Bank of Montreal was established in 1817 and has gone from strength to strength to now be one of the largest banks in Canada, serving over 12 million customers and to become a highly diversified financial services provider with assets of over $710 billion.
Their aim is to be a single point of contact for their customers to obtain all their financial services so they have to provide a wide range of products that suit a wide audience.
BMO Mortgage Product Rates
BMO Mortgage lists the rates for all their products on their mortgage product pages. It is updated daily. If you want more information regarding the rates, as well as what you can expect to pay, you can contact them directly via live chat, email or at 1-877-225-5266.
B2B Bank Mortgage Products
Bank of Montreal offers a wide range of mortgage products for the individual borrower. You can apply for a new mortgage, renew a mortgage or refinance with BMO’s suite of products. Almost all types of products offer fixed/variable, open/closed variations with most having terms of 3/5 years and 25 years amortization periods.
- Smart Fixed mortgage: This is a special offer fixed rate mortgage aimed at those who want to pay off their mortgages faster with amortization periods under 25 years.
- Closed 5-year: Fixed rates and payments for the term of your choice and allows for prepayments. Perfect if you want a simple mortgage that allows you to budget with certainty and at lower rates.
- Closed 1 to 7 years, and 10-year: Fixed rates and payments for the term of your choice and allows for prepayments. Allows you to budget with certainty and at lower rates than open mortgages.
- Convertible 6-month: Allows you to convert an open mortgage to a closed one with a term of 1 year or longer in case you want to change to the lower rates of a closed mortgage.
- Open 6-month, 1-year, and 18-year: This mortgage provides maximum flexibility. You can make a full prepayment of the loan at any time or change to another term free of charge. If you think rates might decrease, you might need to sell your home or want the option to end your mortgage early.
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Other BMO Products
Bank of Montreal offers the full range of financial services. You can make use of their banking services (complete with credit card facilities), financial planning services, investment opportunities, and even travel services.
BMO Mortgage Pre-Approval
You can get pre-approved for a loan on the BMO Mortgage Products webpage. You can also ask for assistance from a BMO Mortgage Specialist or an in-branch mortgage representative. If you get pre-approved, it will remain valid for 90 days. You can complete an application online, call, chat with a mortgage specialist online or visit a branch. You will need to provide your:
- Monthly income
- Monthly household expenses
- Value of assets
- Financial information for joint application
BMO Mortgage Application process requirements
To apply for a BMO Mortgage, you need to provide them with all the information listed above, as well as information related to the actual mortgage options you want. This includes:
- Mortgage amount
- Purchase price
- Property type
- Builder (if applicable)
- Purpose (e.g. purchase, refinance, transfer)
- Down payment
- Dwelling style
To properly prepare yourself for the application process, contact a BMO mortgage specialist, visit a branch representative.
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