Here are several different mortgage products from BMO you can choose from:
The BMO fixed rate closed mortgage will allow you to budget accurately since your interest rate will be locked in, so if interest rates were to rise, you’ll have the comfort of knowing that your interest rate and monthly payments will stay the same.
The BMO variable rate mortgage can potentially help you save on costs. Your payments will remain the same but the amount applied to your principal can change with BMO’s prime lending rate.
The BMO convertible fixed rate mortgage has the same benefits as a closed mortgage, however, you have the flexibility to change to a longer fixed rate term of 1 year or longer without having to pay penalty fees.
The BMO open fixed rate mortgage is for you if you plan to sell your home in the near future or plan to make prepayments of more than 20% of your original mortgage principal.
The BMO HomeOwner ReadiLine provides you with a lending option that gives you both a mortgage and a line of credit. You can borrow up to 80% of your home’s value which you can split between a mortgage and line of credit if you have a 20% down payment or 20% equity in your current home. You also have the ability to choose your repayment options, where you can choose monthly, semi-monthly, bi-weekly or weekly installments over a period of up to 30 years for your mortgage. For the line of credit, you get flexible interest-only payments and can pay back at a pace that is comfortable for you as long as you meet the minimum payment requirements. Lastly, you can keep accessing your line of credit funds for as long as you own your home.
You can get a mortgage from BMO by contacting the bank directly or work with one of their mortgage advisors.
A mortgage broker is a licensed professional who helps you connect with lenders and find the best mortgage offer based on your financial situation and goals. They’ll help you compare mortgage rates and products between different lenders, and also give you the opportunity to speak with an independent mortgage expert. Some lenders might not work with brokers but it might be beneficial for you to speak with one to see what else is available.
Porting your mortgage is when you take your existing mortgage, including all of its terms and current rate, from your previous home to your new home. The option of moving your mortgage gives you the flexibility to keep your current rate and term while avoiding any prepayment charges. BMO offers portable mortgages, but it’s best to speak with your mortgage advisor to learn more.
In the process of buying a home? Check out Perch’s Guide to Buying a Home at any step of your home buying process to get access to free tools and resources that will help you before and after your closing date. You can also sign up today for a Perch profile to connect with a real estate agent or mortgage advisor today.
Canadian Western Bank
XMC Mortgage Corporation
TIPS + TRICKS
Starting in 2019, Canadian first-time home buyers were able to apply for a special incentive.
BUYING + SELLING
We break down the entire home buying process step-by-step.