Inquire _{Compare all rates}	2.99^% HSBC Inquire _{Compare all rates}

Market Best Mortgage Rates	2.65^% Prime - 1.30 CanWise Financial A Ratehub Company (3473) Lic. 12530 Inquire _{Compare all rates}	2.84^% Alterna Savings Inquire _{Compare all rates}	2.49^% HSBC Inquire _{Compare all rates}	2.99^% HSBC Inquire _{Compare all 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:

Mortgage Type	Features	Suitability
Open 6-month, 1-year, and 18-year	Maximum flexibility Prepay in full or in part at any time with no prepayment charge Change to another term at any time without charge	Thinking of selling your home Want to prepay more than 20% of your mortgage amount Believe rates will decline
Convertible 6-month	Convert to a closed term of 1 year or longer at any time, without charge Mortgage prepayments	Want to keep your options open Want lower rates than an open mortgage of the same term
Closed 1 to 7 years, and 10-year	Interest rate and payments are fixed for the term you choose Mortgage Prepayments	Want to budget with certainty Want a lower rate than an open mortgage of the same term
Closed 5-year	Interest rate and payments are fixed for the term you choose Mortgage prepayments	Want to budget with certainty Want lower rates than a fixed rate closed mortgage of the same term Want a simple, easy to understand mortgage with a low rate

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

Compare Other BMO Products

BMO offers various BMO credit cards, including rewards cards and low interest cards, as well as BMO GICs, available in a variety of terms.

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.