BMO Mortgages review

What rates does BMO charge?

BMO has a mortgage solution for people at different financial stages in their lives. It often has special rate offers that are only available for a limited time, as interest rates are known to fluctuate. The following are just a handful of BMO‘s most popular mortgage plans: 3-year fixed rate closed term, 5-year fixed rate closed term and 5-year variable rate closed term.

What makes BMO unique?

The thing that makes BMO unique is that it offers the longest period in which you can lock in your rate. It has a 130-day mortgage rate guarantee, which is the longest of any major bank in Canada. Having an extended period in which you can have your rate locked in enables you more time to shop for your future home while also giving you more time to align your finances.

Do I qualify for a BMO mortgage?

There are a few ways to find out if you qualify for a mortgage with BMO. Since BMO is one of the biggest banks in Canada, it has branch locations throughout the country. You can book an appointment at your nearest BMO branch and speak with a mortgage specialist there to find out if you qualify for a loan with BMO.

You can also find out if you qualify for a loan by going through the pre-approval process on the BMO Mortgages website. BMO claims that you will find out if you’re pre-approved within 10 minutes. To be able to fill in this pre-approval form, you must be the age of majority in the province you live in and a permanent resident of Canada. You must also provide your social insurance number (SIN) so that BMO can verify your credit details to be able to give you an answer within 10 minutes.

What are the benefits of getting a BMO mortgage ?

• Rate guarantee. At 130 days, BMO‘s rate protection guarantee is the longest of any major bank in Canada.
• Reputation. As one of Canada’s “big five” banks, BMO has a high standard and reputation to uphold and customer reviews of its mortgage services speak of their approval of their mortgage offerings.
• Accessibility. As a bank with branch locations nationwide, BMO has wide accessibility where you can meet with one of its mortgage specialists to discuss your mortgage needs.
• Quick pre-approval. Find out within 10 minutes whether or not you are pre-approved for a mortgage on the BMO Mortgages website.
• Customer service. BMO’s mortgage specialists will be there to guide you throughout the mortgage process and they are readily available either to meet in-person at a BMO branch location or by calling its toll-free number.

What to watch out for

• Limited special offers. BMO‘s offers are only for a limited period of time but they don’t specify for how long.
• Limited information. To find out more information about specific mortgage plans, BMO‘s website lacks all of the pertinent information and instead, chooses to push you to “get in touch” with its team.

How do I get started?

To get started with a BMO Mortgage plan, you’ll want to either fill out the pre-approval form or schedule an appointment with a mortgage specialist at your nearest BMO branch location.

To pre-apply, you’ll need to meet a few requirements such as being the age of majority in the province you live in and a permanent resident of Canada. After this, you’ll then need to inform BMO of your home-buying plans by inputting the purchase price of your home, the down payment, and the fixed mortgage term you want. You’ll then be prompted to enter more personal information including your name and birthdate and the best ways to contact you. After, you’ll have to fill in your employment history as well as your annual gross income. To complete the pre-approval form, you’ll have to enter your social insurance number so that BMO can run a proper credit check on you. After doing all of this, you should find out within minutes whether or not you are pre-approved for a loan with BMO.

I got the mortgage approval. Now what?

If you’ve been approved for the loan, BMO will most likely direct you to one of its mortgage specialists to help work with you throughout this process. Mortgages can be a difficult topic to fully comprehend and the assistance of a BMO Mortgage specialist will help to answer any questions and will work with you on the most appropriate payment plan based on your financial needs.

Compare other mortgage lenders

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Name	Product	Interest Rate (APR)	Loan Term	Min. credit score	Provincial availability
Neo Mortgage Neo Mortgage		5.24%	5-year fixed rate	Varies	Not available in Quebec	Get a new mortgage, refinance or renew in just minutes. 100% online.	Go to site More Info	Compare	loading Fetching your data...
Homewise Mortgages Homewise Mortgages		Varies	Varies	600	Not available in Quebec	Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.	Go to site More Info	Compare	loading Fetching your data...
BMO Mortgages BMO Mortgages		7.04%	5 Year Fixed Rate	Varies	All of Canada	Get up to $4,000 cash back with a new BMO fixed or variable rate closed term mortgage or Homeowner ReadiLine. Ends June 30, 2024.	Go to site More Info	Compare	loading Fetching your data...

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Bottom line

With the longest rate protection guarantee of any major bank in Canada, BMO affords Canadians more time to hunt for their future house and align their finances so that when it’s time to start their mortgage, they’re more than ready to undertake the financial obligations.

Frequently asked questions

• How much of a home can I afford?

  The best way to find out how much you can afford is by getting pre-approved. If you’re successful in getting pre-approved, your rate will be locked down for 130 days, giving you ample time to shop for a new home.

• Should I get a fixed rate or variable rate mortgage?

  Each mortgage plan has its own advantages depending on your goals. A variable rate mortgage gives you more flexibility because if rates fall, you can pay off your home faster. A fixed rate mortgage gives you peace of mind and protection in case rates rise because you’ll always know how much of your mortgage you’ll pay off during your term.

• What is a mortgage pre-approval?

  A mortgage pre-approval just means that a lender has reviewed your income and credit history and decided, based on the information you’ve provided, that you qualify for a mortgage.

• Why should I get pre-approved?

  The most important reason why you should get pre-approved is because it will tell you exactly how much you can borrow so that you can shop for a home that is within this limit.

• Does a pre-approval guarantee I will get an approval on a mortgage when I buy?

  No, a pre-approval is not a guarantee for a mortgage. BMO will have to review your credit report and other financial information you’ve provided. A pre-approval just lets you know that you will likely be able to qualify for a mortgage for a certain amount at a certain rate.

• I'm currently with another provider. Can I switch my mortgage over to BMO?

  Yes, you can switch your mortgage over to BMO at any time. Switching your mortgage can help you get the terms you want, at a better rate, and help you become mortgage-free faster. BMO won’t charge you any fees for switching your mortgage over to BMO; however, your previous lender may charge you fees for leaving.

• When should I renew my mortgage?

  When your current term ends you’ll either have to renew your mortgage or pay off the remainder of your mortgage. BMO will send a renewal reminder before your current term ends.