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Bank Of Montreal Mortgage of february 2023

Apply for Mortgage from Bank Of Montreal verified by our specialists. On 08.02.2023 you have access to 4 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 4

Updated
01.02.2023
12:04
Homeowner ReadiLine
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Variable-rate mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

4.37%
Term
i

Loan term for the financial product

5 years
Fixed-rate open mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

5,16%
Term
i

Loan term for the financial product

18 years

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

Smart Fixed Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

5,36%
Term
i

Loan term for the financial product

10 years

Loan amount
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Loan amount

CAD
CAD
USD
50000 C$
5000000 C$
Down payment
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Specify the percentage of the down payment

%
C$
5
50
Your loan amount
C$
Loan term
i

Specify the loan term for the calculation

years
months
1
25
Interest rate
i

Choose the interest rate on the loan

4 %
6 %
Type of payments
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Specify the type of payment for calculating

Online application for a mortgage

Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years
Online application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgage
Your data is securely protected. Will not affect your Credit Score.
Loan amount
0 C$
Loan term
0 months
Monthly payment*
40 383 C$
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Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Bank Of Montreal Mortgage of february 2023

Types of BMO mortgages

Fixed-rate mortgages. With a fixed-rate mortgage, your rate won’t change during the entire term. Once pre-approved, BMO will lock the pre-approval rate for 130 days for you. Fixed-rate mortgages from BMO can be both open and closed. An open mortgage allows you to pay it off early penalty-free, though your interest rate will be higher. With a closed mortgage, you can secure a lower rate, but there might be prepayment penalties. Still, BMO offers certain penalty-free options to pay your closed mortgage faster:

  • By increasing your monthly payments by up to 10% for a Smart Fixed Mortgage and by 20% for other kinds of closed mortgages once a year
  • By making a lump-sum prepayment of up to 10% of the original mortgage amount for a Smart Fixed Mortgage and up to 20% of the original mortgage amount for other kinds of closed mortgages once a year
  • By switching to a weekly or bi-weekly payment schedule

The terms for fixed-rate open mortgages range from 6 months to 18 years, and for fixed-rate closed mortgages — from 1 to 10 years.

BMO features special rates for its mortgage products. At the moment of writing this review, the Annual Percentage Rate (APR) for a 3-year fixed-rate closed mortgage is 5.16%, and for a 5-year smart fixed-rate closed mortgage — 5.36%.

Variable-rate mortgages. A variable-rate mortgage assumes that your rate fluctuates according to BMO’s prime rate. If the prime rate decreases, your interest rate will also do. If needed, you can switch to a fixed rate during your mortgage term. BMO variable-rate mortgages can be both open and closed. The special APR for a 5-year variable-rate closed mortgage is 4.37%.

Homeowner ReadiLine. If you need to renovate property after purchasing, consider BMO Homeowner ReadiLine — a mortgage combined with a line of credit. As you pay down your mortgage, your available line of credit grows automatically.

With Homeowner ReadiLine, you can borrow up to 80% of your home’s value and distribute this amount between a mortgage and a line of credit the way you want. For a mortgage portion, you can choose between a fixed and variable rate.

How to apply?

Before applying for a BMO mortgage, there is an option to get a pre-approval. Once pre-approved, you will get a clear understanding of how much you can borrow, and BMO will secure the pre-approval rate for 130 days for you.

You can proceed with getting mortgage pre-approval online through the BMO website. Click the “Get pre-approved” button and fill in the form with the following information:

  • Mortgage information — a purchase price, a down payment, a term, and monthly expenses (if applicable)
  • Your personal information — your first name, last name, date of birth, and SIN
  • Your contact information — your phone number, email, and address
  • Your employment information — your employment status, occupation, company name, source of income, and annual pre-tax income
  • Support payments (if applicable)

Once you complete the pre-qualification form, allow some time for a BMO finance expert to review your information and get back to you with the mortgage conditions. Then, to proceed with your mortgage application further, you will need to schedule a visit to a BMO branch.

Alternatively, you can skip the pre-qualification step and book an appointment with a BMO expert to apply for a mortgage right away.

Requirements

To apply for a BMO mortgage, you must be a Canadian resident of the age of majority in your province or territory employed for at least 2 years. You must also be applying for a mortgage for a home you are going to live in.

When applying, you will need to provide information about your gross annual income for the current and the previous year (or the gross annual income of all applicants, if you have a joint application).

Providing a Social Insurance Number is optional, though it can help speed up the approval process.

Pros and cons

Let’s outline the pros of BMO mortgages:

  • An opportunity to secure your pre-approval rate for 130 days
  • A variety of available terms
  • Special mortgage rates available
  • An opportunity to repay a mortgage faster by increasing mortgage payments or making lump-sum payments once a year penalty-free

Still, there are certain cons to be aware of:

  • Prepayment penalties may occur with closed mortgages when exceeding the allowed prepayment amount
  • A requirement to get mortgage default insurance in case of making a down payment of less than 20% 

How to make a payment?

There are several ways to pay for your BMO mortgage:

  • Through online or mobile banking
  • By phone
  • In person at‌ your local BMO branch
  • At a BMO ATM

FAQ

How long is a mortgage pre-approval process with BMO?

Upon a pre-approval form completion, you can expect a BMO expert to get back to you in one or two business days.

When do prepayment penalties apply on a closed mortgage? 

With a closed mortgage, you may face prepayment penalties in the following situations:

  • When your prepayment exceeds the allowed amount
  • When you pay off your mortgage in full before the end of your term (including an early prepayment to transfer your mortgage to another financial institution)
  • When you refinance or renew your mortgage before your mortgage term ends

Whom does the mortgage default insurance protect?

The goal of mortgage default insurance is to protect a lender primarily. The law requires borrowers to get insurance when they make a down payment of less than 20%.

To ensure coverage of your financial obligations, consider mortgage protection insurance solutions.