BMO mortgage review

Secure the funds you need to pay off your future house with flexible payment plans and affordable rates from one of Canada’s largest banks.

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BMO is one of the largest banks in Canada and, like most of the other big banks, it provides a wealth of different financial offerings, including mortgages. When it comes to mortgages, BMO offers customers flexible plans that are tailored to their current financial situation, including fixed rate mortgages, variable rate mortgages and mortgages with accelerated payment options.

BMO also occasionally has special rate offers, which usually entail a discounted rate on select mortgage plans.

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, which currently has a limited-time, special rate offer, and 5-year variable rate closed term.

What do customers say about BMO?

Insureye is an independent mortgage consumer review website where customers are encouraged to leave a review of the mortgage plan they are signed up with. BMO’s Fixed Rate Mortgage is reviewed here and the majority of reviewers are happy with this product as reflected by its 4.1 out of 5 star rating.

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.

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.

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