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The Best Mortgage Rates from Bank of Montreal

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BMO Mortgages Overview

Bank of Montreal offers a variety of mortgage products with some of the most competitive rates in Canada. Depending on your needs, BMO can provide fixed and variable rate offers with associated open, closed and convertible rate mortgages.

  • Open mortgages can be paid off at any time and give you the option of making additional payments without any penalties. Open mortgage terms range from 6 months to 5 years and are best suited for those who plan on selling their home in the near future. However, open mortgages tend to come with higher interest rates.

 

  • Closed mortgages are considered a more popular product because they typically have lower interest rates. BMO closed mortgage terms range from 6 months to 10 years and cannot be paid out in-full early without penalty.

 

  • Convertible mortgages are a great solution for those looking for a short-term commitment with fixed payments and the additional benefit of converting to a longer-term mortgage at any time without penalty. BMO mortgage rates offer convertible mortgages at terms of 6 months.


BMO mortgage rates offer flexible payment options when the unexpected happens. If you need some extra cash on hand, BMO offers a 'take a break' option. This allows you to skip one month of mortgage payments per year. In the situation where you must leave your job to take care of a new baby or sick family member, BMO offers the 'Family care' option which allows you to skip four consecutive monthly payments per year.

Whether this is your first mortgage, or you are switching mortgage providers, a BMO Mortgage Specialist will guide you through the application process and help you to decide on the best fit for your needs and budget.



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